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The Benefits of a Financial Plan

What Is a Financial Plan and Why Have One

In previous posts, I’ve often mentioned financial plans. What exactly is a financial plan? Why do you need one? Most simply, a financial plan spells out your current financial status and lists your monetary goals for the near future and over the long term. A financial plan also provides a highly customized strategy to attain these goals.

Why Do You Need a Financial Plan?

In order for a financial plan to be workable or realistic, we have to consider the potential for costly health care needs, disability, changes in income (up or down), and major expenditures (e.g., weddings, education, home purchases). Most importantly, the financial plan must reflect saving and spending patterns that you can realistically achieve.

There may be a surprising difference between what you currently save and what you potentially can save, without greatly squeezing your current lifestyle. That is a basic part of the process: finding out how you more effectively budget for tomorrow.

Financial advisors like the professionals of Isakov Planning Group can help you create a financial plan and track the progress towards reaching your goals.

To do this, we’ll need to fully list out your current and likely future expenses (e.g., credit card bills, home mortgage or refinance loans, student loans, etc), along with your current assets (e.g., home, car, money in banks or investment accounts, etc). This will help us define exactly where you stand today from a financial perspective.

Next, we’ll consider your income, and how it is spent. This view of your cash flow and how it is used on a monthly basis to pay for food, insurance, household goods, and other routine expenses will help us understand how you can optimize your savings.

What Are Your Financial Goals?

Finally, we match your own financial goals with a workable savings strategy. Do you intend to retire early? Do you need long-term savings to pay for a grandchild’s education or care? Buy a vacation or second home? These are your own objectives. As your financial advisor, our job will be to devise a plan to meet one or all of them. And this requires consideration of many important factors:

  • How you save your money today
  • Your investment profile (including current retirement plans)
  • How much financial risk you may decide to take on for the future
  • Tax planning


Let Isakov Planning Group help you focus on important steps that you need to take today to reach your financial goals for tomorrow. A financial plan can be used to continually monitor your financial progress, especially if you start a new job or are faced with a new opportunity, have a change in marital status, or experience other life-changing events.

Contact Isakov Planning Group today to start working on your financial plan!

Office Locations

671 2nd Street Pike
Southampton, PA 18966

1346 How Ln
North Brunswick, NJ 08901

500 7th Avenue, 8th floor
New York, NY 10018

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Isakov Planning Group brings industry leading resources and expertise to help our clients pursue and achieve their financial goals.