In simple terms, a financial plan is a roadmap, a guide that helps you make financial decisions that will help you achieve your financial goals. From establishing your net worth and analyzing your current and projected cash flow, to managing risk and reducing your liabilities, McLan Accounting Services LLC has you covered. We offer a full range of financial planning services to help you better understand your current net worth, establish goals for your financial future, and develop a plan for making those dreams a reality.
Understand Where You Are Today
Most financial plans start by creating a list of goals. Start by asking yourself where you want to be in the future and why you are trying to create a financial plan. But, remember that financial planning is about more than just retirement. You might be planning for a major purchase like a house or college education, might be planning to have a baby, or you may have just received an inheritance. Even if you don’t know exactly what you are planning for, make a list of possible goals to help guide your decisions. Another important first step is to get a handle on your current cash flow and budget. You need to know how much money is coming in versus how much is going out for expenses. Once you get a sense of how much money you have to work with monthly or annually, you can make decisions about savings and how best to invest money to maximize your future returns.
Let’s face it, debt is part of everyone’s financial life. Most people don’t have enough cash to buy cars, homes or make other major life purchases. But, that doesn’t mean that your debt should own you. You should always try to limit high-interest credit card debt, and you can use the 28/36 rule to make sure that your overall indebtedness doesn’t have you overextended. Make sure not more than 28 percent of your income goes to home debt, and don’t put more than 36 percent of your income into debt. McLan Accounting Services LLC professionals can help assess your financial health and your debt load to see if you need to make adjustments to keep your financial plans on track.
Minimize Liabilities and Maximize Returns
Just like debt, tax liabilities can work to derail your financial fortitude. Talk to one of our tax professionals to make sure you are taking advantage of all of the appropriate tax credits and incentives for your particular situation. Managing your tax liabilities can have a significant impact on your long-term financial growth. After all, keeping more of your money gives you more options for saving and investing. In addition to your 401(k), be sure to regularly check in on your investment portfolio better understand your net worth. Nobody can predict all of the ups and downs of the market, but you can still make calculated investment decisions suitable for your future. McLan Accounting Services LLC can help make sure that your portfolio is aligned with your long-term financial plans.
No matter where you are in the planning process, McLan Accounting Services LLC can help you make decisions that will keep your financial plans on track.