Financial Planning 101- Where do I start?

 

Financial Planning isn’t only for the “rich and famous”.  The fact is that we ALL face three inevitable contingencies for which we should prepare;

 

1.       You may live a looooong life.  Do you have sufficient retirement savings?

2.       You may become ill and/or unable to work.  Do you have an income replacement plan? 

3.       You may die sooner than expected.  Will your family be financially secure?

                                   

One or two of these are guaranteed to happen, and therefore are a good starting point for planning your financial future no matter what your economic standing is.  If your answer to any of the above questions is NO, use that contingency as your starting point for planning.  Remember, these are inevitable so make sure these are addressed.  Once you get one taken care of, you’ll see that the rest will fall into place. 

Good Planning!