Financial Planning Life Hacks

What are some of the data you need to prepare for your own personal Financial Planning?

Here is my answer to – What are some of the data you need to prepare for your own personal Financial Planning?

Answer by Joy A. Adams:

Speaking from the perspective of a financial advisor and a person who has her own financial plan here is a list of info/data you will need;

  • A list of current expenses, paycheck studs and other sources of income to create a cashflow statement.
  • A list of current liabilities and assets to create a balance sheet statement.
  • Bank, investment, pension/retirement savings and mortgage statements to get current balances, etc.
  • Existing insurance coverage mounts and premiums. This would include life, disability, critical illness, house, car insurance, etc.
  • Last two years tax returns/notice of assessment -to obtain tax liability amounts, registered investment room, pension adjustment amount, etc.

These are the documents I usually ask for before I meet with a client or use any financial planning tools.

Hope this was helpful.

What are some of the data you need to prepare for your own personal Financial Planning?

Joy is the Founder and CEO of Covenant Wealth Financial Services. She is also a Group Benefits Advisor and Certified Cash Flow Specialist. She believes that life is built by design - and individuals have the ability and the creativity to live their dreams and aspirations by the financial choices they make. Joy is also passionate about startups and entrepreneurship. She has mentored and has helped launched several companies. She is currently the organizer of a startup community and has volunteered for different organizations in the startup ecosystem.

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