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Keeping Your Financial Plan Alive

Shaun Eddy | Monday, November 9th, 2009

Too often financial plans are put on the shelf to collect dust and become obsolete. Financial planning is an in depth process that reviews every aspect of your financial life and provides recommendations on how to achieve your goals.

What is often not accounted for is that life does not progress in a linear fashion. Instead economies and investment markets rise and fall and they do so in a random and often unexpected manner. In addition humans by nature have a tendency to have exceptions, change their minds, and have emergencies and more. I often tell people that the only thing certain in life is change.

With this in mind it is important that steps are taken to keep your financial plan “alive”. Keep track of when documents such as your wills were written and last reviewed. Laws and circumstances change and it is important that these are reviewed at least every three to five years. Keep track of your investment values and where these values are in relation to planned expectations. This will tell you if you are on track or if you need to make adjustments in savings to accomplish your goals. Make sure to talk with your insurance consultants on a regular basis. Many things like home values, new purchases and children are often forgotten in updating insurance. Make sure too that your liabilities are addressed. It would be terrible to work hard and save only to be sued and not adequately be covered.

I suggest making sure to review every aspect of your financial plan on a regular basis. Each item can be set up to be reviewed on a periodic basis so that it can be kept current. Finally, if all of this is too complicated or just not your thing remember that a good Certified Financial Planner practitioner should be able to keep you on track. Make sure whoever you work with that they have a system to help keep you on track and to keep your financial plan Alive!

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