I view financial planning from a holistic perspective. A person’s financial health is determined from the combination of six different financial planning disciplines:
1) Retirement Planning – How much income do you want to have in your retirement and for how long? (Have you set a retirement date?)
2) Insurance Planning – Protecting yourself, your loved ones and making sure everyone will be okay now and in the future.
3) Estate Planning – What will happen when you die? Will taxes eat into your estate leaving less for your loved ones? What about your assets? How will you pass along things like your family cottage or your business to the next generation?
4) Cash Flow and Debt Planning – Paying Down Debt, Getting rid of your mortgage faster.
5) Investment Planning – Involves the rate of return on investments AND how all these other aspects work with the rate of return to determine the requirements to make this happen.
6) Tax Efficiency – Making sure your entire financial plan works efficiently from your investment selection to how you pass on your estate. Everyone needs to make sure they are doing this in the most effective way possible.
Once these six disciplines are in action you will now be able to achieve an optimal plan that is focused on your unique life style. If you would like to focus on optimizing your financial plan today, contact me now to discuss.