Fundamentals

Practice your fundamentals.

Way back in the day I was part of a punk-rock band. My brother played drums, I trained a bassist, brought in a keyboardist, acoustic guitarist, and played lead electric.

We were terrible—an embarrassment to punk rock.

Had we started with the basics we might have been better. If the bassist took lessons, and I actually trained my voice we could’ve played a couple more gigs. 

We did do one thing right though: we always warmed up before practice. It was this warming up that brought our fragile sound together and brought us a sense of community.

Sometimes in the financial world we need to review the fundamentals. Other times we need a warm up to bring the plan together.

Here are four fundamentals of every financial plan:
 

1. Protective planning
   This type of planning acts as your defense against life’s worst possibilities. Do you have proper life insurance? Home? Auto?
   
   

2. Proactive planning
   This type of planning acts as offense in saving for your future. Saving toward your retirement and future goals is an essential to every plan.
   
   

3. Professional huddle
   Having help with your taxes, financial planning, will, trust, or POAs adds value and fresh perspective as you press forward. Do you have a relationship with a CPA? Attorney? Financial planner?
   
   

4. Budgeting
   If you don’t know what your true expenses are, how can you effectively budget for your future? Connecting with a financial coach to get you started would be a wise step.

Let’s talk about that.