The 5 Foundations of a Comprehensive Financial Plan

You’ve probably seen or heard the term “comprehensive financial planning” used pretty frequently in the financial space. But what exactly does this mean and entail? In today’s episode, we’re going to focus on what comprehensive planning means to us here at Kemp Harvest Financial Group. Stay tuned as we give you a quick overview of the five foundations that make up a comprehensive plan.

When thinking about these five “mini plans,” it helps to picture a Rubik's Cube. Each side represents a different facet of your financial life. The challenge is not just to address one side at a time but to consider the impact on the others with every twist and turn.

Here’s some of what we discuss in this episode:

• The income plan: the keystone in comprehensive financial planning
• The investment plan: allocating income toward future goals and making your money work hard for you
• The tax plan: only paying what you have to tax in taxes and assessing how they might change in the future
• The protection plan: preparing for the unexpected through insurance or other plans
• The estate plan: laying out your wishes clearly regarding your assets and healthcare decisions
• The ongoing process: revisiting and adjusting your plan as circumstances, goals, and external factors change over time

 

Contact:

If you have any questions, call 215-513-4330 or visit https://www.kempharvest.com/