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A PERSONAL FINANCIAL PLAN - EVERYONE NEEDS ONE

As a CPA, I've had an opportunity to provide a wide array of valuable services for our clients over the years, but for me, assisting our clients in developing a personal financial plan has perhaps generated the most satisfaction and joy in my career.

Why so joyful you might ask? Well, it all starts with the question, "What is Personal Financial Planning and why is it so important for our clients?" As CPA's, we have always been trained to teach our business clients the necessity to understand the basics of profitability of their business (revenues versus expenses) and the strength of their balance sheet (assets versus liabilities) in achieving a successful and well capitalized business. In 1983, the AICPA created the Personal Financial Planning section as a new entity to assist CPA's in teaching, training and the implementation of providing personal financial planning services to our individual clients.

The AICPA also awards the designation of PFS (Personal Financial Specialists) to CPA's who meet the requirements of significant training and experience in providing these services to their clients.

So what is PFP (Personal Financial Planning)? Simply said, it is a process of wisely managing your finances so you can achieve your goals and dreams! We all want to build greater wealth or preserve existing wealth, or perhaps both, in order to care for our families and realize these goals and dreams.

This comprehensive process includes the following areas:

*        Cash flow management and budgeting

*        Insurances and planning for risks

*        Education planning

*        Retirement and financial independence

*        Estate planning

*        Tax planning

*        Investment planning

The process can seem overwhelming and intimidating, but with the assistance (or let's call it coaching) with a professional, you can be guided through the entire process and emerge with a written plan of where you are now and what is needed to achieve your goals and dreams. This road map will be the tool you will use to monitor your planning as the years go by and the satisfaction of truly knowing your financial condition will enhance the quality of your life, as well as the lives of your loved ones.

In future blogs, we will discuss the specific components of the PFP process, however, our firm would welcome every client that we are privileged to serve, to allow us to provide these services to you.

As I previously mentioned, my joy and satisfaction in assisting a family to complete this process and really work together to achieve their goals and dreams is as good as it gets in our business.

Let us help you create your plan.

Stephen R. Cooper, CPA, PFS, Cr.FA