An Entire Financial Plan In A Blog Post?

This is a great post by financial blogger Tim Maurer, who we have featured in this space previously.  Maurer reinforces some of the wealth management principles that we education and stress upon our clients and readers of this this site.

First and foremost, any wealth management plan begins with setting realistic goals.  As we talk with clients and readers about what money means to them and what they would like to do with their wealth, it can really help shape a person's views on money and the impact it can have upon one's life.

I also agree with Maurer's point below that insurance should be used to manage risk and should be as simple as possible.  People can turn insurance products into complex vehicles which can possibly do more harm than good.

See full Forbes blog here

• As we’ve learned, financial planning is not just about dollars and cents.  It starts with the recognition of the role money plays in our lives, the history we have with money, and then reshaping our view of its purpose as a means, not an end. Then, we have the privilege of making a declaration of what will mark our lives—our Personal Principles—followed by the establishment of specific, measurable, attainable, and meaningful goals that are based on those principles.  This step may also involve testing and eliminating any goals we had previously set that do not align with our principles or meet the necessary goal criteria.
• Insurance is a valuable tool, but one that should be used by a wise risk manager who seeks to avoid, reduce, and assume risk prior to insuring.  Life insurance should be one of the simplest parts of the financial plan but is often made into one of the most complex.  Don’t let it be.  Invest with investments and insure with insurance.