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Accounting green bay Eight Things You Should Ask About Financial Planning

What is Personal Financial Planning?

Personal financial planning is guidance by a licensed financial professional on the financial decisions faced by individuals. It includes portfolio allocations, future planning decisions, goal setting, and exploration of different investment vehicles.

Why do I Need Personal Financial Planning?

Financial planning allows you to organize your finances in such a way as to maximize returns on investments, reduce tax liability, achieve appropriate risk management, and ultimately obtain financial peace of mind.

But Can't I Just Do It Alone?

Perhaps, but will you? Most business people and professionals are finding it increasingly difficult to plan adequately for their personal financial growth and security. Among the most common reasons for their frustrations are:

- Lack of time

- The wide variety of today?s investment opportunities

- Tax laws change to frequently to keep up

- The entwining of employee compensation and benefits

What is Typically Included in a Financial Plan?

The length of the plan is based on the complexity and specifics of each individual situation. The typical plan can be anywhere from 10 pages to 150 pages and includes:

- Cash Flow and Budgeting Analysis

- Debt and Investment Capital Management

- Estate Planning and Liquidity Analysis

- Income Tax Projections and Planning

- Retirement Needs Analysis

- Insurance Evaluation

- Educational Funding

- Employee Benefit Analysis

- Business Analysis (if applicable)

What Role Do I Take in the Planning Process?

Your role in the planning process is to provide as clear and concise information to the planner as you can. They should clearly understand your goals, dreams, attitudes, and positions. Your planner may meet with you annually to update this information.

Are Fees for Financial Plans Tax Deductible?

Yes. Expenses for investment and tax planning are deductible as itemized expenses, subject to limitations - IRS Section 212.

How Can I Measure the Worth of Financial Planning?

After your situation has been analyzed and recommendations made, you will be able to compare clearly your present financial condition with what is projected for the future. The long-range benefits should far outweigh the costs.

Will Personal Financial Planning Make Me Rich?

Regrettably, get-rich-quick schemes generally don't work. This makes personal financial planning all the more important. Proper planning will help you keep more of what you earn and assist in helping your money work harder for you. It will do this by:

- Productivity of assets are increased

- Providing capital growth and security for your family

- Better risk management

- Introduction to new investment opportunities

- Increasing disposable income through tax savings

- Investment alternatives are provides closer inspection

- Minimizes the negative effects of disability, early retirement, and death

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Hank Brock is President of Brock and Associates, a St George Utah financial planning firm specializing in retirement, estate, tax, and business planning. Visit us online for further information on choosing a financial planner and other financial planning topics.

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