The Major Components of a Healthy Financial Plan

Often I am asked what are the “major” things that need to be a part of a financial plan.  It is a great question to ask because while most people know the big things like having a monthly written cash flow plan (budget), savings for emergencies, and retirement funding there are a lot of things that can get overlooked pretty easily.  JW’s Financial Coaching views the following as major components of a healthy financial plan:

Written Cash Flow Plan 
Will/Estate Planning
Debt Reduction Plan
Tax Reduction Plan
Emergency Funding
Retirement Funding
College Funding
Charitable Giving
Teach your children on money
Life Insurance
Health Insurance
Disability Insurance
Auto Insurance
Homeowner’s Insurance

The next few weeks I will cover each one individually and explain more in detail why each one is an important step towards financial freedom. Most people when going through the list of twelve realize that they have two or three that are not currently being taken care of.  When going down the list how many of the components are currently missing in your financial plan?  If you have any specific questions on any of the components or want to discuss a specific component or two in person please fill out the form below and we can set up a free 30 minute consultation.

JW’s Financial Coaching is a for-profit Financial Coaching business.  To learn more about us please visit one of the following links

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