Financial Planning
If we want to build our dream home, what is the first thing we would do? Go to the hardware store and buy some wood, a hammer, and nails? How would we know how much to buy? What quality of materials we could afford? How would all the pieces fit together and would it be structurally sound?
No, before building we would find ourselves an architect and an engineer, professionals to help us design a blueprint and a budget. Then we have a much better idea of how to get what we need, how much it will cost us, and what the end result will be. This strategy has a much greater chance of success in delivering a beautiful home with which we are happy.
A Road Map
The process of creating a financial plan forces us to sit down and take a disciplined look at where we are and where we want to be.Planning gives us peace of mind that we can get to where we want to be in life. A home is just one major financial goal for most. What about favorite hobbies, new cars, weddings, family trips, college education and lifestyle in retirement? When we combine the timing and cost considerations of all our goals with everyday living income, savings and expenses, we get a complex financial problem. A financial plan gives us a road map to follow; it is never set in stone, but if we do not start with a map, how do we know where we are now...and which direction to start?
The Plan
As if taking a snapshot, we provide an in-depth analysis of your current financial situation and what your financial life could look like years down the road. Then together we will establish, quantify, and prioritize your goals.
With the help of our best-in-class software, we are able to see if your plan "works," that is, if your goals are funded. If it does, we may be able to increase one of your goals or create a new one. It may show you are taking excess risk for the portfolio return you need to meet your goals, and recommend a change in asset allocation to increase the probability you will hit your target, while decreasing risk exposure. If your current plan does not work, we can run different "what-if" scenarios to adjust your plan; it may be that in order to fund a goal, you just need a slight change in retirement date, savings rate or asset allocation. We also evaluate if you have the proper insurance coverages, are contributing to the right type of accounts, and many other important factors for your plan's success.
Contact us for more information on how we can help bridge the gap between your current position and your financial goals.
All investing involves risk and can produce profits or losses. TCG Advisors does not guarantee your future results.