Does Your Financial Plan Meet Your Design Requirements?

October 30, 2018

 

 

Successful financial planning involves more than the balance in your portfolio. A strong financial plan represents what is important to you as an individual—in other words, your Fiscal Philosophy.  An engineer might say that your financial plan must meet your personal design requirements.

 

Understanding your own fiscal philosophy, or requirements, begins with a series of questions to determine your unique set of values and circumstances:

 

  1. Debt: How much debt do you have? Are you comfortable with that level of debt?

  2. Savings: How much savings do you have? Are you comfortable with your level of savings?

  3. Spending: What is your level of spending? Are you comfortable with your level of spending?

  4. Giving: What is your level of charitable contributions? Are you comfortable with your level of charitable contributions?

  5. Stock Market: Does investing in the stock market make you nervous? Are you comfortable with your level of investment in the stock market?

  6. Insurance: How do you feel about insurance? Are you comfortable with your level of coverage?

  7. Children: What is your attitude regarding supporting your children? Do you expect them to earn their own way, or do you want to give them every advantage? Somewhere in between? Are you comfortable with what you can provide them?

  8. Retirement: When do you plan to retire? As soon as possible? Never? Somewhere in between? Are you comfortable with your current retirement plan?

 

It is important that we understand and appreciate how you think about money, including how you got to where you currently are. Just as you can’t expect your doctor to diagnose what’s wrong with you without knowing your complete medical history, it is difficult for us to develop a comprehensive plan without knowing your fiscal philosophy.

 

If you have a spouse or partner, it’s important that both of you answer the questions above. You may be surprised to learn that you don’t always share the same fiscal philosophy. The areas you disagree on are the ones you need to especially focus on. After all, if you aren’t aligned, you’ll have difficulty fulfilling your dreams and reaching your goals, even with your advisor’s help.

 

We have a digital version of the fiscal philosophy profile that tracks your results and shows the variance between you and your spouse or partner. Contact our office and we’d be happy to meet with you to review it.

 

Visit Lyon Park Advisors at lyonparkadvisors.com.

 

 

Share on Facebook
Share on Twitter
Please reload

Featured Posts

What’s my retirement number?

It’s a catchy title but over-simplified.  Is it the answer to the question “How big does my portfolio have to be so I can...

What's my Retirement Number?

January 17, 2018

1/3
Please reload

Recent Posts

September 28, 2018

Please reload

Archive
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Lyon Park Advisors, LLC (referred to as "Lyon Park") disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement and suitability for a particular purpose. Lyon Park does not warrant that the information will be free from error. None of the information provided on this website is intended as investment, tax, accounting or legal advice,  as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information is at your sole risk. Under no circumstances shall Lyon Park be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if Lyon Park or a Lyon Park authorized representative has been advised of the possibility of such damages. In no event shall Lyon Park Advisors, LLC have any liability to you for damages, losses and causes of action for accessing this site. Information on this website should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.

                                                                                                                         © 2017 - 2019 by Lyon Park Advisors, LLC.