Saturday, January 28, 2023

Financial Planning: To Do or Not To Do?

Only 33%. What’s that number, you ask? That’s the small percentage of Americans that have a documented financial plan. We get it; you might not know where or how to get started or don’t feel like you’ve got enough saved up to form a financial plan. Or it just doesn’t feel straightforward. It can be overwhelming to take the first step. 

A financial plan can keep you from making financial mistakes that could impact your long-term future. It’s normal to feel confused about what goals to focus on and which investment options make the most sense for your life, but a well-crafted financial plan takes the guesswork out of planning for your future. Here are a few significant wins of having a documented financial plan:

Increase in confidence! Any time goals are well thought out, documented, and followed, there’s an exponential increase in the potential to achieve those goals. 54% of people with a financial plan say they feel “very confident,” while 18% of people without a financial plan feel the same. Having a plan alleviates the stress of answering big life questions around financial stability and the future. 

Grow your assets. Now is the time — no matter how much money you have — to start your financial plan! Don’t get trapped in the myth that you must have a certain amount set aside. To begin with, having a plan can create and identify opportunities to save more by highlighting additional options to set money aside. Pick the right vehicle(s). Your financial goals are the destination, and the investments are the vehicles that will help you get there. We can help you identify which investment vehicles will transport you to your destination while enjoying the journey and getting you there safely. 

The finer things in life. Having all your financial planning ducks in a row can better prepare you for meaningful life events. We’re not just talking about retirement; planning can help you plan for life moments like marriage, buying a home, job changes, or taking care of aging parents. We can arrange for the exciting things that come in life and prepare for the unexpected. 

The bottom line is that a financial plan can help create a framework for all your financial decisions in the future. The hardest part is getting started, but we can help! We will guide you through the process and determine the best plan for you and your goals. Just think how much more confident you’ll feel about your financial future! 

Give us a call today at 561-210-7339 or send us an email;

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker dealer, member FINRA/SIPC. Advisory, Insurance, and Tax Services offered through Bay Financial Planning and Tax Services, DBA Intercoastal Wealth Planning LLC, a Registered Investment Adviser. Cambridge and Bay Financial Planning and Tax Services, LLC are not affiliated.

This post is sponsored by Intercoastal Wealth Planning

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