Successful Financial Planning

Successful financial planning starts with changing your lifestyle to reflect good financial habits. Even if you don't know the first thing about finance, you probably have an idea of what you might be doing to keep yourself from achieving the monetary success you desire. For example, you know you need to put money aside for retirement and that you should set up a savings account for emergencies. Unfortunately, much like dieting, knowing the rules of good finance is often much easier than actually following them.

This is where a personal finance advisor can help with thorough finance plans. Finding an expert in your area to guide you through the process of successful financial planning can ease the burden from your own shoulders while helping you recognize behavior that might be undoing your success. Your advisor is also able to offer advice as to which strategies and investments are best for planning your long-term goals. Also like dieting, there is no one-size-fits-all solution for successful financial planning. Someone who primarily wants to save money for college tuition won't have the same recipe for success as a budding entrepreneur looking to start a small business.

Defining Success

Before you can set a path toward successful financial planning, you must first define what success means to you. Balancing a demanding career with parenthood might mean success to some people, while others might think of reaching their full earning potential as becoming successful. No matter how you define your own personal success, knowing your priorities will bring you much closer to successful financial planning than if you approach your money without a specific goal in mind.

Once you have determined your goals, both in the immediate and long-term future, you can start planning a path toward setting and reaching individual milestones with your financial advisor. For example, if your goal is to save for your child's college tuition, you might set your first milestone at simply filling out the paperwork for financial aid. Your second milestone might be to save for tuition costs while the last could be saving for room and board. Breaking your goals into small, achievable steps can help you feel more and more successful as you get closer to your goal, keeping you motivated when old habits start to surface.

Successful financial planning starts with saving. When you aren't accustomed to tracking your money, finding room to save can be difficult at first. To be successful, you'll need to establish a system you can easily follow, such as setting up automatic withdrawals to a savings account or making monthly contributions to your 401k plan. If you feel like you don't know where to begin or can't find a place to save within your budget, seek professional advice from an advisor who can show you strategies for successful financial planning.

Planning a monthly budget can help you get a handle on your current monetary situation. Start by listing all sources of income followed by your primary expenses, from your rent or mortgage to utilities and credit card bills. Include car payments, auto and health insurance and other necessary bills like your phone payment. Leave out groceries, shopping and vacations for now. Once you know your fixed monthly obligations, you will have a better idea of where you can save money on groceries and what part of your income remains for entertainment, savings and long-term goals, like earning an advanced degree or planning a special trip abroad.

Choosing a Financial Advisor

Successful financial planning can be easy when you have the support of a personal finance expert who understands your long-term goals and can help guide you through each step toward achieving a fulfilling and successful future. From saving for college tuition to putting aside money for retirement, you can learn good financial habits even if they don't seem intuitive at first. A good personal finance advisor can help you understand the aspects of monetary planning that apply to you and keep you focused on the strategies that will make you successful.

A good personal finance expert has many qualities, including excellent communication skills, patience and a broad knowledge of many financial products. Choosing an advisor in your town also has many benefits. Not only can you make more regular appointments to discuss what strategies are successful and what parts of your overall plan you might need to change, but you are also more likely to find an advisor who is in tune with your local environment and has the time to get to know you and your long-term goals. Successful financial planning takes hard work, a little research and a good deal of planning, but there is no reason to face your finances alone. A local advisor can help you reach your goals, step by step.

Find a Financial Advisor

Find an Advisor

Financial Advice

We can help you find a financial advisor

Our specialists will conduct a custom search to find local planners and advisors who meet your specific requirements.

"Unless you already know about working with an advisor, it can be hard to figure out which one to go with. This site helped me decide on the type of advisor that was right for me and my financial situation. Thanks!"

Randy S, Green Bay WI