3 Steps to Build Your Financial Plan… Today!

Saving and planning for retirement are essentially two different things. We get asked this question a lot at Ross Wealth Advisors, so we thought we would help set the record straight with these three key steps in building your financial plan for the future.

Step 1

Do you need to do financial planning? The answer is “yes”. Saving without investing your savings isn’t enough. Since interest rates are so low today, money in a typical savings account barely grows. It may not even grow enough to keep up with inflation, leaving you, the saver at a long-term financial disadvantage. Very few Americans retire on savings alone. Rather, they invest some of their savings and retire mostly on the accumulated earnings those invested dollars generate over time. And that starts with a plan.

Step 2

Most people invest with a general idea of building wealth, particularly for retirement. The problem is that too many of them invest without a plan. They play the guessing game about how much money they will actually need to retire, and we have seen at Ross, that many of our clients are “way off”. Growing and retaining wealth takes more than just investing. Along the way, you must plan to manage risk and defer or reduce taxes. A good financial plan—created with our assistance—addresses those priorities while defining your investment approach. And remember, your plan must adapt and change over time, just as your life does.

Step 3

With a plan, you can set short-term and long-term goals and benchmarks. You can estimate the amount of money you will likely need to meet retirement, college, and health care expenses. You can plot a way to wind down your business or exit your career with confidence. You can also get a good look at your present financial situation—where you stand in terms of your assets and liabilities, the distance between where you are financially and where you would like to be.



Why now? October is National Financial Planning month. True. But the fourth quarter is a great way to get this project underway. Your financial future is in your hands, but you don’t need to go it alone. Your Ross Wealth Team is standing by to help you be proactive and plan for an abundant retirement. Request an appointment today!

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