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Created: January 22, 2024
Modified: May 14, 2024

What Would a Financial Plan Answer for Me?

Today’s question is: What would a financial plan answer for me?

The significance of having a financial plan is a topic that is often discussed. However, one might wonder, what exactly does it do for you?

The answer will depend on your specific situation. In a very broad sense, it’s going to give you an understanding of where you are now relative to your goals and what needs to be fixed.

Assessing Protection and Estate Planning Needs

Safeguarding your well-being and that of your loved ones is crucial. Have you taken care of your estate planning? Do you have a will in place? Have you considered the need for a trust? If life insurance is important to you, are you underinsured? Do you have enough life insurance? So, there’s definitely a protection element there.

Evaluating Debt and Creating a Repayment Plan

Do you have debt? A well-crafted financial plan can help you assess whether your debt load is too heavy. How are you working towards eliminating that debt and reducing it over time? Or where can you cut expenses to create more disposable income to help pay down that debt a little bit quicker?

Retirement Planning through a Comprehensive Financial Plan

Primarily, if retirement is the goal, a financial plan can help you understand where you are relative to your retirement goals. Are you saving enough in your 401(k) or IRA? Are you going to have enough income coming in to live your lifestyle?

How much risk are you taking? Are you taking the right amount of risk for you or you taking on too much risk? What rate of return do you need on your money to be okay in retirement? These are the types of questions that can be addressed through a comprehensive financial plan.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.

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