| Building a successful financial plan can be confusing. As | | | | goals. |
| we construct a plan, we find that our financial lives | | | | - Retirement; taking action today to insure that the later |
| have many scattered pieces, like a puzzle. | | | | years are as comfortable and worry-free as possible. |
| The pieces of that puzzle, the major financial issues | | | | - Estate Planning; recognizing that death is inevitable |
| they represent that each of us can expect to face | | | | and planning for the ultimate transfer of our assets to |
| during our lifetime, include: | | | | our heirs. |
| - Cash Management; more than just balancing the | | | | A coordinated financial plan provides the framework |
| checkbook, cash management includes preparing and, | | | | for achieving financial security. There are steps to |
| most importantly, following a budget, using our credit | | | | achieving this financial security and these steps in |
| wisely, and keeping the income tax burden to the | | | | solving financial problems in today's world, take work. |
| lowest level possible. | | | | Two basic steps are involved: |
| - Risk Management; there is risk of loss of both life | | | | - Step 1 Choose Your Financial Planning Team; in our |
| and property. Health insurance can help pay the cost | | | | complex, ever-changing world, expert help is needed. |
| of needed medical care. Disability insurance can | | | | Trained professionals such as your attorney, CPA, IRS |
| protect against the loss of a person's ability to earn a | | | | enrolled agent, life insurance agent, health insurance |
| living. Critical illness insurance can afford some | | | | agent, securities broker, and financial planner are |
| protection from expending reserved financial | | | | generally members of your team. |
| resources due to an unforeseen major illness. Life | | | | - Step 2 Develop Your Plan; with the help of your |
| insurance can be used to protect a family against the | | | | team, the second step can be taken, that is, the |
| risk of premature death. Property and casualty | | | | development of a systematic, integrated plan for |
| insurance can protect our worldly goods against | | | | dealing with the puzzle and the steps that address |
| accident and such perils as fire, flood, earthquake and | | | | your financial security. |
| theft. | | | | This is called developing a financial plan. You can |
| - Accumulation Goals; we all need to save money for | | | | choose to ignore these problems until it is too late; or |
| some reason. Educating our children is one very | | | | you can take steps to put the puzzle together and |
| common goal. Buying a home and building an | | | | achieve your financial security. The most important |
| investment portfolio are two other typical accumulation | | | | step is the first one. |