When meeting with clients for the first time, I routinely ask whether they have a financial plan. In my 25 years of working as a financial planner, I can count on one hand the number of people who had one.
Creating and following a detailed financial plan is paramount to achieving financial security. This involves three main steps.
1. Designing the plan
Designing a financial plan is like designing a house. Just as homeowners meet with an architect to outline their home's design, individuals should sit down with an adviser to discuss and write out their financial blueprint. It should include these basic elements:
* Short- and long-term financial goals. These …
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