Financial planning can seem like an endlessly frustrating undertaking. At any given time, you probably have several long and short-term goals – taking a Caribbean vacation, buying a new house, saving money for a comfortable retirement – but you only have so much income with which to achieve these aspirations. If you want to succeed in reaching your financial objectives, the first step is to consider some important questions regarding your financial life. However, if you’ve tried this in the past, you probably realized rather quickly that asking the right questions can be just as difficult as answering them.
Pathway Financial Planning understands this conundrum. That’s why we’ve come up with this list of financial planning questions you should be able to answer in order to ensure a stable financial future.
1. Do you have a budget in place that keeps your expenses low and generates monthly savings for long-term goals like buying a new home?
2. Do you have a plan to pay off all of your debt obligations, including your mortgage, student loans, and credit cards?
3. Do you know of all the tax deductions and credits to which you are entitled?
4. Are you maximizing your contributions to your 401(k), IRA, and other tax-advantaged savings accounts?
5. Do you have enough life insurance to protect your family from an unexpected death?
6. Do you understand the details of your health insurance policy, and how it will protect you in the event of a serious medical emergency?
7. Do you have an appropriate mix of stocks, bonds, and other assets in your investment portfolio?
8. Is your portfolio consistent with your risk tolerance, time horizon, and overall financial goals?
9. Do you know how much money you will need in order to live your desired retirement lifestyle?
10. Do you have a savings plan in place in order to reach your retirement goals?
11. Do you have a plan for your assets when you pass away?
12. Do you know whether a will or a trust is more appropriate for your estate?
If you have ready answers to all of the above questions, then you are probably prepared for whatever events life may throw your way in the future. However, if you’re like a lot of people and don’t have answers to some or all of these questions, Pathway Financial Planning can help.
We are expert advisors in a variety of financial planning services, including investment advice, retirement planning, insurance analysis, college savings plans, and more. If you need assistance devising your financial plan or just need to add the finishing touches to an established plan, we can provide you with valuable financial insights to get your financial future on the right track and keep it there!
For more information, contact Pathway Financial Planning at 248-567-2160 or email firstname.lastname@example.org to set up a free initial consultation.