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Steps in financial planning

The steps in financial planning aren’t as complicated as people may think. As we near the end of 2022, many are evaluating their situations and thinking of the new year and beyond. A resolution you should consider adopting in 2023 is creating and following a personal financial plan.

There are many financial aspects to consider when planning for the new year. Partner with a trusted financial advisor and follow these six steps to create your personal financial plan as you journey toward financial security.

Steps in financial planning to reach your goals

The first step is always the same: making the decision to start. The first step is always the same: making the decision to start. Begin your plan creation by actively choosing to take an active role in your finances. Congratulations! By reading this, you are already moving in the right direction. After deciding to create a financial plan, the Good Life Asset Strategies financial planning process partners you with an experienced advisor who will guide you through the following steps.

2. Data collection. This essential step gathers all your information in one place, including your current financial information, identifying your goals, assessing the assets needed to reach your goals, and identifying your risk tolerance.

3. Create your custom plan. A qualified advisor will take the information from the second step and create your financial plan. They will evaluate available tools and opportunities, then build a program that may include a monthly budget, investment opportunities, and appropriate tools such as IRAs. All asset documentation will be reviewed and updated.

4. Evaluate your plan. At this stage, your advisor will go over your plan details. Based on the information presented, you will make informed decisions to finalize a plan that best fits your situation. Consider including your beneficiaries in this step. They will need to know their expected roles in your future plans.

5. Plan implementation. You must follow your financial plan to reach your goals. You will have access to all account information at all times. Your advisor will work with you to understand all information and how it impacts you.

6. Update your plan. Continue to monitor and adjust your financial plan to align with your life and goals. Your strategies should be reviewed and updated at least once each year.

Communicating with your advisor is imperative to the success of your plan. Life happens, your goals change, and some parts of your financial plan may be confusing or need to be adjusted. Your advisor is available to discuss any part of your plan and will make sure you understand every detail.

Good Life Asset Strategies Fiduciary Guidance

Whether you’re brand new or have been working on your financial goals for years, your Good Life Asset Strategies advisor is ready to help you work through the steps in financial planning.

As a fee-only fiduciary, we always work in the best interest of our clients. Schedule a consultation to begin the journey of realizing your financial goals.

 

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