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Financial Planning

When you own a business, it's important to think in the long term. If you're considering pulling out of the business or retiring soon, you need a financial plan that takes into account the needs of your business and your family. Learn more about the importance of financial planning and how you can utilize it to meet your professional and personal goals.

What Is Financial Planning?

Financial planning considers your entire financial picture. When you meet with a financial planner, they will take a holistic view of your financial situation. Typically, this involves looking at income and expenses and developing a detailed plan that includes your business and personal goals and needs.

Perhaps you are saving for your children's education or want to retire early. Maybe tax management and insurance strategies have eluded you, and you need a little help. A personal financial planner will help you develop the right thought process regarding spending, enjoying life, and preparing for the future. You truly can have it all with a little planning.

We will also ensure that you have a succession plan in place at your business, whether that means selling it or passing it down to a partner or someone you trust.

What Does a Financial Planner Do?

Financial planners provide guidance on a number of goals. This might include paying down your mortgage, ensuring that you have enough insurance to cover the cost of your household if anything should happen to you, or investing your wealth intelligently. Many financial planners specialize in personal or business planning. However, to have a holistic plan, you need a team of advisors willing to dig into every aspect of your life, including how to help your business succeed, even after you retire or go on to other endeavors.

Why Should I Make a Financial Plan?

When you own a business, you manage multiple assets and income streams as well as your responsibilities to your family and business partners. Adding investments to the pile helps you provide for your family, but it creates more stress and takes time away from your company. If you don't have experience in the investment field, you could lose your savings or compromise your business.

An investment advisor helps you juggle your finances so you invest your money wisely. If you're still unsure if you need an advisor, reach out to Moffatt Financial Strategies to discuss your situation. Calling us or sending us an email is always free.

What is the Main Purpose of Financial Planning?

The main purpose of financial planning is to develop the actual plan. Your financial plan is a blueprint that shows the materials and structure you will use to create your future. Financial planners ask the right questions to help you plan for every contingency, including retirement, financial pitfalls and estate planning.

Take estate planning, for example. You have to start at the beginning with risk management. After all, if you can't work, you can't pay for your kids to go to college or put back money for retirement. With the financial plan in place, you can develop a risk profile that will help you remain comfortable with the investments you make.

Social Security may not provide enough money for you to live off of when you finally stop working. Having a financial plan will help you calculate what you need to maintain your lifestyle in your golden years.

It's also important to avoid financial pitfalls. A financial planner will help you put spending into context so that you can make wise decisions when it comes to spending for your family or business partners.

Do I Need a Financial Planner?

Financial planners serve business owners and their families. If you want to leave behind a legacy at work and at home, work with our professionals to integrate the components of each into a comprehensive wealth management strategy. We design and implement financial strategies that help you get from where you are to a place where you can retire comfortably.

When you work with a financial planner, they lend unique insight into the specific challenges faced by business owners planning their retirement. After all, you have other people depending on you for their livelihood. So, it's important to come up with a good exit plan as well as legacy planning for your business.

Contact a Financial Planner Today

Contact us today to start your financial planning journey in Fort Worth, TX. We are a fee-only financial planner committed to the wealth management goals of you and your family.

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