What is the process to become a member?
In order to establish a successful financial plan, we need understand what you want to accomplish. This will serve as the road map for the direction your financial plan will go, and allow us to stay on course. From there We gather all your relevant financial Information at get it put into one comprehensive organized view which will become your client financial website so we can understand all the pieces of your financial puzzle. Our system will allow us keep all of your financial data organized and synced up in real time.
This is where we take a deeper look at what your financial situation currently looks like and get a good understanding of where you are. This is where we get a little personal. We will leave this meeting knowing that we have addressed everything that should be factored in your financial plan. Of course, if anything comes to mind after the fact, we will be happy to include it.
This is where we compare where you are currently to where you say you wanted to be. From here, we will understand what things must stay the same and more importantly, what much change, in order to get you on track to transforming your finances.
Now that you have a clear understanding of the plan going forward; its time to take the necessary steps to take action on making it happen.
Throughout the year, we will need to touch base to determine how things are going and make sure we are still on course. It’s important to remember that things change and we will adapt as those changes occur. Having a coach and expert along the way is what separates those who make the minor tweaks and achieve their goals vs. those who keep getting stuck.
What does my membership include?
We do an in depth review of your current expenses, liabilities/income, assets to see where you stand. We will determine if there are areas of opportunity where we can reduce expenses and increase income, which sometimes is simple a result of making sure you not paying more than you should for certain services. We will essentially find money. We will also review your assets and liabilities to determine your current net worth. We scrutinize everything and put it under a microscope.
Its not about how much you make, its about what you keep. We want to have a solid plan in place to make sure we are eliminating debt to the best of our ability so that it will free up cash flow that can be allocated to other areas of your financial plan.
Before diving into what most people consider financial planning, we think it is prudent to make sure that before we get too deep in figuring out how to get you closer to your goals, that we make sure you are protected against unforeseen circumstances. This means truly understanding your health insurance and benefits at work and different coverage’s you may have or need outside of work.
What if you get in a car accident and you get sued? Will your current auto policy coverage be adequate? What if your house gets broken into or worse, gets damaged by fire or adverse weather? Will you get your valuables back? What about if you were to get hurt or sick and couldn’t work, is your disability insurance adequate? What if you get laid off from work, will you be able to cover your bills? What if the unthinkable happens and you or your spouse were to die prematurely, do you have enough assets or life insurance in place to make sure your loved ones are covered? Do you have the appropriate documents in place such as a will, trust or medical directives?
Here we take a look at all the things that you want or need to do with your money that may not be a monthly expense, but could be a future one. For example above we mentioned what if you got laid off from work how would you pay your bills? Chances are you would need to have an emergency fund. Other goals might include vacations, buying a new home, planning a wedding, child’s education, car repairs, medical bills etc. whether the expense is planned or unplanned we will need to develop a strategy to make sure they have all been considered.
Maybe you have a 401(k) maybe you don’t. Maybe you have some other accounts that you think are for retirement. You are putting away 5-10%, great. Is that enough? Will you be able to stop working one day? What risks could effect your investments? This is where we get those questions answered and make sure you are not just blindly putting money away without knowing if it will actually do what you need it to one day.
Does any of the following sound like you?
“I feel like I make a decent income, but still don’t feel like I am doing enough in the area of saving or investing. I work hard but don’t feel like I have enough to show forth.”
“I need to be in more control of my spending but I just don’t have a plan that has worked and fits my lifestyle needs”
“I sometimes worry that if I had a major financial emergency, I wouldn’t be prepared for it. Like getting laid off from work, or even getting hurt or sick and not being able to work for an extended period of time.”
“I have a 401-k at work, possibly even some investments outside of work but I have no clear direction of what these investments will do for me down the road. I don’t know if what I am contributing now will be enough to support my lifestyle one day in the future when I want to retire.”
“I have some debt that I want to pay off, but just don’t know the best way to do it. It seems like my balance isn’t getting paid off past enough.”
“I make some good decisions financially, but I don’t feel organized. I have accounts here and accounts there but I don’t really know where everything is, and what everything is worth; or if its even serving the purpose that it should.”
“I have loved ones that I care about, sometimes I worry that if something happened to me today, I’m not sure that they would be adequately taken care of with what I would leave behind. I haven’t really sat down to think exactly what I would want life to look like for my family if I was no longer here. I know I probably need a will or trust or need to revisit the one that I have to make sure it’s up to date and accurate.”
“The life I am living right now, doesn’t match up with the life I thought I would be living at this point. A lot of this is probably because my finances are not in order. I always say that I am going to change something, but never really seem to get around to it like I should.”