Everyone needs a financial plan. 

Have you ever tried to build something without directions or driven somewhere far without mapping out the trip using the GPS in your car? It not only is a lot more difficult, but the final result is nowhere near as good as it could have been. 

At Presilium we always start each relationship with a financial plan and then use it as the base to make the best possible decisions to reach our client’s goals. We would like to show you the four key items we include in each of our client’s plans. 

First, your net worth. It is so important to have a family balance sheet like this one that is regularly updated. With any goal, it is always critical to know where you are starting. 

Second, the investment mix of all of your combined accounts. This will be the main driver of your returns and the amount of risk you are taking.

Next, we look at the probability of success for reaching each of your goals. Our financial plans use historical market data to give you the percentage chance of reaching each goal. 

Finally, we review year by year how this will look from today until the end of your retirement. This is also a great place to model out different scenarios. 

• What would this look like if you spent more money in retirement?
• How much can you save in taxes by converting your pre-tax IRA and 401k to a Roth IRA?
• Should you make your investments more or less aggressive?

These are questions that are all best answered after starting with a financial plan. 

We are now updating all of our client’s financial plans for the start of 2024. If you know someone who could benefit from a financial plan please have them reach out to us. We are happy to help. 

Be on the lookout for our next Financial Planning Fridays episode. Subscribe to our Youtube Channel so you never miss an episode. Or contact us directly; schedule your 15-minute call with us today.