Financial Planning: The Big Picture


Most of us have many life goals. They may include things like owning a home, starting a business, traveling when we retire, and more. Each goal carries its own excitement — and its own price.


To help you reach your personal goals, a financial plan can serve as a guide. It can give you a framework for balancing all of your priorities, and setting a strategy for saving toward each one.


The financial planning process

A financial professional can help you:

  • Understand your financial circumstances by reviewing your income, assets, and liabilities, as well as your insurance coverage, investments, tax situation, and more
  • Prioritize your goals, and set timeframes for when you hope to achieve them
  • Implement strategies to leverage your strengths, and address any weak areas in your finances
  • Decide which investments and other financial tools might best help you meet your goals
  • Tweak your plan as your circumstances change

Who can help?

A variety of professionals can play a role in helping you: financial planners, accountants or tax attorneys,  estate planning attorneys, and insurance professionals all have specific expertise that can be beneficial.  And investment advisors can help you allocate your resources to a balanced investment portfolio. Working together, they can help you see the big picture, so you can make informed decisions about how you’d like to proceed.


Staying on track

Of course, over time, your initial plan may need some modifications. So a regular review of your financial plan is a good idea. Events like these are good reasons for a review:

  • Your goals have changed
  • Life-changing events like marriage, the birth of a child, health problems, or a job loss
  • Specific, immediate financial needs (e.g., drafting a will, managing a distribution from a retirement account, or paying long-term care expenses)
  • A significant increase or decrease in income
  • Poor portfolio performance
  • Changes in the economy, or in tax laws

Other tips:

  1. Don’t wait until a financial crisis occurs. It’s best to plan ahead so you can make better choices.
  2. Financial professionals can tailor a plan to your goals and life circumstances — and can help you and your spouse find common ground when necessary, too. The advisers at Horizon Bank can help. Contact us today!
  3. Remember that your financial professional won’t make decisions for you. He or she will provide recommendations based on the information you provide — and you’ll keep control over the final choices made.