Host(s): Dr. Nancy Lottridge-Anderson, President of New Perspectives, Ryder Taff, Portfolio Manager with New Perspectives & Kevin Farrell, Producer

Topics Discussed: The Community Foundation for Mississippi

Email: money@mpbonline.org….(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

REVEALED: How To Invest During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Money Talks: Creating or Reviewing Your Personal Financial Plan

Creating a personal financial plan can seem like a daunting task, but with proper guidance and a clear understanding of your financial goals, it can be an empowering and rewarding experience. A financial plan is a comprehensive evaluation of an individual’s current and future financial state by using current known variables to predict future income, asset values, and withdrawal plans. Whether you are just starting out in your career or looking to review and optimize your existing plan, having a personal financial plan in place is essential for achieving financial security and stability.

The first step in creating or reviewing your personal financial plan is to take a holistic view of your financial situation. This includes assessing your current income, expenses, assets, and liabilities. Understanding where your money is coming from and where it is going will help you identify areas where you can make improvements and optimize your finances. It’s important to set clear and achievable financial goals, whether they are short-term or long-term, and to prioritize them based on their importance to you.

Once you have a clear understanding of your current financial situation and your financial goals, the next step is to develop a plan to achieve those goals. This may involve creating a budget that outlines your income and expenses, setting up an emergency fund for unexpected expenses, and investing in assets that will help you achieve your long-term financial goals. It’s also important to consider factors such as retirement planning, insurance coverage, and estate planning to ensure that you and your family are financially secure in the long run.

Reviewing your existing financial plan is just as important as creating one from scratch. As your life circumstances change, so too should your financial plan. Changes such as marriage, starting a family, changing jobs, or buying a home can all have a significant impact on your financial situation. Regularly reviewing and adjusting your financial plan can help ensure that it remains aligned with your current goals and priorities.

Seeking professional financial advice can be beneficial when creating or reviewing your personal financial plan. A financial advisor can help you navigate complex financial decisions, provide personalized recommendations based on your individual circumstances, and offer valuable insights to help you achieve your financial goals. Additionally, working with a financial advisor can provide you with the peace of mind that comes from having a comprehensive and well-thought-out financial plan in place.

In conclusion, creating or reviewing your personal financial plan is a critical step in achieving financial security and stability. By taking a comprehensive view of your financial situation, setting clear and achievable goals, and developing a plan to reach those goals, you can set yourself on a path to financial success. Regularly reviewing and adjusting your financial plan as your life circumstances change is equally important. Seeking professional financial advice can provide you with the guidance and support you need to make informed financial decisions and optimize your financial plan. Remember, money talks – and creating or reviewing your personal financial plan is a crucial step in ensuring that your money is working for you.