Building, implementing and monitoring a financial plan will help ensure that you put yourself in a position to achieve your goals, both now and in the future.
But what happens if your plan doesn’t go as planned? One of the most commonly missed or forgotten steps to the financial planning process is to ensure that you have minimized or accounted for any potential risks? What would happen to your financial plan if you were no longer able to earn an income? Or what would happen if you were met with an unforeseen illness that forced you to spend your retirement savings on treatment?
While these aren’t the most pleasant scenarios to think about when building your financial plan, they are certainly important aspects to consider.
Once your financial plan is built, remember to always try and poke holes in it. This will be the only way to ensure that your plan is complete. If you would like to learn more about the risk management process, contact us. We would be happy to help.
If you would like to discuss any aspect of your insurance, estate or risk needs, please contact Jon Glougie.
