What is Financial Planning?

I can offer basic investment and product selection or sophisticated levels of advice.  At Skylight Financial Group, we pride ourselves on being able to provide fully integrated, dynamic financial planning.  But what is financial planning? Comprehensive financial planning is achieved when all six key financial areas are combined and simultaneously addressed.

 

 

Financial Position

  • Know current net worth 
  • Track current income and expenses
  • Manage debt 
     

Adequate Protection 

  • Provide for survivors in case of premature death 
  • Protect income lost if disabled
  • Protect ability to meet accumulation goals 
  • Protect ability to pay outstanding debt
      

Wealth Accumulation Strategies

  • Create and maintain an adequate cash reserve
  • Provide education expenses
  • Strategize for significant purchases
  • Review investment portfolio 
     

Tax Reduction Strategies

  • Minimize federal and state income taxes
  • Develop long-term tax reduction strategies
  • Minimize future income tax liability 
     

Retirement Planning

  • Protect and plan for adequate retirement income from:
    • Government benefits
    • Employee benefit plans
    • Personal savings and investments
  • Project impact of early retirement and develop strategies for pensions and other qualified plans 
     

Estate Planning

  • Determine exposures to estate and inheritance taxes
  • Outline appropriate estate transfer vehicles