Creating and Implementing a Financial Plan (Webinar)

According to a study conducted by Schwab and several other financial outlets, less than 28% of Americans have a financial plan. With workers having to rely more on personal savings strategies then ever before, planning for retirement and other life goals is of the utmost importance.

On Sept. 20, 2023, Dave Herlihy, Senior Vice President of Wealth Management at Slavic401k, presented a webinar discussing the “what,” “why,” and “how” of creating a financial plan.

Download the slide deck and watch the webinar recording above.

Creating and Implementing a Financial Plan Webinar: Key Takeaways

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  • Approximately 66.7% of Americans have challenges navigating between spending and saving.

  • 70% of Americans agree that their financial planning needs improvement.

  • 42% of Americans seek financial guidance when they have an important financial decision to make such as buying a home or making saving and investing while 25% seek financial guidance when they encounter a financial crisis.

  • According to the 2021 Schwab Modern Wealth Survey, 42% of Americans feel they don’t have enough money to need a plan, 19% don’t feel they have enough time to make a plan, and 22% think it’s too complicated. In reality, everyone needs a plan and there is never a bad time to build one.

  • Building a financial plan allows you to gain clarity on your goals and achieve them, increase confidence, remain accountable, jumpstart your savings, stay in turn with your financial reality, worry less about money and stay organized with your finances.

  • A good financial plan consists of eight components:

    • Understanding your net worth
    • Identifying goals
    • Budget and cash flow planning
    • Debt management
    • Creating a retirement plan
    • Establishing an emergency fund
    • Insurance coverage
    • Estate Planning

  • Other key topics discussed in the webinar:

    • Tips and best practices for creating a holistic plan
    • How to incorporate the appropriate accounts
    • Reviewing and tweaking your plan regularly
    • Maximizing your financial preparedness
    • Staying on track to achieve your financial goals

For more in-depth information on the topics above, as well as real-life examples, watch the webinar recording above.

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