Before You Invest You Need a Plan

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Before you invest you need a plan
Benjamin Franklin planning his day

Before you invest you need a plan so your investing has focus. Too many think that investing is simply about picking good investments and getting good returns. You won’t know why you’re investing if you don’t have a plan.

Now this plan, which should be put together beforehand working closely with your financial advisor, should reflect everything that’s important to you. Your hopes, your concerns, your needs and your values.

Create your financial planning blueprint

It’s similar to building a new home. First, you get an idea of where you want your new home and what you want it to look like. Then you meet with an architect who asks lots of questions that capture your preferences and clarify their understanding of what you’re going for. The architect takes your vision and turns it into a blueprint. A plan. The blueprint is what you take to a contractor to start building the home.

Now, as you go along, things come up. Things that may require changes and alterations. It is a normal part of the process. But you’ve got a blueprint, you know what you’re going for. Changes can be made without losing sight of your vision.

The benefits of working with a financial advisor

Similarly, financial planning, working with a financial advisor, helps you to clarify your vision. Things like how do you protect your family, when and how will you retire, and what kind of a legacy are you interested in building? Your advisor helps you create a plan that is both specific and unique to your situation. Only then can you put together a portfolio that will make that plan possible.

Because things in life change, you should meet with your advisor regularly to see that your plan is still on track. Or, if necessary, to recalibrate because your circumstances or goals have changed. In every case the plan precedes the portfolio so the portfolio serves the plan.

Before you invest you need a plan.

Schedule time to talk to Gary about your plan. Do it now. Schedule it here.

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