October Topic of the Month: National Financial Planning Month

October is National Financial Planning Month, and revisiting your financial plan is a great way to kick off the month. The first thing you might ask is why you need a financial plan. Financial planning is important for many reasons. While you might think that you are saving enough without having a plan in place, a typical savings account is not enough, especially with how low interest rates are normally. Also, investing without a plan can also fail to be enough. While you know you want to build your wealth, without a clear financial plan you may struggle to invest appropriately to accomplish your goals.

A clear financial plan allows you to set both short- and long-term goals, manage your risk, and reduce the amount you pay in taxes overall. A good financial plan will change as time progresses based on your life changes and your shifting financial goals. It will help you to save money for things like college, retirement, and healthcare expenses. A recent Gallup poll found that less than 40% of investors had a written financial plan; this means that over half of folks investing are not prepared for the future or strategizing how their investments help them to accomplish their financial goals.

The second thing you might ask is, “I already have a financial plan, so what’s in it for me?” Your financial plan should be continuously changing based on the achievements you make or any setbacks you have. Also, it is highly likely your goals will change with time and you will want to make sure you have adapted for those new goals. Whether you are building your first plan, or you are revising an existing plan, this is work best done in conversation with a financial professional. We invite you to call Orsinger Investment Group, Inc. at (724)588-9067 to schedule an appointment to build your unique financial plan this month!