By Scott Bishop and Tom Mountain
When the unexpected happens, it can turn our lives upside down. And thanks to the ever-evolving coronavirus pandemic, chaos and change seem to be the norm these days. Does that mean your only option is to grit your teeth and hope you come out of this situation in one piece? Not at all. More than ever, preparation and having a plan of action in place is necessary so you can do what’s right for you and your family in the midst of this or any other crisis.
Nowhere is this more true than with your financial plan. Having a financial plan means having all the details of your financial life in one place, including your savings, debt, assets and investments, life insurance, and other elements that apply to your unique financial situation (1) so that when a crisis hits, rather than resorting to panic or stress, you can rely on a thorough plan of action for handling your finances. Here are some of the many ways a financial plan can make a difference in your life.
A Plan For The Unexpected
Let’s start with the elephant in the room, or more accurately, the potential virus in the room. This is not the first time (and it won’t be the last) there has been a threat to your health, lifestyle, or money. Since we know this reality, being prepared for when, not if, these circumstances arise is key for creating stability and security, no matter what comes your way.
When there is a comprehensive plan in place, panic is eliminated and rash, emotional decisions can be avoided. Financial plans help set people up for success no matter what life or the economy throws your way. Everyone deserves to have that chance.
A Road Map For Your Goals
Did you know you are 42% more likely to make your goals a reality if you write them down? (2) Having a financial plan is not just about managing your money, it’s about making sure the time spent to earn your money is used to reach the dreams you have for you and your family, giving you a life full of satisfaction and contentment.
What do you want for your life now and in the future? What about your loved ones? Whether it’s vacations, having more time at home, putting your kids through college, retiring with dignity, or some other dream, chances are that it involves having enough money to feel financially secure and knowing where and how to allocate that money.
Creating a financial plan now can help you get one step closer to making the future you desire a reality.
A Clear Path For The Future
A financial plan covers everything from basic to complex financial matters with the goal of helping you secure your future. It can help you:
- Know your current situation by creating a budget.
- Have emergency savings for when unexpected expenses arise or to weather a potential job loss.
- Add up how much debt you have and calculate how much of your monthly income is going toward minimum payments. Create a plan of action for paying down those debts.
- Determine the household income you need to earn in order to reach your goals.
- Understand how much you need to invest per month for retirement, which is something a trusted financial advisor can help you determine.
Are You Ready To Create A Financial Plan?
If you don’t already have a financial plan in place, now is the time to create one. And as you’re likely spending a lot more time at home lately, it’s a great opportunity to tackle this task. We know this can feel daunting, but remember that our team at Mountain-Bishop Private Wealth Management is here to guide you. We can help you assess your current financial situation, guide you as you make the necessary changes, or double-check that your investments are exactly where they should be. Don’t hesitate to reach out to us at 562-432-3783 or info@mbpwm.com to schedule a free introductory meeting.
About Us
Mountain-Bishop Private Wealth Management is a full-service independent financial services and investment services firm that has been providing retirement and investment guidance to high-net-worth individuals, business owners, and Boeing employees for more than 25 years. Through our long-term guidance, we strive to help our clients build, protect, distribute, and transfer their wealth, tailoring our services and strategies to address each client’s unique needs so they can bridge the gap between their current financial situation and their long-term goals.
Scott and Tom built their practice on trust and excellence. They focus individually on each client, delivering the personalized touch that is missing with many other firms.
The Financial Consultants of Mountain-Bishop Private Wealth Management are registered representatives with, and securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: (AK, AZ, CA, CO, FL, GA, ID, IL, MI, MO, NC, NJ, NM, NV, OR, PA, SC, UT, VA, WA) SCOTT E. BISHOP CA LICENSE OB55872 THOMAS P. MOUNTAIN CA LICENSE OB55827
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(1) https://www.nerdwallet.com/blog/investing/what-is-a-financial-plan-how-can-i-make-one/