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Rogan Most people need a ‘trigger event’ to see a financial planner

Time For Your New Year’s Resolution: To Make A Complete Financial Plan

by Michael Rogan

Special to Tropical Breeze

It’s that time again… time for your New Year’s Resolutions. This is when we make promises to ourselves that we will lose weight, exercise more, be nicer to our families and so on. And we all know we aren’t really going to keep these promises. But we have hope.

Maybe 2007 will be the year we can redirect the path we are on, and try to point our lives in a new direction. So, even if your diet and exercise program doesn’t last until February, why not make this the year you finally decide to examine all of your financial goals and take the time to put an actual complete financial plan in place?

Instead of picturing what is required to set up a plan, think of the rewards. You’ll know your loved ones will be okay, at least financially, if you didn’t wake up tomorrow. You won’t continue to lose sleep at night wondering if you’ll have enough money to retire. You will no longer worry about outliving your nest egg. Your retirement won’t be ruined or compromised by a long-term illness. If you (or maybe your parents) need long-term care, you’ll know what kind of care will be provided, who will provide that care, and where it will be provided. And finally, you will know you have all of the legal documents, updated and in place, that would be needed to carry out your wishes and carry on your legacy.

This may sound like a daunting task. But just like diet and exercise, or any habit for that matter, the hardest part is beginning the process. You may not want to think about the future. I promise you, once you get started; it’s like a snowball rolling downhill. You begin to see the light at the end of the tunnel. You demystify the process. You begin to speak confidently about your future. You may even begin to brag to your friends and family about accomplishing your complete financial plan. Please remember, by doing nothing, you are still actively choosing your path.

Most of the time, people need a “trigger event” to cause them to see a financial planner. For some, it’s a marriage or divorce. For others, the birth of a child brings added responsibilities. Still others wait for disaster to befall them. For you, it could be as simple as making a New Year’s Resolution to finally deal with it. The process is not quick and painless — nothing really worth having ever is — but it is not extremely complicated or confusing either.

You first need to set your priorities. What are you most worried about? Are you concerned that your family could not survive well without your income? Are you worried about paying for college education(s)? Does running out of money in retirement keep you awake at night? How about contracting a severe illness, with all of the worries about the care we mentioned earlier? Could it be concern that your family will suffer because you didn’t have proper estate planning, causing them to have too little money (or even too much money too suddenly) when you are no longer around to guide them? All of these may not apply to you, but these are the main planning areas that we have found that cause people the most concern.

Next you need to accept that you are busy doing whatever it is you do, and you need help.  At the page on our website www.financialplanningforlife.com/chooseaplanner.html, you’ll find the 10 questions you need to ask when interviewing to find a trusted, competent advisor to help you construct your plan. You need to ask these questions; not just hope for the best. You only get one chance to build your nest egg, and you can’t afford to risk it with someone who is incompetent or dishonest.

Once you have found the advisor that made it through your interview as the best fit for you, sit down with them and share all of your goals. You will already have an idea of the areas that need the most attention, and you can probably get the entire plan in place within a month. It may sound like work, but the rewards will be tremendous. Have a happy, safe, and prosperous 2007.

Michael Rogan is president of Rogan & Associates Financial Planners, a locally-owned financial planning brokerage firm based in Safety Harbor. He brings nearly two decades of financial expertise to the local airwaves on the radio show, Financial Planning for Life, heard at 11 a.m. weekdays on AM 1250 WHNZ. For more information, call 727-712-3400 or visit www.RoganFinancial.com.