Financial Planning

Financial planning is the process of assessing your current financial situation, setting financial goals, and developing a plan to achieve those goals.

It is a holistic approach to managing your money that takes into account your entire financial life, including your income, expenses, assets, liabilities, and insurance. A financial plan can help you to:

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Achieve your
financial goals

Whether your goals are to buy a house, or start a business, early stage financial planning can help you to create a realistic roadmap for reaching them.

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Reduce your
financial stress

When you have a clear understanding of your finances and a plan to reach your goals, you can feel more confident and in control of your financial future.

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Protect your assets

Early stage financial planning can help you to protect your assets from unforeseen events, such as job loss, illness, or disability.

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Maximize your tax

A financial planner can help you to identify tax-efficient ways to save and invest your money.

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There are two main types of financial planning:

  • DIY financial planning: This is where you create your own financial plan without the help of a financial adviser. There are many resources available to help you do this, such as books, websites, and software programs.
  • Professional financial planning: This is where you work with a financial adviser to create your financial plan. Financial advisers can provide you with expert advice and guidance, and they can help you to implement your plan. This is the type of planning we provide at Baggette + Co.
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Whether you choose to do your own financial planning or work with a financial adviser, the most important thing is to start the process today.

The sooner you start planning for your financial future, the better off you will be.

  • Budgeting and taxes: This includes creating a budget to track your income and expenses, and developing a tax plan to minimize your tax liability.
  • Managing liquidity: This means having enough cash on hand to cover your day-to-day expenses and unexpected expenses.
  • Financing large purchases: This includes planning for major purchases, such as a car or a home, and determining how you will finance them.
  • Managing your risk: This includes protecting yourself from financial risks, such as job loss, illness, or disability
  • Investing your money: This includes determining your investment goals and strategies, and selecting the right investments for your needs.
  • Planning for retirement and the transfer of your wealth: This includes determining your retirement goals, planning for your retirement income, and transferring your wealth to your heirs.
  • Communication and record keeping: This includes keeping track of your financial information and communicating your financial plan to your family and loved ones.

A financial plan is a living document that should be reviewed and updated regularly.

As your life changes, so too will your financial needs. By regularly reviewing your financial plan, you can ensure that it is still on track to help you achieve your financial goals.

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Talk to an adviser