Financial RoadMap

When I first started driving, there were three ways that you could get to an unknown destination.  The first method was just to start driving, and hopefully, you'd get there on time.  Taking a Sunday drive through the country wasn’t the most efficient method, but sometimes it worked.   The second way was to ask somebody for directions and hope they knew how to get there.  It was more reliable than the first method, but your success was dependent on the knowledge of the source.  The last way was to look up the address, find it on a map (remember those?), and then follow the directions from the map.

The reason I mention this is because it's very similar to how individuals go about their retirement planning.  The first method is to wing it.  They contribute to their retirement plan at work, put some money into a savings account, collect social security benefits, but they have no financial plan to let them know if they are on track.  A recent study revealed that 34% of Americans have no financial plan and “wing it” when it comes to retirement.   

The next group of individuals get some financial advice from their friends, family or the internet.  The advice is working for someone, why can’t it work for me?  Hopefully, that advice helps them achieve their goals, but over 50% of Americans believe their financial planning efforts need improvement, so is that advice helping you or hurting you?

The last group has a financial roadmap for their goals.   They use a financial planner who helps them; define their goals, analyze their financial status, develop strategies to reach those goals, and lastly, monitor their progress towards those goals.  Unfortunately, less than half of Americans are using a financial professional to create their plan. 

Here at ISC Financial Advisors, we take our clients through a holistic planning process and create an individualized financial roadmap for them.  This process includes sophisticated software that is like today’s GPS devices; it assists in making necessary adjustments and takes the guessing out of planning.     

If you are interested in creating your roadmap, please let us know so that we can help you join the group of Americans who aren’t lost when it comes to their planning.

Thanks for taking a look!

Chad Duppong, ChFC®, CLU®, CFP®

This article represents opinions of the authors and not those of their firm and are subject to change from time to time, and do not constitute a recommendation to purchase and sale any security nor to engage in any particular investment or legal strategy. The information contained here has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy.