Everyone has seen the news; the Corona Virus and its effects on the market have gripped headlines with stock market drops that have not been seen in decades. This can be a scary time when it comes to thinking about your money, your goals and the future you want to have.
The best way to stay on course is to have a sound financial plan. With the help of a financial professional, you can see where you are and where you want to be financially. Below are a few good reasons to meet with a Financial Planner and start a plan.
1. It will help you define your financial goals- If you leave on a trip but don’t know where you are going, how will you know when you have arrived? A financial plan gives you a roadmap to making financial decisions. You will be able to define your goals and track your progress towards achieving them.
2. It will help you create a budget- Keeping track of what you are making vs what you are spending is the key to successful planning. This allows you to determine if your goals are realistic and achievable. The earlier you start a plan and begin to save/invest the better chance you have of realizing your goals.
3. It will help maximize your money- Creating a budget in your plan will create opportunities to lower unnecessary expenses and add more money to accounts for saving and investing.
4. It will identify areas to improve- A well crafted financial plan will help identify your risk tolerance and highlight current mistakes you are making with your savings.
A detailed financial plan is needed for every investor and especially during this time. As markets tumble, do you know how to adjust your investment contributions in order to make up for short comings of recent losses? Do you know if you are still on track to achieve your short and long-term financial goals? While investors are questioning their investment strategy from the recent market volatility, having a sound financial plan and asset allocation can help remove emotional based decisions and keep you on track to achieving your financial goals.
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