{"id":724,"date":"2021-01-13T07:55:53","date_gmt":"2021-01-13T07:55:53","guid":{"rendered":"https:\/\/normandygroup.com\/?page_id=724"},"modified":"2021-01-13T08:25:44","modified_gmt":"2021-01-13T08:25:44","slug":"financial-planning-in-lakewood-co","status":"publish","type":"page","link":"https:\/\/normandygroup.com\/financial-planning-in-lakewood-co\/","title":{"rendered":"Financial Planning in Lakewood CO"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]\"closeFinancial planning centers on analyzing your financial situation in order to determine the most productive approach to managing your finances. The practice encompasses much more than simply setting up a budget and tracking your expenses and income. It includes planning for both long-term and short-term financial objectives so that you can structure your finances in a way that improves your ability to achieve your goals.\u00a0<\/span><\/p>\n

Reaching your financial goals requires taking into account a variety of factors that can influence your financial success, including budgeting for your desired lifestyle, establishing and prioritizing goals, and finding the right mix between earning money and spending it given your short and long-term financial objectives.<\/span><\/p>\n

The following areas are typically covered in the financial planning process:<\/span><\/i>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]

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Chapter 1<\/div>\n

Investment planning<\/h3>\n <\/a>\n <\/div>\n
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Chapter 2<\/div>\n

Retirement Planning<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 3<\/div>\n

Tax Planning<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 4<\/div>\n

Cash flow analysis<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 5<\/div>\n

Debt Management<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 6<\/div>\n

Inheritance and Estate Planning<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 7<\/div>\n

Why Do I Need a Financial Plan?<\/h3>\n <\/a>\n <\/div>\n
\n \n
Chapter 8<\/div>\n

Should I Work with A Financial Planner?<\/h3>\n <\/a>\n <\/div>\n
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Chapter 9<\/div>\n

Why You Should Work with a CERTIFIED FINANCIAL PLANNER\u2122 Professional<\/h3>\n <\/a>\n <\/div>\n
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Chapter 10<\/div>\n

Putting a Plan Together<\/h3>\n <\/a>\n <\/div>\n <\/section>\n\n
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Chapter 1<\/div>\n

Investment planning<\/h3>\n <\/header>\n

\"financialInvestment planning is about creating an efficient portfolio that is within your risk tolerance and can help you reach your financial objectives. Careful planning is necessary when building a portfolio designed to optimize your returns. Whatever the amount of your investments, portfolio management helps you select investments by taking into account your risk tolerance, investment objectives, and time horizon in conjunction with market conditions and historical performance numbers.<\/span><\/p>\n<\/div>\n <\/section>\n

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Chapter 2<\/div>\n

Retirement Planning<\/h3>\n <\/header>\n

Given the volatile economic conditions we have seen in recent years and decades, planning for retirement can be a challenging task. As a result, it is no surprise that many Americans feel they have not done enough to prepare for it, with one study finding that 64 percent did not feel they were<\/span> prepared for retirement<\/a><\/strong>. While retirement planning is important at any age, the earlier you get the process started the better, due to the powerful effect of compounding returns.\u00a0<\/span><\/p>\n

The use of financial planning software can be helpful in modeling the different retirement planning scenarios available to you. It can enable you to make the adjustments needed now to improve your chances of being able to live the retirement lifestyle of your choice in your golden years.<\/span><\/p>\n

In addition to selecting investments for your retirement savings, retirement planning includes strategic planning regarding the types of investment accounts you plan to use. This includes IRAs, 401(k) accounts, annuities, and more.<\/span><\/p>\n<\/div>\n <\/section>\n

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Chapter 3<\/div>\n

Tax Planning<\/h3>\n <\/header>\n

Structuring your income and investments to minimize the taxes you pay is an important component of financial planning. If you optimize your tax profile, the savings can be substantial over the long run.<\/span><\/p>\n

\"Files<\/p>\n<\/div>\n <\/section>\n

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Chapter 4<\/div>\n

Cash flow analysis<\/h3>\n <\/header>\n

When balancing your income and expenditures or a financial portfolio with a variety of contributions, deductions, and expenses, budgeting is a necessity. Whether you work with a financial advisor or do the planning yourself, finding a way to balance your budgeting for current and future priorities is essential to achieving financial success.<\/span><\/p>\n<\/div>\n <\/section>\n

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Chapter 5<\/div>\n

Debt Management<\/h3>\n <\/header>\n

\"Close-upDealing with debt can be one of the most challenging parts of financial planning. While debt can be helpful if used prudently, if your debt load gets out of control it can seriously impede your ability to achieve your financial goals. Proactively addressing any debt-related issues is an important part of the financial planning process.<\/span><\/p>\n<\/div>\n <\/section>\n

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Chapter 6<\/div>\n

Inheritance and Estate Planning<\/h3>\n <\/header>\n

For those who want to specify how their assets will be distributed when they are gone, <\/span>estate planning is crucial<\/a><\/strong>. In addition to directing where any assets you leave behind will go, estate planning is also necessary to help minimize or avoid tax consequences and structure your estate to avoid public exposure. <\/span><\/p>\n<\/div>\n <\/section>\n

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Chapter 7<\/div>\n

Why Do I Need a Financial Plan?<\/h3>\n <\/header>\n

\"CroppedCreating a financial plan<\/strong><\/span><\/a> doesn\u2019t necessarily mean drawing up a lengthy document detailing every financial move you plan to make for the next thirty years. Your financial plan doesn\u2019t even have to be written down \u2013 although putting at least a framework in writing is helpful as a way to focus your planning efforts.\u00a0<\/span><\/p>\n

The primary reason for engaging in financial planning is that achieving complex financial objectives generally requires some amount of preparation and forethought. Taking the time necessary to do so helps ensure that you understand the financial steps you need to take to reach your financial goals.<\/span><\/p>\n

If you hope to replicate your current standard of living in retirement, for example, in most cases simply relying on Social Security to pay your bills will not be enough. Determining how much you will need to amass in retirement savings and how much to set aside from your current income to fund those savings requires planning.<\/span><\/p>\n

The same dynamic applies to budgeting, which quickly becomes complicated as the number of expenses you have to keep track of rises. To avoid spending more than you can reasonably afford, keeping a close eye on your income and expenses, both current and projected, is vital. This aspect of financial planning helps bolster your overall financial position, as knowing how much you can afford to spend on long-term goals such as retirement is crucial to making realistic plans to reach them.\u00a0<\/span><\/p>\n

Some of the most important benefits of financial planning can be summarized as follows:<\/span><\/p>\n