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Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
Forging your financial future
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Forging your financial future

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Contact Summit at 845-427-7017 for a special offer.

Contact Summit at 845-427-7017 for a special offer.

Published in: Economy & Finance, Business
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  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Copyright 2005, Financial Planning Association
  • Transcript

    • 1. The Secret to Gaining Control of Your Finances? <ul><li>Financial Planning! </li></ul>
    • 2. What is Financial Planning? <ul><li>A process , not a product </li></ul><ul><li>A way to help you achieve your life’s goals, no matter how wealthy you are </li></ul>
    • 3. Who Needs Financial Planning? <ul><li>Anyone who wants to take control of their financial life </li></ul><ul><li>No longer a luxury, it’s a necessity </li></ul>
    • 4. Do You Need Financial Planning? <ul><li>Do you make good money, but have little to show for it? </li></ul><ul><li>Confused about investment options? </li></ul><ul><li>Do you and your spouse differ over how to handle money? </li></ul><ul><li>Are you worried about not having enough money to retire? </li></ul>
    • 5. How do I know if I need a planner? <ul><li>You have little or no experience with finances </li></ul><ul><li>You don’t have the inclination </li></ul><ul><li>You want an outside perspective </li></ul><ul><li>You have a complex financial situation </li></ul><ul><li>You don’t have the time </li></ul>
    • 6. Finding a Financial Planner <ul><li>Look for competence through the CFP® certification </li></ul><ul><li>Interview several planners </li></ul><ul><li>Ask for disclosure statements </li></ul>
    • 7. Financial Planning Process <ul><li>Step 1: Committing to the Task </li></ul><ul><ul><li>- Considerable time and effort required </li></ul></ul><ul><ul><ul><li>Organize records </li></ul></ul></ul><ul><ul><ul><li>Conquer psychological and mental hurdles </li></ul></ul></ul><ul><ul><ul><li>Commit to following through </li></ul></ul></ul>
    • 8. Financial Planning Process <ul><li>Step 2: Developing Goals and Setting Priorities </li></ul><ul><ul><li>- Goals are unique to you </li></ul></ul><ul><ul><li>- Make a list of goals </li></ul></ul><ul><ul><li>- Revise and prioritize list </li></ul></ul>
    • 9. Financial Planning Process <ul><li>Step 3: Assessing Your Resources </li></ul><ul><ul><li>- What your assets are today </li></ul></ul><ul><ul><li>- What future income you will have </li></ul></ul><ul><ul><li>- Future earnings on investments </li></ul></ul><ul><ul><li>- Expected future benefits </li></ul></ul>
    • 10. Financial Planning Process <ul><li>Step 4: Determining What is Needed to Reach Your Goals </li></ul><ul><ul><li>- Consider cost of goals, current income, inflation, investment return, tax bracket, life expectancy </li></ul></ul><ul><ul><li>- May need to alter future savings or change goals </li></ul></ul>
    • 11. Financial Planning Process <ul><li>Step 5: Developing a Strategy for Each Goal </li></ul><ul><ul><li>- Devise tactics to achieve your goals </li></ul></ul>
    • 12. Financial Planning Process <ul><li>Step 6: Refining Your Goals </li></ul><ul><ul><li>- Changing circumstances require changing goals </li></ul></ul><ul><ul><li>- Ask critical questions: </li></ul></ul><ul><ul><ul><li>Are your original goals still valid? </li></ul></ul></ul><ul><ul><ul><li>Can I scale back my goals? </li></ul></ul></ul><ul><ul><ul><li>Can I eliminate some goals? </li></ul></ul></ul>
    • 13. Financial Planning Process <ul><li>Step 7: Incorporating Your Strategies into an Overall Plan </li></ul><ul><ul><li>- Financial elements linked </li></ul></ul><ul><ul><li>- Each element should follow a larger plan </li></ul></ul>
    • 14. Financial Planning Process <ul><li>Step 8: Listing and Scheduling Action Steps </li></ul><ul><li>Example: </li></ul><ul><li>Action Step Deadline </li></ul><ul><li>Prepare Will 1/1/05 </li></ul><ul><li>Evaluate Insurance 1/15/05 </li></ul><ul><li>Prepare Investment Plan 2/15/05 </li></ul>
    • 15. Financial Planning Process <ul><li>Step 9: Putting the Plan Into Effect </li></ul><ul><ul><li>- A plan is worthless unless it’s implemented </li></ul></ul><ul><ul><li>- A professional can coordinate the various elements of your plan </li></ul></ul>
    • 16. Financial Planning Process <ul><li>Step 10: Monitoring and Evaluating Results </li></ul><ul><ul><li>- Monitor results periodically to make sure the plan is achieving its objectives </li></ul></ul><ul><ul><li>- Re-examine goals in light of any new developments </li></ul></ul>
    • 17. Forging Your Financial Future <ul><li>Question &amp; Answer </li></ul>
    • 18. Getting Help <ul><li>Summit Financial Services Group, Inc. </li></ul><ul><li>845-427-7017 </li></ul>

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