Is Financial Planning for you?

Do you have a financial plan?  If not, what are you waiting on?  Financial planning is equally vital to individuals as well as business owners.  If you have income there is always the thought of what you have to do versus what you want to do.  So many questions to answer should you create a budget, seek professional help or the alternative which is keep doing what you have been doing.  Well with the market as it is today it would be wise to make sure to plan and strategize for the unexpected. 

Financial Planning for Beginners

When is a good idea to seek financial advice?  For individuals it could be when you have accumulated a certain amount of wealth and you want to make sure it is secure for your family’s future.  For business owners it may be when you accumulate a certain level of assets where mistakes can become more costly.  At some point you want to shield your assets in some manner where you and your family feel secure.  There is a host of different ways to go about this. We will just touch on few to get you going.  Planning is key. 

• Tax planning includes working with tax professionals to come up with a plan to minimize your tax liability through the use of the U.S. tax code.  This allows individuals and business owners to redirect those resources.
• Estate planning is the process of establishing a plan to preserve as much wealth for the intended beneficiaries prior to death.  This process includes assessing all your assets, accounting for the needs of your individual family members and establishing directives based on that. 
• Education Planning is often overlooked as apart of financial planning.  Utilizing the tools to save by contributing to tax deductible plans should not be overlooked especially by high income earners that are not business owners.
• Retirement planning is the most common of them all.  We all get the 401k and contribute and when its through an employer we tend to not be as involved in the growth.  However, everyone should take it upon themselves to establish financial goals for retirement.  How much would you like to have when you are done to live a comfortable life.  That is the most important consideration.  You would definitely have plan for if everything went perfectly as planned, as well as if your plan just was completely off base.

Financial Foundation

First, you must have a sound foundation to stand on, this requires intentional effort and patience.  Personal financial planning helps current and future business owners.  The first step in establishing this foundation would be to take a real financial assessment of where your personal finances are currently.  This may look different for everyone.  Some may be further ahead in the process than others and that’s understandable.  Financial health assessment will allow a person to assess their strengths and weaknesses.  On this foundation it you can setup a firmer foundation for transitioning into business finances. 

Financial Planning Process

Not sure that you are prepared for the next phase of financially, that’s a good sign its time to hire an experienced professional. Here at Watkins and Company CPAs we specialize in creating customized plans and projections that will allow you to prepare for the future and also minimizes the negative impact of unexpected changes.  It will allow for you to make educated financial decisions that could change the trajectory of your business or even personal finances.

If you are not interested in learning on a granular level and would rather consult with a professional that will help navigate the road to understanding the value of financial planning versus the cost of not planning at all.

Watkins and Company CPAs are opened all year and offer various services for both individuals and business owners that could assist in the financial planning process.

Watkin and Company CPAs have two locations but servicing the Greater Metro Area, Clinton, MS, Brandon, MS, Pearl, MS

436 Katherine Dr #100,
Flowood, MS

919 Hwy 51 Madison,
Madison, MS