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Creating Your Financial Planning Roadmap

Creating Your Financial Planning Roadmap

A map is a wonderful tool. If you are lost or find yourself in unfamiliar surroundings, a map can be used to help you pinpoint where you are.  Once you get your bearings, the map can be used to help you reach your destination. 

A financial plan is not much different than using a map.  Putting a plan together can help you pinpoint where you currently are with your finances.  What are you saving on an annual basis?  What is your total amount of debt? Once you get your bearings with your current situation, ask yourself, “Where am I going?” Incorporating goals into your financial plan allows you to have focus on a destination.  Those goals can be both short-term and long-term, whether it is buying a new home in a few years, paying for your children’s college education, or looking toward saving for retirement.  Is your current savings rate sufficient to get you where you want to go? A financial plan can help answer this question and help identify areas in your financial life that may need improvement.  This allows you to make adjustments and help you get on track to achieve your goals. 

Occasionally, you may hit a pothole before reaching your destination. The same holds true for life. You may experience an unplanned life event, such as a job loss, a death of a loved one, or a divorce. All of these events can have a major impact on your financial life.  Updating your financial plan on an annual basis will help you redirect and stay focused on your goals, especially during an unforeseen situation.  Life evolves and changes, and so will your financial plan.  The main objective is to have that roadmap in place. It will be an important tool to use that gives you confidence as you meander down the road of life and it will be a crucial component to reaching your destination successfully.

Get started with our Financial Fitness Checklist at SVAFinancial.com/checklist.  

@2019 SVA Financial Group

All information herein has been prepared solely for informational purposes only and opinions are subject to change. Past performance is not indicative of future results and all investments involve the risk of loss of principal. For information on how these general principles apply to your situation, consult an investment professional.


Article Topic Specialist: Kelly Lagore

Kelly is a Financial Consultant with SVA Wealth Management, LLC. Through consistent financial planning, Kelly works to help clients achieve their financial goals, whether it be saving for college, planning for retirement, or wealth preservation for the next generation. She enjoys the personal relationships she develops with clients and works to build a strong level of trust with them.

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