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This process provides the strategy or plan for how to manage your finances and your life to fulfill your short term needs, such as buying a new car, and your longer term goals such as retirement at age 55. Financial plans used to consist of lengthy stacks of paper that looked at every aspect of your finances and were out-of-date even before they were completed. And at the other extreme, there are still "cookie cutter" approachs that put your particular situation into a pre-packaged format and results in a "one-size-fits-all" approach that is an excellent way to sell you a particular financial product such as an insurance policy, but does little to solve your real money management problems. A Modern Approach Here at Modular Financial Solutions, Inc., we use a modular planning approach, that is specifically adaptable to your situation. And as your situation changes your financial plan is changed and adapted to your changing life situation. We look at the elements of your finances in relation to your most urgent needs and life goals to determine the best course of action to get you on track. As each element is examined, hidden relationships are also identified that will help you more efficiently manage your finances. Does it make sense to pay off the mortgage on your home for example, if you want to retire at age 55? Should you by a life insurance policy using a simple rule of thumb or does it make more sense to determine what income replacement you need to pay for your children's education and allow your spouse to retire comfortably? Important questions that can result in expensive mistakes if not properly analyzed. Our modular approach considers these types of "what if" scenarios to find your best approach. Financial Planning is the "Glue" Financial Planning is the "glue" that binds the different aspects of your life together. As each element is examined and analyzed, and actions are taken you will see a complete financial plan emerge. But life happens. You get married, have children or change careers and as a result your financial plan must change. With our modular approach, we can update and change each element of your finances to adapt to your changing circumtances. An aggressive investment approach that made sense when you were just starting out may no longer be prudent as you approach retirement, for example. How do you know what needs to be considered when thinking about your life and your finances? What are these "hidden" relationships that exist that you may not even be aware of? All important questions that need to be answered. Although there are many aspects to this "life view", we have found that by examining five key elements of your life, using a modular planning process, we can identify the strengths and weaknesses of your present approach and create a strategy or plan to get you on the right path to acheive your life goals. These five areas are:
As each element is examined in relation to the other elements, important issues emerge and can be resolved. Issues like:
Once we complete the initial work for you, it is important to monitor your progress and change your approach as your situation changes. With our modular process we can change each element of your approach to adapt to your changing life situation. With our rapidly changing lifestyles, financial planning has emerged as one of the most important issues of our time. Whether you choose to use professional financial planning help or do it yourself, you really should take a critical look at your finances. With the right approach it can greatly improve your satisfaction in life.
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