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Developing a financial plan

“If you don’t know where you are going, you’ll end up someplace else”. – Yogi Berra.

“Wise people understand the need to consult experts; only fools are confident they know everything.” ― Ken Poirot.

Two simple quotes that really tell the story about consistent planning and working with a professional. Financial Planning doesn’t have to be reserved for those ready to retire, or those with a lot of money. Rather, just the opposite is true. Financial Planning is an ongoing process to help you make sensible decisions about money that can help you pursue your goals in life. At Granite Wealth Management, we have years of helping our clients translate their goals into comprehensive plans. And helping our clients grow their portfolios in order pursue their goals.

Well executed financial plans allow you to pursue your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement.

The financial planning process consists of six steps that help you take a "big picture" look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to pursue your goals.

The Granite Wealth team follows this process of gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan designed to help work toward your goals given your current situation and future plans.

The benefits of Financial Planning

Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

The Financial Planning process consists of the following six steps:

  1. Establishing and defining the client-planner relationship.
  2. Gathering client data and establishing goals.
  3. Analyzing and evaluating your financial status.
  4. Developing and presenting financial planning recommendations and/or alternatives.
  5. Implementing the financial planning recommendations.
  6. Monitoring the financial planning recommendations.

It is also important to think about planning for unforeseen situations. Part of your plan should include an Emergency savings fun. If you haven't already done so, now is a good time to build a fund for unexpected illness, job loss or other surprises. It should be enough to cover your living expenses for at least three to six months. Here is a helpful calculator to assist you in determining the right amount of savings. http://www.calcxml.com/do/bud03?skn=73

The Granite Wealth Management team can get you started. We’d be happy to talk with you about your current situation and goals. Contact the Granite team.