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Financial Planning Services

At Bastrop Financial Planning, we believe clients are better served when they make financial decisions based on a long-term financial plan. Many people mistakenly assume that financial planning is only for "high net worth" people or those nearing retirement or another major life event. While these people often do seek professional advice, working with a professional earlier in life could be beneficial for anyone, regardless of current wealth. Having a clear understanding of your financial situation can help you make informed financial decisions and avoid common financial pitfalls. In addition to a personalize financial site (see below for more info), our financial planning process includes: 

  • Analysis of Your Current Situation
    • Cash Flow or Budget (Income & Expenses)
    • What do you own? (Assets)
    • What do you owe? (Debt or Liabilities)
    • Net Worth 
  • Identifying Your Goals
    • Retirement  
      • When and how do you want to retire?
      • Do you want to take a less demanding job before full retirement?
      • Will you sell your business or hire a replacement?
    • Education Planning
      • What portion of your families higher expenses would you like to pay?
      • Can you afford to save for their school and your retirement?
      • What kind of school would you like for them to attend?
    •  Insurance Planning
      • Could your family maintain their standard of living, if you or your spouse were no longer around to provide support or income?
      • Would your survivors have to pay someone to do the family tasks you currently perform?
      • Could your spouse still retire on time or at the same standard of living, if they no longer had your benefits / income / assets?
      • Could your family afford the sudden costs of your final expenses (e.g. medical, funeral)?
      • Could your family still afford a higher education for your children if you were no longer around?
      • If you were to develop an illness or disability, could you still provide a sufficient income for your dependents?
      • Would a long-term care event have a significant impact on your or your spouse's retirement plan? 
    • Estate planning
      • Do you know to what degree your estate may be taxed?
      • Do you want to leave assets to your loved ones?
      • Do you have a charity that you would like to leave a gift to?
      • Do you have your financial life organized so that your loved ones can help with your affairs without major disruption to their lives?
      • Do your executors and heirs understand your intentions, so there is less chance of conflict?
  • Creating A Plan
    • Create strategies to support your goals
    • Identify and attempt to mitigate risks to your goals 
    • Allocate resources & implement your chosen strategies 
  • Monitor the Plan & Make Adjustments 
    • Meet to identify changes to your situation (Usually semi-annually) 
    • Monitor progress toward goals
    • Identify any strategy adjustments that may be warranted 
    • Implement any selected changes

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