Episode #59: Getting Started: A Financial Plan’s First Steps

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Today’s Smart Money Question:

Putting A financial plan together can be overwhelming. We’ll show you how to take the first steps toward getting started.

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Here Are Just A Handful Of Things You’ll Learn:

2:30 – First Steps: Decide What You Want Retirement To Look Like.

  • One of the first steps you can take is to decide to what you want your retirement to look like. Picture a messy room. With all the clutter, figuring out where to start cleaning can be a daunting task. It’s important to know how you want the room to look when you’ve finished cleaning. In the same way, you need to develop a vision for your retirement.

8:16 – First Steps: Take A Financial Inventory.

  • Let’s stick with the image of a messy room. As you begin cleaning, you need to take inventory of what you have in that space. That will help you to better organize it as you go. Before you can plan for retirement, you need to know what assets you’re working with. Determine how many accounts you have, what kind of accounts you have, and how much money you have them.

12:40 – First Steps: Develop An Income Plan. 

  • Perhaps you know what assets you own. However, you don’t know how they’re going to provide you with income in retirement. It’s one thing to say you’ve got a million dollars in the bank. It’s quite another to determine how it’s going to pay your bills and provide you with long-term care should you need it. That’s why it’s important to work with a professional. Your advisor can help you determine where your money is going and how it will provide for your needs in retirement. Once you get started developing an income plan, you could find that your vision for your retirement changes all together.

The Answer:

Putting a financial plan together is daunting. Break the process down into simple first steps to help you get started. - Smart Money Questions
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