You're not too busy for a financial plan

Financial Plans provide peace of mind.

Don't wait until you are in the midst of a financial crisis to begin your planning process.  Often times a crisis is very emotional and that is not the best time to start thinking and planning for your future.  The reality is that most people find a decline in their account values, prospects of retirement, death of a family member or change in careers as a time to begin the planning process.  However, starting early will give you the road map (the plan) and gatekeeper (the financial planner) to help you face any crisis head on and present options so you can make the right decisions for you and your family.  More importantly a financial plan provides financial peace of mind.

See my Financial Planning Guide for beginners at the link below.  You'll be surprised how easy it is to get started.

Financial Planning - Helping You See the Big Picture

Financial planning comes in many shapes and sizes and is tailored to your individual needs.  It may be as simple as setting an education or retirement savings goal or as complicated as creating credit shelter trusts.  No matter, having a plan is critical to your success.  For instance, many investors have a "guy" or "gal" that handles their investments.  You receive monthly statements and often see buy and sell transactions in your accounts.  But do you know where your accounts are headed?  Do you have a goal in mind of how much money you will need to retire and maintain your standard of living?  For instance, what value will your accounts grow to if you earn 6% a year?  Or, what if you add an additional $1,000 to your 401k or IRA each year, what affect will that have on meeting your goal sooner? These are very real questions and scenarios that you should be seeking from your financial advisor.

Many financial plans include a review of your current property and casualty and life insurance coverage.  Approach this an opportunity to shop your current coverage and see if you can save money.  Any savings can go toward meeting a retirement goal.  Couple this with tax planning and you may be able to increase your tax deductions and decrease your taxable income.  Additionally, most people don't realize that they can move an annuity (tax free) from one insurance company to another in order to lower your fees.  Your existing provider won't tell you this because it is not in their best interest...however, it is in your best interest.  That is critical to your success and an independent financial planner will review potential savings with you.

So start today.  Financial planning is the process that can help you reach your goals and achieve financial peace of mind...isn't that worth it?

Find a fee-only independent financial planner in your area by going to www.NAPFA.org.  There's no cost to do a search and you will receive contact information for multiple planners in your area.  You can even do an advanced search for planners that specialize in certain areas, like providing hourly advice, tax planning or ongoing investment management.

Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Chesapeake Financial Advisors or Taylor & Company in Towson, MD.  He is a member of NAPFA and the MACPA and AICPA.