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2012

Abstract

mize volatility.</li><li>An asset allocation aligned with your risk tolerance and financial objectives.</li></ul><h2 id="5ea7">5. Estate Plan</h2><ul><li><a href="https://jenniferthompson-compelling365.medium.com/you-cant-take-it-with-you-what-makes-for-a-good-estate-plan-603d49cd4f6a">Distributing your assets upon death in a way that aligns with your wishes.</a></li><li>This should include a Will, Power of Attorney, and A Health Care Directive.</li></ul><h2 id="8947">6. Tax Plan</h2><ul><li>Making use of existing tax shelters.</li><li>Tax favorable investing.</li><li>Strategies to minimize taxes while alive and upon death.</li></ul><h2 id="e235">7. Retirement Plan</h2><ul><li>Planning for financial independence <a href="https://readmedium.com/5-money-personality-types-which-one-are-you-a87577d421cd">(Retirement) </a>can be at any time of your life.</li><li>You have the option to work or not.</li><li>Pensions/Pension Splitting (RRSPs and 401Ks).</li><li>Pension Plans (employer plans and public plans).</li></ul><h2 id="ae77">Bringing it all together</h2><p id="797a">To get a complete picture of someone’s finances, you need to look at all aspects of their finances. No one piece can be fully explored without the other puzzle pieces. Having all the pieces in place provides a solid foundation for building a stable financial future.</p><p id="d7cf">A written financial plan helps you achieve your financial goals and withstand unexpected <a href="https://readmedium.com/are-you-financially-ready-for-the-next-curveball-afc7f4659bf">financial curveballs.</a></p><p id="d5ef">Have you got a financial plan?</p><div id="1ae3" class="link-block"> <a href="https://readmedium.com/where-is-it-going-how-to-manage-your-money-in-alignment-with-what-you-value-89d69f0a789d"> <div> <div> <h2>Where Is It Going? How To Manage Your Money in Alignment with What You Value.</h2> <div><h3>“Don’t tell me what you value, show me your budget, and

Options

I’ll tell you what you value.” — Joe Biden –</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*ptHsjGmOC53XvoNtBXf3VQ.jpeg)"></div> </div> </div> </a> </div><div id="6a97" class="link-block"> <a href="https://readmedium.com/5-money-personality-types-which-one-are-you-a87577d421cd"> <div> <div> <h2>5 Money Personality Types. Which One Are You?</h2> <div><h3>Spender, Saver, Avoider, Accumulator and Money Averse. Which one are you?</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*uRsM7MtGpGujpjIfbcSLRA.png)"></div> </div> </div> </a> </div><div id="a722" class="link-block"> <a href="https://readmedium.com/how-to-re-program-your-mind-to-achieve-what-you-want-f9d33dfee0e5"> <div> <div> <h2>Re-Program Your Mind And Achieve What You Want.</h2> <div><h3>Achieving what you want out of life is not random. It takes a clear vision, a new mindset, and action.</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*u-EBk5Ckh25noFwf5PmJ5w.jpeg)"></div> </div> </div> </a> </div><p id="6e5a">Medium is an amazing platform for writers. For $5.00 a month, you can read unlimited articles each month — and write your own. If you decide to join, please consider my link <a href="https://buyinghappinessaroundtheworld.medium.com/membership">HERE</a>. It earns me a small commission at no cost to you.</p></article></body>

What’s In A Comprehensive Financial Plan and Why You Need One

Life doesn’t always go as planned, but that doesn’t mean your finances shouldn’t.

Most people respond to their finances when facing a financial emergency or making a large purchase. But creating a written financial plan can help you achieve your financial goals and stay on track when life throws curveballs. As it certainly would.

A comprehensive financial plan comprises:

1. A Cash Management Plan

Know what’s coming in and what’s leaving — plug leakages.
You are purchasing with purpose.
Saving towards goals.
Having an emergency fund.
Spending without guilt.

2. A Credit Plan

This can include restructuring of potential tax-deductible debt (good debt)
To pay off bad debt.

3. A Protection Plan

Insurance — to create an estate or minimize taxes.
To protect the family from loss of income when you die or become disabled.

4. An Investment Plan

Intentional Investing.
Adopting strategies to minimize volatility.
An asset allocation aligned with your risk tolerance and financial objectives.

5. Estate Plan

Distributing your assets upon death in a way that aligns with your wishes.
This should include a Will, Power of Attorney, and A Health Care Directive.

6. Tax Plan

Making use of existing tax shelters.
Tax favorable investing.
Strategies to minimize taxes while alive and upon death.

7. Retirement Plan

Planning for financial independence (Retirement) can be at any time of your life.
You have the option to work or not.
Pensions/Pension Splitting (RRSPs and 401Ks).
Pension Plans (employer plans and public plans).

Bringing it all together

To get a complete picture of someone’s finances, you need to look at all aspects of their finances. No one piece can be fully explored without the other puzzle pieces. Having all the pieces in place provides a solid foundation for building a stable financial future.

A written financial plan helps you achieve your financial goals and withstand unexpected financial curveballs.

Have you got a financial plan?

Where Is It Going? How To Manage Your Money in Alignment with What You Value.

“Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” — Joe Biden –

medium.com

5 Money Personality Types. Which One Are You?

Spender, Saver, Avoider, Accumulator and Money Averse. Which one are you?

medium.com

Re-Program Your Mind And Achieve What You Want.

Achieving what you want out of life is not random. It takes a clear vision, a new mindset, and action.

medium.com

Medium is an amazing platform for writers. For $5.00 a month, you can read unlimited articles each month — and write your own. If you decide to join, please consider my link HERE. It earns me a small commission at no cost to you.