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What’s In A Comprehensive Financial Plan and Why You Need One

Updated: Oct 3, 2022

A written comprehensive financial plan is a road map to help you achieve your financial goals - with strategies to get from where you're at to where you want to be.

Neuroscience shows that writing down your goals increases your chances of achieving them. Creating a written strategy for how you'd like to achieve those goals makes it even more likely you'll be able to accomplish them.

Most people respond to their finances when facing a financial emergency or making a large purchase. But creating a written financial plan can help you achieve your financial goals and stay on track when life throws curveballs. As it certainly would.

A comprehensive financial plan comprises:

1. A Cash Management Plan

  • Know what's coming in and what's leaving — plug leakages.

  • You are purchasing with purpose.

  • Saving towards goals.

  • Having an emergency fund.

  • Spending without guilt.

2. A Credit Plan

  • An effective credit plan can include restructuring of potential tax-deductible debt (good debt)

  • Strategies to pay off bad debt.

3. A Protection Plan

  • Insurance — to create an estate or minimize taxes.

  • To protect the family from loss of income when you die or become disabled.

4. An Investment Plan

  • Intentional Investing.

  • We are adopting strategies to minimize volatility.

  • An asset allocation aligned with your risk tolerance and financial objectives.

5. Estate Plan

  • You are distributing your assets upon death in a way that aligns with your wishes.

  • A good estate plan should include a Will, Power of Attorney, and A Health Care Directive.

6. Tax Plan

  • We are making use of existing tax shelters.

  • Tax favorable investing.

  • Strategies to minimize taxes while alive and upon death.

7. Retirement Plan

  • Planning for financial independence (Retirement) can be at any time of your life.

  • You have the option to work or not.

  • Pensions/Pension Splitting (RRSPs and 401Ks).

  • Pension Plans (employer plans and public plans).

Bringing it all together.

To get a complete picture of someone's finances, you need to look at all aspects of their finances. No one piece can be fully explored without the other puzzle pieces. Having all the pieces in place provides a solid foundation for building a stable financial future.

A written financial plan helps you achieve your financial goals and withstand unexpected financial curveballs.

Do you have a comprehensive financial plan?

What's your money archetype? Contact to find out more.

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