Whether you are new to money management principles or have been interested in personal finance for years: Welcome! Keep reading, this is the perfect place for you.
Managing one’s finances isn’t easy. It takes a tremendous amount of self-discipline coupled with a sound financial education to be a good steward of one’s resources.
Thankfully, Truth in Financial Planning has the resources you need to get a sound financial education and presents this information in an easy-to-understand way that makes your financial goals easier to achieve.
Where Everyone Needs to Start
At Truth in Financial Planning, we have a plan. Think of it as a framework for implementing all the advice you’ll find on our blog.
We call this plan The Three Phases of Wealth. Whether you’re just starting to get your finances in order, or are retired and drawing funds from your nest egg, you’ll find your place somewhere in these three phases.
Let’s briefly take a look at each phase:
1. The Foundation Phase
If you have consumer debt, don’t have an emergency fund, haven’t put in place all necessary insurance policies, and haven’t personalized your estate plan, you’ll need to start with the Foundation Phase.
This phase is designed to protect your current lifestyle while helping you find ways to modify it to build a solid financial foundation.
2. The Accumulating Wealth Phase
After you’ve accomplished all the steps in the Foundation Phase, it’s time to start the Accumulating Wealth Phase. Generally speaking, this phase occurs while you’re still working before retirement.
This phase encourages you to preform needs analysis so that you can take the right steps to achieve the retirement of your dreams.
3. The Strategic Income Phase
Once you’ve hit retirement, it’s time for the Strategic Income Phase. In this phase, you’ll work to maintain enough assets throughout the rest of your life to be able to draw income from various sources without running out of money.
This phase allows you to properly use all the wealth you’ve accumulated in the second phase so that you can live the life of your dreams.
If you need help with your finances in any of the three phases, seek the help of a Certified Financial Planner™.
Which phase are you in? Follow the appropriate link in the phase that best represents where you are in your financial plan to learn more.
Top-Notch Financial Services and Resources
Truth in Financial Planning doesn’t end with the three phases of wealth. In fact, it’s just beginning.
Michael Gauthier, CFP® contributes to Truth in Financial Planning using his 13+ years of experience in the financial services industry. Owner and founder of Truth in Financial Planning, Michael has a wealth of experience helping families and individuals meet their wealth-building goals. You’ll find him writing articles for the blog on a regular basis.
In addition, you’ll find more articles from other financial professionals and entrepreneurial types with a focus on their areas of expertise.
Podcast – Coming Soon
The Truth in Financial Planning Podcast with Michael Gauthier, CFP® will be an excellent, informative financial show you can take with you on-the-go. Listen to interviews with other financial experts, entrepreneurs, and captivating guests. It’s sure to give you the boost you need on your commute to work or while doing chores around the house.
Sometimes, you need a little bit of advice. Okay, maybe you need some major help. Whatever the case, Truth in Financial Planning is associated with Strategic Income Group, a wealth management company designed to help you accomplish your financial goals.
Visit our Consulting Page for more information on these services designed to take your financial stewardship to the next level.
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If you have any questions or comments, please feel free to reach out to us. We’ll get back to you in a jiffy.
Thank you for joining hands with us at Truth in Financial Planning. We’re here for you whenever you need us!