Your business and personal wealth are connected. This concept may sound obvious, but I often see its implication forgotten in practice. I come across many people so focused on their business they forget to pay attention to their personal goals.
That’s an unfortunate mistake. A thoughtful personal financial plan can help pave the way for you and your family to maintain your current lifestyle while meeting your personal goals and the business milestones you’ve carefully laid out.
Remember the first dollar you made? Earning it was so personal and intentional. A financial plan can help focus your current goals with the same intensity and purpose you had with that first dollar. Whether you’re exploring additional business ventures, eyeing retirement, or planning yearly trips with your family for business and pleasure, a plan will put you in a better position to know what you can afford.
Questions are critical at all stages of the financial planning process, as they can help prioritize your goals. It’s important to analyze and evaluate all the factors to gain a thorough understanding of where you’ve been, where you are, where you’re headed, and where you need to be.
Regardless of what you’re aiming for, establishing and following a plan after a comprehensive review of your goals and objectives will add clarity and sense of direction while navigating your financial future. And that just might be the best way for you to stay focused on what you love most.
Jason Romano is a partner with Moss Adams providing investment management and consulting services for the Southern California offices of Moss Adams Wealth Advisors. Mr. Romano brings over 15 years of experience as a wealth manager working with high net worth families and people in the entertainment and apparel industries.
