There are many misconceptions about what financial planning is and is not. This article identifies ten things that good financial planning is.
It provides some good food for thougth.
Here’s a list of ten things (in no order of importance) that are indicative to good financial planning.
Financial planning should be:
1. Comprehensive/holistic
I often tell clients that financial planning is similar to Newton’s Third Law…every action has an equal and opposite reaction. Simply put, making a change (positively or negatively) in any area of your financial world will impact other areas. It’s imperative that all aspects of your financial plan work together hand and glove.
2. A process, not a one time event
It takes time to fully implement all the elements needed for a solid financial plan. This can only be achieved by moving the puzzle pieces one at a time. Think of it this way: How do you eat an elephant…..one bite at a time!
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