A financial plan is a roadmap for your finances. Creating a comprehensive financial plan typically involves assessing your current financial situation (such as your income and expenses) and then developing a strategy that aligns with your personal goals and life stage. For many people, especially those just starting to pay attention to their finances, the idea of building a financial plan can feel overwhelming. Having a financial plan makes it much easier to achieve both your short- and long-term goals by providing clear, measurable targets to aim for.
For example, if you’re planning to buy a new home in the next two years, a financial plan can help you determine how much you need to save each month for a down payment. Without a clear understanding of the costs involved and a specific, time-bound goal, it would be difficult to develop an effective savings strategy.
Don’t let any negative emotions hold you back! At MGN, we combine the power of technology with expert financial advice tailored to your unique goals. We’ll help turn your vision into a flexible, actionable plan that evolves with your life over time with RetireCAN.
Goal-Based Planning
Often when we think of financial planning, the first thing that comes to mind is planning for retirement. But what about all of the other critical financial decisions we make and goals we set for ourselves long before we reach retirement age? The purpose of goal-based planning is to focus not only on retirement but on reaching all of these other goals – from buying a house, to owning a boat to going on a year-long adventure around the world! Goal-based planning tends to be more personal and customized. Everyone will eventually need to care for themselves in old age, but not everyone has dreams of buying a vacation home in the Italian Riviera!
