An income and spending plan determines how much can be set aside for debt repayment, savings and investing each month.
A snapshot of assets and liabilities serves as a benchmark for measuring progress towards financial goals.
A financial plan is based on an individual's or a family's clearly defined financial goals.
The plan should include a strategy for achieving retirement independent of other financial priorities.
Include a customized asset allocation strategy based on specific investment objectives and a risk profile.
Identify ways to minimize taxes on personal income to the extent permissible by the tax code.