Andrew Corbman Explains Financial Planning
Andrew Corbman has decades of experience in financial planning. Everyone knows what a financial plan is, right? Wrong. While on the surface, a financial plan might sound like an obvious spreadsheet which everyone has access to. In reality, many people themselves aren’t explicitly sure what a financial plan is, nor do they implement it correctly. Andrew Corbman, a financial planner with over twenty years’ experience in the business, wants to help change that. Below, with his help, we’ll outline exactly what a financial plan is and how you can use it to your best financial advantage.
Financial Plan – the Definition
According to Andrew Corbman, a financial plan utilizes a number of known variables to predict the value of assets, how much cash a person will have in the future, as well as how much they will be able to withdraw. Essentially, it’s a comprehensive plan of a person’s finances, all summed up neatly in one space. The metrics used for a financial plan usually include the following:
- an individual’s current net worth
- tax liabilities, asset allocation
- future retirement
- estate plans.
Contact a financial planner if you are unsure where to start yourself. (Contact Corbman Today!)
Financial Plan Tips from Andrew Corbman
Financial Goals – Andrew Corbman insists that the first part of any viable financial plan has to be the writing down of the individual’s financial goals. These goals should be long-term. Furthermore, they should also include what the individual hopes to achieve over the course of his life. This includes milestones such as college funds, asset procurement (houses, cars, boats), as well as investments.
Net Worth Statement – This statement is essentially a snapshot of an individual’s current financial status and should be used as a yardstick to determine how close they are to achieving their financial goals.
Retirement Plan – This refers to the plan that an individual will have for themselves as well as their partner for when they retire and stop working. It should include a comprehensive plan how much they plan to spend from there on. Compared to how much their investments will pay out. Don’t forget about the type of lifestyle they will be able to afford based on their post-retired financial situation.
This is just a snap peek of what a financial plan should contain. It’s advised to speak with financial planners such as Andrew Corbman for a complete breakdown.