Financial planning is intended to chart a course from your current financial reality to your hoped for future financial condition. In other words, just like taking a car trip, your route depends on both your destination and your starting point. However, unlike a road trip where the GPS can tell us within a few meters our current location, our current financial position is often less certain.
Where you are.
In order to identify our client’s starting points we help them prepare two items: a balance sheet and a present cash flow. The balance sheet summarizes a family’s assets and liabilities. Assets can be viewed as potential sources of future income while liabilities are claims against that future income. The present cash flow summary helps us understand the family’s current standard of living.
Where you're going.
Where you’re going in your financial life can often be reduced to a number but that number really represents its own goal. For example, your retirement portfolio number is the amount that can be converted to an inflation adjusted income that you cannot be outlived. Is a $250,000 retirement account enough to satisfy your lifetime income? Or, do you need a $1,000,000 retirement account? Every family has a different amount.
WHAT WE believe
Get to know our core beliefs.
What you and your financial adviser believe is as important as the tactics you employ and the products you buy. Such an understanding is essential to withstanding the inevitable downturns in both the markets and life.
Defined Purpose
The purpose of a financial plan is to chart a course, identify actions, take steps, and measure progress of your journey from your present financial reality to your desired future financial condition.
Custom Planning
What’s the best choice for you? That depends upon the values, resources, dynamics, and goals of your family. Financial planning helps identify the constraints and choices that you face on your unique path.
Empowered Goals
A well-designed financial plan expands and protects your future choices against the uncertainties of life. Don't wonder if you will be able to access cash or provide support in times of need.
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Wayne Firebaugh, Inc. is a Registered Investment Adviser with the Commonwealth of Virginia. Wayne Firebaugh, Inc., only transacts business where properly registered or where it is excluded or exempted from registration requirement.
