Planning Checklist

Planning Checklist

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Regardless of the sport, typically you need DEFENSE to make the playoffs, however, once you get in the playoffs you need OFFENSE to WIN. You may not agree but that is certainly the case in the world of financial planning.

First you play defense

• Emergency fund; How much is enough?
• Cash Flow; Do you know where your money is going?
• Estate Planning; What happens when you die or become incapacitated?
• Risk Planning; Do you have the correct types of insurance and the right amount of coverage? Life, Health, P & C, Disability, Business?
• Debt; Are you spending too much to service your debt? Need versus Want?
• Tax Planning; Are you paying the least amount of taxes possible?

Then, we go on offense

• Home purchase plan; new, used, rent, move every 5 years?
• Children’s education plan; full ride versus “you are on your own”?
• Retirement plan; when, how much, will I still work, social security?
• Matching risk to investment strategy to diversification; how well do you sleep at night?
• Medium term and long term investment plan; open a business, cottage, warmth?
• Charitable giving plan; intrinsic goals, church, red cross?
• Legacy plan; grandkids, a plaque on a building, scholarship?
• Other topics that are specific to your situation?