“What would winning at life entail for you?” “What does success mean?” These are BIG questions that demand your full attention (and keep you up and awake at night sometimes). No matter how lofty or unimaginable the answers may sound, it is easy to achieve them with good financial planning.
This is, after all, the universal purpose of financial planning. To create a consistent and ongoing process for you that guides your decisions about your money. As a broad concept, it includes many tools and strategies – such as repaying debt, income planning, budgeting, retirement planning, investing, saving etc. – that help you stay on track.
And it applies to everyone, no matter what stage of life you are in – just beginning your career, planning for a family, or living your golden years. We understand that the goals, challenges and risks may differ depending on where you are and your unique circumstances. The outlook and perception may differ too. But a robust financial plan is the key that will oversee everything.
However, you needn’t figure it all out by yourself. A trusted financial adviser can help you map out your plans and navigate the landscape. They can partner with you on your financial journey, matching your needs with what’s best for you.
No matter what you decide, to make your own financial plan or to engage a financial planner, we suggest that you mull over and prepare with these six steps:
1. Identify and establish your goals
With this step, take an account of all your goals and aspirations. Consider your immediate or short-term goals, as well as your medium and long-term goals. Write these down as clearly, concisely and objectively as possible.
2. Gather your financial data
Work out your financial net worth. What are your assets and liabilities? What is your income and how much do you spend? What are some of your major financial commitments? All these things are tied to your financial plan.
3. Evaluate your financial position
Now that you have a clear idea of where you want to be versus where you are, evaluate how close you are to achieving your goals. Think of the questions you answered about net worth and goals. It is important to not get disheartened even if the gulf is very wide.
4. Develop a financial plan
Develop a plan or “road map” for achieving each of the goals on your list. Develop separate plans for your short, medium and long-term goals. You may need to research, learn and apply some strategies here. Also, consider if you want to engage a financial adviser at this stage.
5. Implement your plan
Now that you have a plan, put it into effect but make sure you do so in a phased manner. Keep a track of the milestones you reach and the progress you make. Every small step, major or minor victory that brings you closer to your financial goals counts!
6. Monitor and make adjustments
Financial planning isn’t a one-time or static process. Review your plans at least once every month and make iterative improvements. Make adjustments as you progress and as you encounter different situations. Let your plans evolve and develop as you grow.
At Oakmont Financial Group, we care about your future. Our team works closely with you to create a personalised financial plan that suits your lifestyle and safeguards your future. We provide tailored financial advice that takes your special and unique needs into consideration.
We simplify all aspects of financial planning, supporting you from beginning to end. For a confidential discussion, talk to us today.
General Advice Disclaimer
The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.
Although, every effort has been made to verify the accuracy and correctness of information, Oakmont Financial Group, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.