Financial planning 101: Why everyone needs a financial plan

Financial planning may seem like it’s only for the wealthy with heirs set to inherit an estate. In actuality, financial planning is for anyone with any kind of income — which is nearly everyone. Whether you’ve just started your first job or you’re retired, financial planning is essential for helping you pursue your short- and long-term money goals.

What is a financial plan?

Simply put, financial planning creates a roadmap to work towards your financial goals. Each individual will have different financial goals depending on their stage of life. A new parent might want to plan towards education for their children; someone in their mid-40s or 50s might focus on retirement; and someone in their 70s might consider how they want to distribute their assets after their passing.

Where to begin financial planning

Financial planning can start as early as when you get your first job. It begins with creating a budget that focuses on putting money aside for retirement, savings, vacations, large purchases (like a home), and more. These plans and priorities change over time, so the plan needs to be flexible. You can prioritize your goals and what the money will do for you based on where you are in your life.

Good financial plans have it all

A true financial plan is all encompassing. It takes into account budgeting, tax planning and tax efficiency, education planning for your children or yourself, retirement planning, estate planning, and what will eventually happen with your assets. It’s never too late to start because you never know for how long you’re going to need money, which makes putting your money in the right places very important. That’s where a financial consultant comes in.

Find the right match

Financial consultants assist individuals or businesses by educating them on their options when it comes to pursuing their financial goals. Fremont Bank has an accomplished team of financial consultants, accessible to any client. It’s their job to ensure that funds grow efficiently, while educating clients on the impacts the stock market, the economy, and world events have on their assets. With access to the latest in financial modeling technology, our financial consultants create a personalized, clear plan based on each real individual’s numbers, goals, and needs.

In the same way you’d see a mechanic for your car’s service, a financial consultant services your finances. And just as cars are complicated and require expertise, so does money management and planning. A mechanic ensures that your car runs as efficiently as possible, and a financial advisor will do the same for your finances.

The second best time to start is now

To start working with an LPL registered financial advisor with FB Investment Services visit our FB Investment Services website. There you can view the bios of each of our advisors and set up an appointment. Alternatively, you can make an appointment by stopping by any of our branches and speak with a branch associate, or simply call us at (510) 943-1980.

If you have a savings account or a 401K, or have to budget how much to spend on housing and recreation each month, you’ve already started financial planning. Our advisors are ready to take that sapling financial plan and turn it into a redwood forest. We look forward to working with you.

Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss.