You may have come across the term "financial planning" recently and wondered what it means. You may have decided to start your own financial plan but you're not sure how. Or you may feel it's time you went to a financial planner for some professional advice. As your financial planner, Mike will help you define your goals for saving and investing. You might be saving money for an emergency or a specific goal. Maybe you are worried about your retirement needs. You might set all of your goals by timeframes and by priority, and which goals are the most important to you. The second step Mike will take with you as your financial planner is to make you fully aware of your financial position. Together with Mike, you will review all of your income, expenses, assets, and liabilities, and will gain an understanding of how you may be able to save thousands of dollars by improving tax efficiency and interest rate efficiency. This step will also help you understand your spending and saving patterns. This understanding might help you find easier ways to save and spend your money more effectively. Michael Menninger, CFP is your Financial Planner in Skippack, PA.
Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child's education or planning for retirement.
The financial planning process consists of six steps that help you take a "big picture" look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals. The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.
As your financial advisor, Mike will help you define your goals for saving and investing. You might be saving money for an emergency or a specific goal. Maybe you are worried about your retirement needs. You might set all of your goals by timeframes and by priority, and which goals are the most important to you. The second step Mike will take with you as your financial advisor is to make you fully aware of your financial position. Together with Mike, you will review all of your income, expenses, assets, and liabilities, and will gain an understanding of how you may be able to save thousands of dollars by improving tax efficiency and interest rate efficiency. This step will also help you understand your spending and saving patterns. This understanding might help you find easier ways to save and spend your money more effectively. Michael Menninger, CFP is your Financial Advisor in Skippack, PA.
Financial planning provides direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.
As your financial consultant, Mike will help you define your goals for saving and investing. You might be saving money for an emergency or a specific goal. Maybe you are worried about your retirement needs. You might set all of your goals by timeframes and by priority, and which goals are the most important to you. The second step Mike will take with you as your financial consultant is to make you fully aware of your financial position. Together with Mike, you will review all of your income, expenses, assets, and liabilities, and will gain an understanding of how you may be able to save thousands of dollars by improving tax efficiency and interest rate efficiency. This step will also help you understand your spending and saving patterns. This understanding might help you find easier ways to save and spend your money more effectively. Michael Menninger, CFP is your Financial Consultant in Skippack, PA.