Comprehensive Financial Management

What Does Financial Planning Involve?

Financial planning is a collaborative process that focuses on building, protecting, and growing your wealth. It entails consideration of your unique needs, goals, and circumstances throughout different stages of life. A comprehensive financial plan will enable you to prepare financially by assessing risk, making informed decisions, and providing answers as to how much money you need at each stage of life. In addition, it will identify potential problems early on, enabling you to manage them effectively. You don't want to find yourself in a crisis where your only option is going into debt if faced with an unexpected event like unemployment or ill health. Some aspects of financial planning include:

  • Asset management
  • Retirement planning
  • Tax planning
  • Estate planning
  • Insurance and risk management

Understanding Your Current Financial Situation

To get started, you'll want to understand your current financial situation and make sure it aligns with your needs. Start by making a budget and tracking your expenses for at least three months. From there, you can adjust as needed while also determining which expenses can be reduced or eliminated. Once you've gained some perspective on your finances, start planning for what's next.

Creating a Personalized Action Plan

To plan for a rainy day, you have to save money today. Some simple things will help ensure your savings last, like automating your savings. Another way to make sure your savings stay strong is to create a budget and stick to it.

Getting clear on how much money comes in and how much goes out every month is often eye-opening. Do you need all those cable channels? Do you actually go out or eat three times per week? Knowing where your money goes helps you decide what's worth spending on and what's not.

<b><br data-mce-bogus="1"></b><b><br data-mce-bogus="1"></b><b>Setting Your Financial Goals</b>

Setting Your Financial Goals

Setting and working toward realistic, measurable goals is a great way to stay on track. To make sure your financial goals are realistic, ask yourself what an average person could achieve given similar amounts of time and effort. Setting long-term goals and milestones allows you to celebrate your successes while keeping sight of future achievements.

Setting up personal goals can also serve as an effective motivator. Knowing why you want something helps keep your efforts aligned with what matters most to you. When was the last time you sat down and wrote down all of these things?

Debt Management Plan and Emergency Funds

A Debt Management Plan is a formal agreement between you and your creditors that will set up a payment schedule for you based on your income and assets. If you have excessive debts, or little in savings, formulating an emergency plan is definitely a must. Having someone to help you make this plan and implement it in doable steps can give you peace of mind and a cushion to land on should tough times arise. 

Account Consolidation

Account aggregation, also known as comprehensive financial management, is a service that allows our clients to consolidate information from all of their financial institutions in one convenient location. The benefit of this is that it gives a snapshot of your overall financial picture. With one logon site, you can access your investment and bank accounts, mortgages, frequent flier miles, credit cards and have a secure place to store images of your most important documents.

Comprehensive Financial Management allows you to:

  • Know your Net Worth in one click
  • Allows us to maintain and keep you on track of your financial goals
  • Allows our clients to fully utilize our Concierge Desk
  • Able to maintain your important documents in our secure vault in case you need them anywhere in the world.

Frequently Asked Questions

The answer is now! The sooner you begin planning, analyzing, and acting on your finances, the better your odds of reaching all of your future goals. It doesn't matter whether you are just starting out in high school or have been saving for years! It's never too early or too late to start a plan. Getting started will give you a realistic sense of where you stand financially today and what it will take to reach your dreams tomorrow.

Many people think that it's too late for them to plan their finances. But, as long as you know where you stand and have a good idea of where you want to go, there's still time. Start planning now. Don't wait until it's too late!

If you plan well financially, you can reap numerous benefits. Let's take a look at some of them now:
Flexibility: You'll be able to adapt quickly and effectively in times of change or unforeseen events (e.g., death, disability, divorce, job loss).
Savings: Savings allow us to survive short periods of unemployment or business downturns, which we all experience from time to time.
Choice: Everyone likes to feel like he or she has a choice in life, whether it comes to where he/she lives, careers pursued, your significant other, etc.

Work With a Financial Advisor

Financial Advisors are worth their weight in gold. When it comes to comprehensive financial planning, no one is better equipped than an experienced financial advisor.

At Flaharty Asset Management, we manage our clients' financial health and make sure their plans are continually evolving to reflect their changing needs. We're here to help you develop a comprehensive financial plan that will work for you as your life changes over time.

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