Grow Your Wealth Every Day:Tips for Building a Strong Financial Foundation with iPlan365

Christopher Long CFA ® , CFP ® , AAMS ® |
Categories
investment strategies
Wealth Management
Financial Planning
Holistic financial planning
Retirement Planning

Let’s make each of the 365 days we have count toward our financial goals. From tax optimization and multigenerational wealth management to crafting investment strategies that prioritize net returns, we can set a plan that reflects what truly matters to you. Our proven iPlan365 three-step process — Grow Wealth, Protect Wealth, and Optimize Wealth — simplifies the experience of managing finances over the course of a year.

 

The first step to financial success is to make each day count, so let’s review the elements we cover in our Grow Wealth stage.

 

1. Setting Clear Financial Goals

 

With clear financial goals, every decision you make can bring you closer to the life you envision. But first, you need to define what financial success truly means to you. We’ll work together to break down your goals into three key timeframes:

 

Time

Goal

Short-Term: Within a Year

Maybe it's finally paying off that credit card, building an emergency fund, or taking that dream vacation.

Mid-Term: 1-5 Years

Perhaps it's buying a home, starting a family, or investing in your own business.

Long-Term: 5+ Years

This could be securing a comfortable retirement, leaving a legacy for your loved ones, or achieving financial independence.

By aligning your goals with your personal values, we can create a roadmap for your financial journey. Here are examples of some common goals:

 

  • Building an emergency fund. Aim for 3-6 months of living expenses in an easily accessible account.
  • Paying down debt. Prioritize high-interest debt first.
  • Saving for a down payment. Determine your target amount and automate regular contributions to a dedicated savings account.
  • Investing for retirement. Maximize contributions to retirement accounts like 401(k)s and IRAs.
  • Funding education. Explore options like 529 plans or other investment vehicles to cover future education costs.

 

2. Creating a Sustainable Budget

Your budget is your financial compass that guides you toward your goals throughout the year. It's about finding a balance between enjoying today and securing tomorrow. We'll collaborate to create a budget that:

 

  • Aligns With Your Priorities: Identify your needs versus wants and allocate your resources accordingly.
  • Prioritizes Savings: Make saving a non-negotiable part of your plan, automating contributions whenever possible.
  • Minimizes Debt: Develop strategies to pay down existing debt and avoid accumulating unnecessary new debt.
  • Provides Flexibility: Life throws curveballs. Your budget should be adaptable to unexpected expenses and changing circumstances.

 

We'll meticulously plan your cash flow, providing a clear picture of where your money is going and empowering you to make informed financial decisions every single day. Here are some budgeting tools and resources we’ll review. 

 

Tool

Purpose

Budgeting Apps

Connect your bank accounts, credit cards, and investment accounts to automatically track income and expenses.

Spreadsheets

Track income, expenses, and savings goals.

Envelope System

Allocate cash to different spending categories in physical envelopes.

Coaching

Develop personalized budgeting strategies and accountability

3. Investing for the Future

 

Investing grows your wealth and builds a future that aligns with your dreams. We'll craft a diversified investment strategy that reflects your unique goals, risk tolerance, and time horizon. Our approach includes:

 

  • Reviewing Past Performance: We analyze your previous year's investment results to identify areas for improvement and adjust your portfolio accordingly.
  • Strategic Asset Allocation: We ensure your portfolio is properly diversified across different asset classes to maximize returns and manage risk.
  • Early Tax Planning: We incorporate tax-efficient strategies from the start to minimize your tax liability and keep more of your hard-earned money.

 

Purposeful Planning

 

At Intentional Wealth, we believe in a dynamic and independent approach to investment management. We're not tied to any particular products or platforms, which means we can provide unbiased advice and access to a wide range of investment options. We focus on maximizing your net returns, ensuring every investment decision we make serves your best interests. Contact us today for a free consultation. 

 

With iPlan365, the journey to financial freedom starts today and continues for the next 365 days and beyond. Stay tuned as we review our next phase — Protect Wealth — in an upcoming blog.