The Plan

I updated our financial plan last night. The plan is a comprehensive document that contains the following information:

  • Personal information on all family members (e.g., date of birth, Social Insurance Numbers)
  • Important Records Location (e.g., Will, Insurance Policies, Investment Statements)
  • Statement of Net Worth
  • Cash Flow
  • Retirement Plan

I also have a section on Financial Goals and Objectives. And, looking at where we are right now, I am really pleased with most of our accomplishments over the years. I first set these goals and objectives back in 1989:

  • Invest and manage money wisely
  • Pay off the mortage and other debts
  • Provide for the children’s education
  • Maintain the family’s standard of living in the event of death or disability
  • Become financially independent
  • Maintain standard of living during retirement
  • Preserve the estate for heirs

Currently, I am doing more planning around the last item; preserving the estate for heirs. I was 16 when my father died. There was no family estate. I started with nothing.

My children will not have the same experience. Hopefully, they will be able to build on that estate for themselves as well as for future generations.

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