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Personalized Financial Planning

A strong financial plan addresses all aspects of your financial well-being. It doesn't just focus on a single goal or element. Instead, it takes into account all of the varied factors that affect your financial health now and in the future. At Phillips Financial, we provide personalized financial planning services. In seeking to ensure our financial plans are as effective as possible, we get to know our clients, and we take a holistic look at their financial situation. Then, we craft comprehensive financial plans that work for their specific lifestyles. When creating a financial plan, we consider your risk tolerance and personal preferences, but we also take into account external factors such as taxes, fiscal and monetary policies, geopolitical events, college expenses, and inflation. By looking at multiple elements both in and out of your control, we ensure that you don't overlook anything, and we help you shape a financial plan that allows you to pursue the life you truly want.

<br/><h2>How Financial Planning Works</h2><br/>

How Financial Planning Works

Financial planning is a critical process for everyone of all income and asset levels. The objective of planning is to optimize your resources so that you can enjoy your life now and pursue the dreams you have for the future.

The first step of financial planning is to define your goals. You cannot plot a path toward the future without clearly defined goals. Once you have established your goals, we work on developing an in-depth understanding of your current financial health.

Financial health takes into consideration your income, expenses, debts, savings, investments, and tax obligations. We also talk with you about your risk tolerance. These conversations help our financial professionals develop an understanding of your baseline finances so we can help you plot a path toward your future goals.

At Phillips Financial, we help you create a financial plan that reflects your current life and the dreams you have for your future — we want to make sure your money is working for you.

Elements of  a Financial Plan

Financial plans vary based on your goals and financial circumstances, but they all have some core elements in place. Here are the most significant elements of a financial plan:

  • Budgeting — Optimizing your current resources and saving for the future.
  • Investment planning — Choosing an investment strategy that helps you work towards your current goals.
  • Investment analysis — Monitoring your investments in seeking to ensure they're as effective as possible in light of changing market conditions.
  • Tax planning — Managing your finances and investments in seeking to reduce your tax burden as much as possible.
  • Education planning — Saving for your own or your children's educational expenses.
  • Retirement planning — Defining what retirement looks like for you and preparing for this time in your life.
  • Estate planning — Creating a legacy that you can leave to your loved ones or bequeath to charities.

At Phillips Financial, our financial professionals help you create a financial plan that includes all of these elements. We work with you to create a cohesive plan that helps take care of you and your family today, tomorrow, and long into the future.

Risk Tolerance in Financial Planning

Risk tolerance is a critical component of financial planning, and your financial professional will consult with you about your risk tolerance. But what does this mean? Risk tolerance refers to how much risk you can handle in your investments.

As a general rule of thumb, risk tolerance decreases as you get closer to retirement or other goals. When you need money relatively soon, it should be in a low-risk investment. Then, you don't have to worry about the investment's value dropping and preventing you from having the resources you need.

In contrast, when you have time on your side, you can weather the ups and downs in the markets, and your portfolio can handle a higher level of risk. By increasing your risk tolerance in the early stages of your investment journey, you may also position yourself to receive greater returns on your investments.

However, we also know that investment is personal. Every investor has their own level of risk tolerance, regardless of when they plan to retire or pursue other goals. When providing financial services to you, we get to understand your personal risk tolerance. We want you to feel confident about your financial plan, and address your concerns about risk.

Get Help With Financial Planning Services

You deserve to enjoy your life now and confidently look forward to the future. We can help make that possible. When you select Phillips Financial for your financial planning needs, you get a partner who can help you pursue financial wellness for you and your loved ones.

We will work with you to pursue your goals, and we'll help you make adjustments as new goals or challenges arise. The future is coming — ready or not!  Are you ready? If not, what are you doing to prepare?  Allow us to help in that process of preparing.  Contact us today!  We’re ready to make an appointment for that initial conversation.

After we set the strategies in action, we continue to work with you to ensure you progress in working towards your goals and offer advice when challenges or new goals arise. When you work with Phillips Financial, you get a partner in pursuing financial independence for you and your loved ones. Contact us today to set up an appointment with a financial professional.

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