Do You Have a Financial Plan?

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Taylor Financial Group

They say if you fail to plan, you are planning to fail. Take the most obvious example, financial planning. Financial planning is not (and shouldn’t) be a one-time event, but rather an ongoing process. The plan is a base from where you can make your financial decisions from, but the plan can and should change over time based upon your goals and life situations. Should we down size? Should we pay for our granddaughter’s private school? Can we take the entire family on that Italy vacation? Having a dynamic plan with those “what if” scenarios can help drive better decisions. So, if we know that having a financial plan can lead to better daily money behaviors, why do only about one in four Americans have one?

According to Charles Schwab’s 2018 Modern Wealth Index, a survey of 1,000 Americans found that an astonishing three in five people live paycheck to paycheck, two in five feel financially stable and just 35 percent have an emergency fund. However, the numbers vary widely between those who have financial plans and those who don’t. For instance, just 38 percent of those with plans live paycheck to paycheck vs. 68 percent of those without plans, 62 percent of those with plans feel financially stable vs.  32 percent of those without plans, and 65 percent of those with plans have an emergency fund vs. 24 percent of those without plans.

Charles Schwab’s 2018 Modern Wealth Index

Some of the reasons why more people don’t have a plan is because they believe they don’t have enough wealth, that having a financial planner is too costly, and that the concept of a financial plan is way too complicated. However, the longer you wait to establish a plan, the harder it is to achieve your financial goals and reach long-term financial success. Financial planning should be done by all, and we can help! At Taylor Financial Group, we believe everyone deserves a financial plan regardless of their situation. Contact us to see how we can help!

 

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Your Silicon Valley Bank Questions Answered

You likely have heard about the recent Silicon Valley Bank (SVB) collapse and probably have questions. Here, we provide you with unbiased answers to your questions.

Thinking About Retiring Early? 8 Things to Consider First

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner We’ve all asked ourselves whether it’s too early to retire (usually after a particularly challenging commute or dealing with a difficult client).  You may have even gone so far as to take a sneak peek at your account statements …

Weekly Update: February 27th

By Debra Taylor, CPA/PFS, JD, CDFA™ Dear Friends, For investors, it may feel like déjà vu all over again as inflation and the Fed dominate market headlines on a day-to-day basis. After all, the numerous market swings last year were driven by ever-changing expectations around the Fed – …

4 Tips to Take Your 401(k) to the Next Level

Matt Kory, Vice President, Retirement Programs As a retirement income vehicle, the 401(k) is second in popularity only to Social Security – and as CNBC reported in 2019 the number of 401(k) millionaires is at an all-time high. But is a million dollars even enough for your retirement needs? 

1 2 3 224 225 226

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation

TweetsFollow Us