Financial Planning Solutions

OVERVIEW | Retirement Planning | Estate Planning | Mutual Fund Investing | Tax-Deferred Savings

Financial "Planning", not Financial "Reaction"
A common problem with many people is that they simply react to financial challenges as they present themselves instead of planning for the foreseeable ones. For example, most people become serious about saving for their retirement income needs about 10 years before they plan to retire. Ten years isn't a long time to accumulate enough money to live comfortably on. The same can be said for many types of insurance. We know we're going to die, go to the doctor, spend some time in a hospital and need some form of long term care. Many people wait until they are sick or have a life threatening situation to seriously consider purchasing insurance to cover these needs. Many, many times... it's too late to qualify by then.
Financial planning is not a product, but a process. Here are the steps most commonly made in the financial planning process.

Gather relevant data about your current financial situation. (Debt obligations, insurance, savings and investment statements)

Establish financial goals, concerns, and hopes. Write them down.

Compare your current financial situation to your goals and focus on "the gaps".

Protect yourself from the foreseeable financial risks with proper insurance to "shift the risk" (either all or in part) to insurance companies.

Develop a plan to accumulate money for both long term and short term needs
and balance the risk of your investment options based on time and tolerance.

Monitor your results on, at least, an annual basis. This should include
evaluating your insurance policies as well as your investment/savings/
retirement programs.

Make prudent changes, as needed, to help stay on track with your goals or
when your goals change.

Your goals and your plan will change as your life goes on. You will make more (or less) money at some point. You will inherit some money or property. Your "family status" will change. You will have estate planning concerns. Having outside experts available to help you adjust is crucial to a successful financial plan. Attorneys, tax specialists, insurance agents, and investment counselors will play a large part in a good plan.
Finally, seek advise from experts, not from your neighbor or an associate at work…and…
Thank you for exploring our web site.

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Solutions
Insurance & Financial Services
5825 Old Wheeler Road, La Verne, CA 91750
(909) 596-8100

Solutions Insurance & Financial Services is not an affiliate of NEXT Financial Group, Inc.

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