What are the first steps to financial planning? What can I do myself to get on the right track?

1. 5 DIY
STEPS
FOR FINANCIAL
PLANNING
Presented by

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B U I L D I N G A B U D G E T
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C O M P A N Y R E T I R E M E N T P L A N S
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C H O O S I N G A F I N A N C I A L A D V I S O R
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R E S O U R C E S

3. OUR WORLD IS COMPLICATED AND SO ARE
OUR INDIVIDUAL FINANCIAL SITUATIONS.
HOWEVER, THERE ARE A COUPLE OF
COMMON THREADS THAT TIE US TOGETHER:
1) MOST OF US HAVE SIMILAR CONCERNS
AND PROBLEMS REGARDING OUR FINANCES
AND
2) WE LIVE IN AN INCREASINGLY “DO IT
YOURSELF” WORLD
THAT SAID, THERE ARE A NUMBER OF STEPS
THAT YOU CAN TAKE THAT CAN HELP PUT
YOU ON THE PATH TO EARLY SUCCESS. SO,
WITHOUT FURTHER ADO HERE ARE FIVE DO-
IT-YOURSELF STEPS TO BEGIN FINANCIAL
PLANNING!
INTRODUCTION
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4. No, this is not a “sexy” topic but many
people early in the financial planning
process want to jump right into the market
and start making money on their money.
While we can appreciate their enthusiasm,
it is immensely important that you establish
an emergency fund to support yourself in
case of a disaster (i.e. losing your job or
means of supporting yourself). You never
want to be “investment rich” and “cash
poor” all because, in your excitement, you
put the cart before the horse. An
emergency fund should comprise no less
than 3-6 months worth of your necessary
monthly expenses.
STEP 1: Establish an Emergency Fund
3-6 Months of Expenses
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5. Yes, we know, another boring and
unsexy topic but its so important!
Building a budget can be a daunting
(and humbling) task but it does not
have to be. We suggest starting by
listing your sources of income and
your necessary monthly expenses like
your mortgage and utility bills. Then
add in the things that are important to
you like monthly retirement savings or
giving to your church. With whatever
cash you have left you can budget in
fun activities like going out to eat or
taking a weekend off for a mini
vacation.
STEP 2: Building a Budget
Monthly Income vs.
Expenses
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6. There are free tools online that
can help you track your spending
like Mint or Clarity Money. If you
are a nerd like us you could even
build your own personal
budgeting tool using Excel!
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7. Yikes! This list keeps getting worse!
But seriously, if you have people in
your life that depend on you for
income then life insurance is a non-
negotiable. Purchasing life insurance
is a bit less “DIY” than the other items
on this list but it is a good thing to start
planning for.
Life Happens, a nonprofit organization
educating on the need for life
insurance, offers a great online
calculator to help you determine how
much life insurance you need.
If you find that you need life insurance
or additional life insurance over and
above what you already have, it is
always a good idea to talk to a
professional. Your financial advisor
can help you through the application
process and choosing an insurance
carrier that fits your needs.
STEP 3: Buying Life Insurance
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8. Many companies offer a retirement plan as part of their
employee benefit package. Oftentimes, this is in the form
of a 401(k) or Profit-Sharing Plan. In these types of plans
employers often encourage their employees to contribute
by offering a matching contribution up to a certain amount
usually based on a percentage of your paycheck. For
example, your employer may offer to match your
contribution dollar for dollar up to 3%. This would mean
that if you contribute 3% of your paycheck to the company
401(k) then your employer would add an additional 3%
making your total contribution 6% of your paycheck. Make
sure to budget enough money for retirement contributions
so that you receive the full amount that your employer
offers!
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STEP 4: Contribute to a Company
Retirement Plan

9. Alright, so maybe this is cheating but finding
the right financial advisor is so important!
You want to work with someone that you
trust so that you do not need to switch
financial advisors somewhere down the line.
Not to mention the fact that, according to
studies conducted by Vanguard and
Morningstar, those who work with financial
advisors experience annual returns 3%
higher on average than those who do not.
When considering who to trust with your
hard earned cash it may be a good idea to
check out the BrokerCheck tool by the
Financial Industry Regulatory Authority
(FINRA). All licensed financial advisors are
listed on the BrokerCheck registry which lists
an advisor’s years in the business, past
firms, licenses and disclosures of a
disciplinary nature.
STEP 5: Choosing a Financial Advisor
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10. When looking for a financial advisor it is a good idea to
look for someone who is an "Independant
Advisor".Simply put, work with an advisor whose firm
does not create its own products. Provisio partners
with LPL Financial, the largest independent broker
dealer in the country. The great thing about LPL is that
they are completely independent and create no
product of their own. By partnering with them we are
able to take advantage of their resources and
platforms without being pushed to sell product or
aggressively acquire new clients.
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11. At Provisio Retirement Partners, we believe
that, although finances can be complicated,
advice shouldn't be.
We help people address the question, "Am I
all set?" by providing our clients with straight
forward, no-nonsense financial planning for
individuals, families and businesses
To learn more, check out our website at
www.provisioretirement.com or scan the QR
code below to fill out our online
questionnaire to get started!
Learn More
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12. RESOURCES
Mint Budgeting
Clarity Money
Life Happens
Vanguard and Morningstar Studies
BrokerCheck
LPL Financial
Provisio Retirement Partners
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