Do It Yourself Financial Plan

As we head toward the end of this year, we should begin to review and evaluate our personal financial plan and look to make important changes for 2014. These are the critical times that help us work optimally with our advisors (tax, estate, insurance, investments, banker, etc.).

I was talking with a good friend, Sue Hines, Founder, Aspects Galore, about recognizing trends. The trend I observed is the “I can do it myself” trend. I smile as I write this because that is what my son always said to me, as I’m sure a few of your own kids have as well.  My friends prepare their own taxes at year-end, color their own hair instead of a hairdresser, select their own investments without the help of a broker or investment advisor, finalize their own divorce, or create their own corporation online. So, why not create your own financial plan?  Do we really need the help of a financial planner?

What is a financial plan anyway? According to the Certified Financial Planner Board it is a SWOT analysis of your current financial situation, covering the following:

• Risk you take or avoid in terms of insurance (life, home, health, disability, long term care, auto, and personal liability)
• Short and long term savings and investments
• How much to fund for education &/or retirement
• How to invest wisely, low cost, low tax with good returns over time
• When is it time to sell or buy or how and how often to reposition 
• What is the correct account to use, Defined Benefit, Defined Contribution, 401k, 403b, 457, Roth IRA, Contributory IRA, Trust account, TIC, JTWROS, etc.)
• How to measure the risk return ratio for you to feel safe & know you are on the right track
• How to know what is the magic return you need overtime so you can limit unnecessary risk 

• Legacy review for example your will or trust, durable power of attorney, and medical directive
• Debt review (good, reasonable, or bad debt).  Contrary to popular opinion, not all debt is bad debt.

Plan some time to sit down this month and review your financial situation.

Then take a closer look at your plans strengths and weaknesses, and evaluate what needs to be changed or left alone. Afterwards, take a closer look at the opportunities and threats to the success of your plan in terms of economic, social, political, legal, and technological factors. And last but certainly not least, take a look at your tax plan.

A skilled financial planner—like a member of your BMM Advisory Team—is happy to schedule some personal time if you prefer not to go it alone.

The wisest people know that they don't need to go it alone.  So, our gift to you (must signs up before 12/15/2013)  is a full financial plan (SWOT) for you at 50% off our normal rate.  The lowest plan at this rate is $1,500.  At a little over a $100 a month, this might be your wisest investment in yourself. 

To your continued good health and wealth!

Investment advisory services are offered through Berson Money Management, a registered investment adviser offering advisory services in the State of California and in other jurisdictions where exempted. The contents of the blog are not to be copied, quoted, excerpted or distributed without express written permission of the firm. Any other use beyond its  author's intent, distribution or copying of the contents of this e‐mail is strictly prohibited. Nothing in this document is intended as legal, accounting, or tax advice, and is for informational purposes only.