Hi Folks,

Every once in a while I come across something in my financial readings that rings true. Something that cuts through all the noise and makes an issue or a topic understandable by breaking it down to its essential elements. I found just such a gem recently in an article about financial planning. The article talked about the need to develop a framework in which to view our financial lives. It then provided us with that structure in the form of 6 basic financial planning questions. They are as follows ( and in order of priority) :

1. What will happen to your family if you die tomorrow?
   
   
2. How will you educate your children?
   
   
3. How will you build a retirement income that you and your spouse can't outlive?
   
   
4. Half of one's lifetime medical expenses may come in the last five years of life. How will you prepare for that?
   
   
5. If your retirement assets are sufficient to maintain you throughout your life, how will you leave your residual estate to the people you love with a minimum of taxation?
   
   
6. Consider the institutions that have impacted your family's life. Will you wish to be a part of their future by leaving them a legacy?

If you've got the answers to these questions you're on the road to financial harmony. If you don't, perhaps now is the time to give them some consideration. Give us a call if you need some help.

-Jim McCusker-