The Financial Plan – Financial Literacy Tip

1024 576 Charles Weeks

I like to think of the perfect financial plan as a great endeavor built with hard work and strong craftsmanship.

With that in mind we need a strong foundation, and in the case of a financial plan, this includes carrying proper levels of insurance. We need to insure ourselves against things like untimely death and disabilities, our property against things like fires and accidents and finally our assets/income against things like lawsuits.

Once the foundation is in place we can move on to the building blocks of our plan. This is a review of the financial statements – the balance sheet/income statement, any consumer debt that needs to be paid down, the creation of an emergency fund and finally the development of a basic estate plan including wills and powers of attorney.

Finally, we get to focus on the “fun” part, and for many this includes things like retirement and education planning or purchasing a vacation home. Unfortunately, many individuals focus on the “fun” part first, and without the proper foundation or building blocks one unforeseen event destroys their financial plan.

Building a financial plan is no easy task, but nothing worth doing really ever is…

If you aren’t currently working with a CERTIFIED FINANCIAL PLANNER™ Practitioner you can learn more about my practice HERE or you can find other CFP® Practitioners HERE.

If you enjoyed this tip you may also like: 

For those looking to put their financial affairs in order, the best thing to do is get back to the basics. Here’s a step-by-step guide to getting started.


To get more posts like these follow the UNBROKE Facebook page.


Charles Weeks

Charles Weeks

All stories by: Charles Weeks

This Blog is to promote financial literacy only and you should never consider anything to be specific financial or investment recommendations, please see our Full Disclosure