Saturday, January 5, 2008

Step 6 - Monitor the plan

People and circumstances evolve over time. That's why there is a major need to review and evaluate your financial plan regularly to see if you are on track. We suggest at least annual reviews to assess your situation. You may then make changes in light of altered circumstances or priorities. Some questions that you and your planner will want to regularly revisit might be:

- Are you meeting your investment targets or financial goals?
- Have those goals changed since your last review?
- Has there been a shift in priorities?
- How can significant improvements be made to each facet of your plan?

Your planner can assist you by being that KEY professional committed to revising whatever needs arising and maintaining your resolve to stick like a leech to those parts of your plan that are working just fine.


And that's it.

When done well, those six steps will help you pull together the disparate threads of your financial life - cash flow and net worth; education; retirement, housing, insurance needs, and estate plan; saving and investing - into a beautiful tapestry, a cohesive plan. Not bad for a 'boring' six-step process, huh?

But to do the job right takes wisdom, effort and stamina. Is it worth all that? We think so.

The alternative of reaching an age when you are either too tired or infirm to work any longer, only to find you have squandered your best working years, would be tragic.

We don't mean to put any undue pressure on you, but for your own good would you now care to embark upon this life-enhancing process and develop your own Financial Plan?