Do I need a financial plan?

A financial plan is a key part of your financial journey. It can make the difference between a successful and an unsuccessful financial journey. This video covers the importance of a financial plan so that you can make the most of it to achieve your financial goals.

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Video transcript

A financial plan is your roadmap. It outlines your current financial situation, your goals and how you plan to achieve them. 

Having a financial plan can be the difference between just saving and investing and following a strategic plan so that you reach your unique goals. 

Here are some of the benefits of creating a financial plan.

A financial plan helps you optimize your investments

When you know your financial goals, you can make better decisions about the best ways to invest your money to achieve them. Being organized makes it easier to see where there are areas for improvement and what solutions could help you achieve your goals

A financial plan keeps you accountable

A financial plan gives you milestones that help keep you accountable. Revisiting the plan periodically allows you to see if you are on track and helps you correct your course, if needed.

A financial plan will help manage unexpected expenses

A financial plan helps you be prepared and protected for life’s surprises. It can help you make sure you have enough money saved for emergencies and help you determine what insurance coverage could be beneficial. 

A financial plan brings clarity and peace of mind

Having a written overview of your entire financial situation is a powerful exercise. By seeing how all of your goals fit together into one cohesive whole, you can worry less and feel confident about your financial future. 

These are just four of the many reasons why having a financial plan can be beneficial. Whether you’re starting your first job, buying a home or planning for retirement having a written plan in place is one of the best ways to make sure that what you want out of life becomes a reality.