One of the questions we often get is “What does a financial plan look like”? Without actually seeing one, it can be difficult to wrap one’s head around. So look no further than this sample financial plan I completed for Jim and Pam Halpert (of “The Office” fame). While they lived in Pennsylvania for the show, in this plan they are living in Tennessee.
The financial plan goes through every detail of Jim and Pam’s lives. We detail what they own and what they owe and complete an action plan that will help grow their assets and reduce their liabilities over time.
On page 13 of the report, the Halpert’s current trajectory has a 0% probability of success for retirement. With the adjustments our proposal encourages, the probability of success for retirement rises to 86%!
There is a lot of data in this report and it can be easy to find yourself lost in the weeds. Unless you are a bit of a math nerd, I would recommend to not spend as much time on those pages that are completely filled with data tables. As you get more comfortable with the report and type of then spend more time with the data that makes up the main pages.
One final note - we do not believe a financial plan is a one and done type of report. We use the financial plan as a living document and it needs to be updated as life happens. Life doesn’t happen in a nice and straight line - there are ups/downs and ebbs/flows. The way we have set up our financial planning services reflect this belief. We partner with our clients to make sure they are working towards achieving the goals set forth in the financial plan. Think of us as your personal trainer for finances. We are here to hold you accountable and we are here to help you make your goals a reality. If you’d like to learn more about our services, click the button below.
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About The Author
Shaun Melby, CFP® provides fee-only financial planning and investment management services in Nashville, TN. Melby Wealth Management serves clients as a fiduciary and never earns a commission of any kind. Shaun has over 10 years of experience as a financial advisor in Nashville.