The Year 2016 is near and end. For those who do not have a financial plan, it is sometimes hard for some individuals to not feel a sense of regret as time keeps marching by and there always seems to be so much to do, to keep up, to keep from falling behind, to accomplish the goals we want for ourselves and our families. Last year I had my right hip replaced after some amount of pain and procrastination. I’m happy to tell you that my procedure has been a success, the time spent in recovery has allowed me to reflect on how we as human, we need some sort of impetus, the pain in my hip, before we are compelled to address areas of our lives that need a professional’s assistance. Unfortunately, few individuals experience the pain of insufficient financial resources for retirement before it is too late!
Many times our New Year resolutions vivid in our mind’s eye never seems to comes to fruition. We declare that we will lose 20 lbs. and look for a diet plan to meet our goal. Television advertisements flood the airwaves by weight loss programs, promoted by once thin celebrities whose testimony touts the benefits of their products. Sound familiar? Now is the time to discuss a much more serious subject, our financial health. Having an effective, actionable financial plan is far too important a subject to be put into the category of forgivable or understandable broken New Year resolutions. Commit yourself and find the time to meet with a Certified Financial Planner Professional® for your annual financial planning checkup.
I recommend you start at the earliest age possible. If you put these off until you are in your late 50s, it could be too late. At this age you may already be in a crisis mode because your financial plans become more difficult to accomplish and the outcome becomes more unpredictable. Make the commitment for an annual review of your financial plans. You should look back at last year and measure it, then use those results to fine-tune your financial plan by reviewing the following aspects of your financial life.
- Budget Planning
- Tax Planning
- Investment Planning
- Retirement Planning
- Insurance Planning
- Estate Planning
Final Thought
A final thought, about your relationship with your financial planner: A financial planner helps you review the financial planning areas mentioned above. However, before you conduct your annual review shouldn’t you evaluate your advisory relationship with your financial planner? You should answer questions about your relationship. Are they adding value to your financial life? Are your financial results consistent with your expectations? How do you measure and track these results? True North Financial Advisors provides a web-based, wealth management platform to its clients to conduct your annual reviews of your financial plans.
True North Financial Advisors provides financial planning and investment management services through the help of a Certified Financial Planner® professional to individual, trusts and closely-held business in Boca Raton and throughout Palm Beach County.
