Nine reasons why financial planning is important

Plan to achieve your goals

You don't have to be wealthy to be financially healthy. But you do need to set some goals and map out a strategy that includes the right balance of budgeting, saving, debt management, investing, and insurance protection to get you there.

As you go through life, you're likely to encounter major milestones such as getting married, buying a home, having kids, and retiring. And you will more than likely hit a few bumps along the way. A well thought out financial plan can help you prepare for most of these, as well as realize other goals, such as sending your kids to university, purchasing a vacation home, or going on a world cruise.

The power of planning 

Financial planning helps you determine your short- and long-term financial goals and create an action plan to achieve them. We're ready to help you. Starting now.

Here are nine powerful reasons why financial planning – with the help of an expert financial advisor – will get you where you want to be.

1. Income

It's possible to manage income more effectively through planning. Managing income helps you understand how much money you'll need for tax payments, other monthly expenditures, and savings.

2. Cash Flow

Increase cash flows by carefully monitoring your spending patterns and expenses. Careful budgeting, prudent spending, and tax planning will help you keep more of your hard earned cash.

3. Capital

An increase in cash flow can lead to an increase in capital, allowing you to consider investments to improve your overall financial well-being.

4. Family Security

Providing for your family's financial security is an important part of the financial planning process. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.

5. Investment

A proper financial plan considers your personal circumstances, objectives, and risk tolerance. It acts as a guide in helping you choose the right types of investments to fit your needs, personality, and goals.

6. Standard of Living

The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable to work.

7. Financial Understanding

Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed. It can give you a whole new approach to your budget and improve your control over your financial lifestyle.

8. Savings

It used to be called saving for a rainy day, but it’s still essential. Sudden financial changes can still throw you off track. It is good to have some of your investments highly liquid, so you can access them quickly in times of emergency.

9. Ongoing Advice

Establishing a relationship with a financial advisor you can trust is critical to achieving your goals. Your financial advisor will meet with you to assess your current financial circumstances and develop a comprehensive plan customized for you.

Take the first step

The first step in developing your financial plan is to meet with an advisor. At BlueShore Financial, we use our unique discovery and assessment process called LifeSpring®. This complimentary process begins with a review of your current financial circumstances, anticipated changes, future goals, and results in your customized plan.

Our accredited financial planners can help you create your plan, then manage and monitor your progress over time. They'll help you take advantage of investment opportunities and tax shelters. They'll also ensure you have the right type and amount of insurance to protect your family, your assets and your peace of mind. 

If you already have a financial plan, take advantage of our expertise to get an unbiased review and potentially some options for you to consider.

It's the perfect time to get started. Contact us for a complimentary, no-obligation LifeSpring financial planning assessment.