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1Preparing Your Financial PlanWelcome to The Financial Planning Workbook . Our goal is to help you build or repair your financial plan using the proven methods and exercises outlined in the following chapters. Inside this book you will be introduced to the practice of personal financial planning and you will learn how to create and monitor a successful financial plan. But before you can begin your path to financial independence, you first need to identify your starting point. The chapters that follow will help you break these poor financial habits and replace them with responsible alternatives.I routinely carry a balance on my credit cards that Im unable to pay in full each month.At least one of my credit cards is currently maxed out.Ive had to borrow money from family or friends to pay my bills within the last year.I do not have any money saved for emergencies.I dont bother balancing my checkbook or reconciling my bank statements at the end of each month.Im not sure whether my employer offers a retirement plan or a company match.Im not sure how much Im currently saving towards retirement.I havent reviewed my investments within the last year.I dont have a will, living will, financial power of attorney, or healthcare power of attorney.I havent given serious thought to when Id like to retire or how much I plan to spend during retirement.Im not sure what would happen if I became disabled and couldn't pay my bills.Im not sure if my family would be financially stable if I were to die.Exercise 1.2: Evaluating Your Current Financial PlanNow that youve identified the parts of your financial plan that may be failing you, its time to assess your strengths. Indicate whether the following statements are satisfactory or need improvement.My ability to set realistic and attainable financial goalsMy ability to create and maintain a budgetMy ability to save moneyMy credit scoreMy understanding of the investments I have and their associated risksMy current level of retirement savingsLife and disability insurance premiums, deductibles, and coverage amountsHome, auto, and umbrella insurance premiums, deductibles, and coverage amountsMy overall estate planExercise 1.3: How Well Do You Know Your Financial Situation?Maybe youve identified a few bad habits that youd like to break and you realize that a fair amount of your financial plan needs improvement. Its unlikely that youve intentionally made poor financial decisions that led you to this point; its much more likely your financial plan has been failing you because you simply arent aware of the many intricate details involved. To explore this possibility, indicate which of the following statements are true regarding your present financial situation.I know how much I earn and how much I spend each month, and what my savings surplus or deficit is.I know the value of my assets, liabilities, and net worth within a few thousand dollars.I have recently reviewed the various lines of insurance that I have and discussed their adequacy with my insurance agent.I have recently reviewed the various lines of insurance that I have and discussed their adequacy with my insurance agent.I have met with my accountant to discuss tax planning strategies within the last year.I understand the basic characteristics of the various investments that I own and they match my tolerance for risk.I know how each of my investments has performed over the last year.I know the fees associated with each of my investments.I know the current balance of my investment accounts within a few thousand dollars.I participate in my employers retirement plan and take advantage of the company match.I make the maximum contribution to my IRA each year.I have reviewed my credit report and checked my credit score within the last year.I know how much state and federal estate tax would be payable if I were to die this year.I have recently reviewed my estate plan with an attorney.Now that you have a strong understanding of your overall strengths and weaknesses, write down three aspects of your financial plan that youd like to improve over the next year.If you were to improve the three aspects that you wrote down, how would it make you feel? One year from now, if you were on track to meet your retirement goal, had the proper lines of insurance in place to protect your family, and were on the path to becoming debt free, what would that mean to you and your family?As we turn our focus to building your financial plan, you first need to understand what financial planning is, and what obstacles youll encounter during this process.
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As we turn our focus to building your financial plan, you first need to understand what financial planning is, and what obstacles youll encounter during this process.