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7 Steps to Financial Success

Consider the Following for Your Financial Plan

Consider the Following for Your Financial Plan

1) Have a clearly defined goal. An example of this could be that you want 80% of your income in retirement, adjusted annually for inflation.

2) Put a plan in force to achieve this goal. Without action, you just have an idea.

3) Monitor the plan. Review your progress at least annually. Maybe as often as twice a year or quarterly.

4) When life changes, make adjustments accordingly. Things such as gifts, bequests, or changes in marital status should be taken into consideration.

5) Know that the distribution phase is just as important as the accumulation phase. The rate in which you distribute assets can potentially kill the goose. Play with just the eggs.

6) Whether you are approaching retirement or in retirement, know that life expectancy is higher than prior generations. Planning for medical and Long-Term Care expenses are important.

7) Last but not least, remember that pros in all walks of life became a pro because they had someone show them the way.

Don't be afraid to be a pro.