We recommend that our clients start their financial planning by creating a financial snapshot:

According to Savology, a written financial plan can lead to better money behavior. Their research found that households with a financial plan are 2.5x more likely to save enough for retirement. That’s a pretty good incentive, but there’s still icing on the cake. Of those who do set financial goals, 83% feel better about their finances after just one year. And yet 72% of Americans don’t have a written plan. So what's keeping them from financial planning?

1. I'm Not Wealthy Enough For Financial Planning

It’s not uncommon for people to feel they don’t have enough money, or their finances aren’t complicated enough to warrant a formal plan. They think financial planning is just for rich people. Not true! A good financial plan can help anyone reach their goals — no matter how much money they have.

When done correctly, your plan will provide a comprehensive snapshot of your financial situation including actionable steps you can take both now and in the future to reach your goals.

2. I'm Not Sure How To Start Financial Planning

We recommend that our clients start their financial planning by creating a financial snapshot:

• Make a monthly budget of everything needed to pay bills
  
• Outline current debt, savings, and income, including money contributed to investment accounts
• Review insurance coverage and determine how much is needed for emergencies

After that, it’s time to define your goals and how much you might need for retirement.

Once you have everything on paper, you’ll have a clear financial picture you can use as a basis to reach your goals. Initial steps like minimizing credit card debt and maxing out your 401(k) will eventually lead to investing and other strategies. Talk to your MRPR accounting partner or MRPR financial planning consultant about getting started.

3. I Don't Have A Financial Advisor

You can find a lot of valuable advice online, but hiring a professional can optimize your financial planning efforts. Experienced planners are trained to uncover ways to help you meet the goals that you might not have considered. Their deep knowledge of investment and retirement strategies, including preparing for life’s milestones and addressing financial challenges, can make all the difference. Together, you’ll develop a comprehensive plan to address all your financial needs.

MRPR partners with Avantax, our strategic wealth management partner, to ensure comprehensive financial planning and to help you can make informed decisions about your financial future. Contact your MRPR tax experts to enjoy the monetary freedom and feeling of stability that comes from having a solid financial plan in place.

Investment advisory services are offered through Avantax Planning Partners^SM. Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. Avantax entities are independent of and unrelated to MRPR.