Have you ever hit the road heading to a place you have never been without a map? Or arrive at the airport with no idea of your destination? Setting goals and building strategies to reach them are elements of successful behaviour.
Generating a financial plan to navigate your wealth and financial goals is one of the most important things you can do for yourself and your family. A financial plan is a living document that evolves through material changes in your personal life and outlines how your finances progress over the years.
For a young professional with many changes ahead, it may be the 10,000-foot view of how the future will look.
For a couple entering retirement, it can provide peace of mind and the details needed to make sure they live comfortably through their golden years.
A well-constructed plan will give an individual or family:
- An idea of how much to save in order to continue the life they have become accustomed to. You may be currently saving for future life goals – but is it too much, or not enough?
- Specific goals through life’s milestones. Your life circumstances change on a regular basis, so establishing short-, medium- and long-term goals can help keep you on track to reach your objectives. This may include buying a bigger home, retirement, or purchasing a classic car, truly, anything can be added to the plan.
- Help you manage major financial changes. Do you have enough savings to take care of yourself and your family if you lose your job? Do you have a plan in place if you are unable to work for a prolonged period of time? Is your nest egg enough to cover you through retirement? Being prepared for the worst-case scenario is essential to your well-being.
- Gives you peace of mind and helps reduce your stress. Finances are one of the largest consistent stressors in your life. Having a roadmap to understand where you are and where you are going will provide that peace of mind and eliminate the guesswork.
At Matco Financial, we provide a complimentary financial plan as part of our wealth management platform. It’s a living document, maintained throughout the relationship and visited on a regular basis. We believe that everyone should have a financial plan generated to help direct them toward their personal financial goals.