A comprehensive financial plan takes into account all aspects of your financial life, highlighting how one part — and even just one decision — can affect the others. Think of it as a money ecosystem with a “butterfly effect.” Such a plan illuminates your entire financial system, highlighting interactions and allowing you to make informed decisions.
The ABCs of a Comprehensive Financial PlanComprehensive financial plans are characterized by clarity and prioritization. One conundrum many people struggle with is funding conflicting goals that overlap. A great example is retirement and saving for a child’s college education. In this type of situation, questions that typically spring to mind include:
Read the rest of my article here in the leader of personal finance news and business forecasting magazine Kiplingers.