Comprehensive Financial Plan Development
How much should you be saving for retirement? -- How can you wisely steward your inheritance?
When should you claim Social Security? -- Should you save up for a down payment or pay down your student loans?
If these are the questions keeping you up at night, then you’ve come to the right place. A comprehensive financial plan will give you the confidence to know that you’re on the right track and every aspect of your financial life has been taken into account. We will create for you a clearly organized plan for your finances that spells out the actions you need to take to achieve your goals.
Our plans cover:
- Cash flow - What is the best system for you to track income and expenses?
- Employee benefits - What options are available to you and should you take advantage of them?
- Career decisions - What would it mean for you to take that lower-paying job, stay home with the kids, or start your own business?
- 401(k) or 403(b) recommendations - How should you invest your workplace retirement account?
- Investments - What kinds of accounts make the most sense in your situation and how should they be invested?
- Debt - What is the best way for you to tackle your debt and how should it be prioritized?
- Retirement savings - How much should you be saving for retirement and in which accounts?
- Retirement spending - What accounts should you take money out of to fund your retirement and what are the tax implications?
- Social Security - At what age should you file for Social Security benefits and what are the pros and cons of your different options?
- Education - How much should you save for your kids’ (or your) college education and what should you do with that money?
- Real estate decisions - Which house can you afford and how will it affect your other financial goals? Should you keep that rental property?
- Insurance - Are you fully prepared for the unexpected?
- Basic estate planning - Do you have your legal affairs in order in case you pass away or become incapacitated?
- Charitable giving - What is the most tax-efficient way for you to live a life of generosity?
- Assisting family members - How much can you afford to help family members financially and what is the best way to go about doing it?
- Tax planning - Are there any tax-savings opportunities available to you?
- Minister’s housing allowance - How best can a pastor maximize the housing allowance income tax exclusion?
If it’s not on this list and it’s important in your life, then it will be a part of your financial plan!
The plan development process:
- A free introductory call allows us to discuss your current situation and your goals. This usually takes 30 to 45 minutes.
- You decide whether or not you are ready to move forward with taking control of your financial life.
- We gather documents and information from you.
- Another phone call helps us clarify things and schedule your plan presentation. This usually takes 30 to 45 minutes.
- We work really hard putting together a plan that touches every area of your financial life and includes a thorough analysis of your options and our recommendations.
- Live plan presentation, or by video if you live outside of the Minneapolis area, where we walk you step-by-step through the plan that we developed for you, answering all of your questions and making any edits as needed. This usually takes about 2 to 2 ½ hours.
- You decide if you would like to implement the plan yourself or if you would like to continue working with us on an ongoing basis.