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.