So, you would like to create a financial plan! Congratulations! Taking this step will put you ahead of most Americans in laying the groundwork for your future financial success. The process is relatively straightforward involving just a few steps including:
- Gathering data from you
- Clarifying your data
- Creating the first draft of the plan
- A first review
- Refining your plan
- Final Review
The first step in creating a financial plan is to gather data. In order to create a comprehensive plan, we need certain information about you and your family. We provide a tool to gather this data in the form of a PDF file that you can fill in electronically and email, or print and fill in in the old fashion way, and mail it back.
Once we receive the questionnaire back from you, we will probably have a few questions and may contact you to clarify your data. Then, with all that information Wellspring Financial Partners will create your highly customized financial plan just for you. We will then contact you to review the plan, in person or via teleconference, and discuss it together. Based on that discussion there could be adjustments that are needed before finalizing your plan. A follow-up meeting will be set up to fully review your finalized plan.
In order to prepare for the first task, “Gathering data from you”, please assemble the following material as you will use it to fill in the worksheet.
- Salary information for you and your partner
- If you and / or your partner have a company retirement savings plans:
- how much are you currently saving each year in those plans?
- what match amount (what formula) does the company use?
- what is the current balance in the plan?
- Your Savings and Investments statements (Brokerage, bank, 529 balances, 401k / 403b, etc.)
- Your annual home property insurance premium
- Real estate taxes assessed annually on your home (and vacation homes, should you have one).
- Mortgage information
- interest rate
- monthly Principal / Interest payment
- how long your mortgage has yet to run
- Your Social Security Earnings histories for you and your spouse (go to www.ssa.gov and open an account for you if you don’t know them).
- Do you / will you have a Pension
- How much would it be in retirement?
- Does it adjust for inflation (note: most don’t)?
- If the owner of the pension dies, does the spouse inherit some or all of it?
- What life insurance policies are outstanding, what type are they and who are they on?
- Do you have any credit card debt, or other debt that you have not been able to pay off each month? How much is it?
- If you have children;
- Private school tuition, if you are currently paying any for minors
- How much you want to spend each year for college for the kids?
- Weddings are in the picture for some; how much do you see yourself paying for wedding support?
- What goals are very important to you? Please think about this question as we will prepare a plan to make the most important ones actually happen, and / or show you the trade-offs;
- Is taking a large family vacation trip every year, or every 3 years, important to you? Do you want that to start now…or in retirement?
- Not that you wouldn’t work if you needed to, but how important is it for you to retire at 63, vs. (say) 67?
- Anything else that YOU think is important….
With this information in mind please fill in the PDF (or alternatively the printed PDF), and mail/email it back to us at email@example.com. (Be sure to also provide your Social Security earnings statements when you transmit.)
If you are mailing it back to us:
Wellspring Financial Partners
4703 E Camp Lowell Dr.
Tucson, AZ 85712
We know it seems like a lot of data. However, it really IS your life financial plan that we’re going to lay out. We are available if you have any questions and feel free to call us at (520) 327-1019, or email your questions to firstname.lastname@example.org.
We look forward to helping you make your future better.