If you want to achieve your retirement goals, creating a comprehensive financial plan for success is essential. Putting it down on paper will make those plans concrete and final. Furthermore, many people take the opportunity to invest to save for their future; this should be an integral part of your financial strategy too! Don't forget about other important aspects such as crafting an estate plan, saving for college tuition fees, or retirement planning - all helping you attain long-term prosperity.

If you’re looking for someone to help with your personal financial plan or 401k lump sum, consider talking to William Bevins, CFP® a Franklin, TN fiduciary advisor. William can assist you in assembling all of the essential components to create an effective and comprehensive financial plan that will ensure your financial security. With his expertise, he can guide you through the process of carefully constructing your monetary future.  Afterward, William works diligently to manage and monitor your financial plan as time passes, ready to adjust if any unexpected changes arise.

Through his assistance and dedication, a trusted fiduciary advisor is one of the best steps toward achieving long-term and attainable goals. Located in historic downtown, William Bevins, CFP® is a Franklin, TN financial advisor who can help.

Why is financial planning so important?

Financial planning is an essential part of setting yourself up for a secure future. It helps you to prioritize your financial goals and develop strategies to achieve them while taking into account any potential risks or obstacles that may arise along the way. With proper preparation, financial planning can give you peace of mind knowing that your money is being used wisely and efficiently towards the most important objectives in your life. In addition, having a strategy in place allows for more efficient decision-making; this could mean saving time and money on unnecessary purchases or investments down the road. Ultimately, it's important to remember that financial success requires ongoing effort over time – so make sure to stay committed!  With the right steps in place, financial freedom can be achieved.

What is a Financial Plan?

Formulating a personal financial plan prioritizes and organizes your monetary ambitions, as well as helps to provide clarity if you’re on track for success or should make some modifications to expenditures. This includes consolidating debt, forming a bank, brokerage, or savings accounts, devising a savings strategy, and constructing an investment approach - all necessary steps needed to attain these goals.

Regardless of the timeline for your goals, financial plans can be molded to fit any time frame from years to decades. Even though modest steps like setting a monthly savings goal, establishing an emergency fund, starting a savings account, or investing part of each paycheck, you are taking an active role in preparing yourself for the future. Moreover, these plans allow room for flexibility and protect against life's unexpected occurrences such as hospital visits, new jobs, and family additions. With sensible fiscal planning, you'll be better prepared for what's to come.

What are the Key Components of a Well Written Plan?

Constructing a comprehensive financial plan is essential to ensure you and your family's well-being. To do this right, you'll need to include various parts of your fiscal landscape such as tax returns, retirement funds, and investments in the strategy. This is considered the financial planning process. Many critical components usually make up an optimum monetary blueprint. Although they all influence finances differently, these aspects combine to shape what lies ahead for you financially. Important categories include six parts:


Budgeting involves allocating money for various parts of your life. This can range from groceries to savings - all the way to entertainment and luxuries. Setting aside funds for different areas will ensure you're living within your means while also having fun.

Retirement Planning:

An essential element of financial planning is making sure you have enough saved to support yourself when you retire. Setting up retirement accounts such as 401ks, IRAs or annuities helps to ensure that you'll have enough money saved for when the time comes. A retirement plan is your path to independence.

Investment Planning:

Developing an investment portfolio can be a great way to increase wealth if done correctly. Being able to identify stocks, bonds and mutual funds that perform well and diversifying your investments are all part of optimizing your financial future. Beginning with an emergency fund, having enough cash to establish a savings account, and building a positive net worth are great first steps for beginners.

Risk Management:

Risk management is a way to protect yourself against unforeseen events like accidents or illnesses. Knowing what insurance coverage you need is essential in case of any worst-case scenarios, helping you maintain financial security during these times. Areas addressed include personal property insurance, life insurance, disability insurance, and health insurance. Disability insurance is often overlooked by many individuals.

Tax Planning:

Tax planning involves finding ways to reduce taxes owed or enhance deductions given by Uncle Sam each year. Optimizing this will help you maximize your money while also understanding the tax code better. William will discuss viable options and, if necessary, recommend a licensed CPA to help with formal tax advice.

Estate Planning:

Estate planning is a critical part of your financial security and legacy, enabling you to control what happens with your assets after death. Thoughtful consideration must be taken when crafting estate plans: writing a will, assigning power of attorney, or establishing trust funds are all essential components that should not be overlooked. William will recommend licensed attorneys to assist with formal legal documents or agreements.

Who Can Help?

William Bevins, CFP® is here to help with any financial plan - from simple to complex.
Whether you are in the early stages of creating a financial blueprint or have been working on it for years, William Bevins, CFP® is an experienced Franklin TN fiduciary advisor who can assist in making sure your plan stays on track helping to achieve long-term success. With his knowledge and expertise in finance, strategic investments, and budgeting strategies, he can guide you on how to optimize your finances.

Create a Financial Plan in Five Steps:

Whether you're aiming to get out of debt, plan for retirement, or start a college fund, everyone has their distinct financial objectives. To form an effective financial plan that meets your specific needs and goals, there are five primary steps to consider:

  • Identify your important financial goals.
  • To gain a better understanding of your financial standing, compile all pertinent documents and account statements.
  • Create a well-thought-out plan for both the short and long term to reach your financial objectives.
  • Start taking action to make your money goals a reality.
  • As your life and ambitions evolve, it's vital to update your financial plan accordingly.

Step 1: Outline Your Key Financial Goals

The fundamental step when developing a sound financial plan is to first identify your desired outcomes. Take the time to review short-term and long-term objectives, such as making a down payment on a home, settling student debt, or buying an automobile. These ambitions will be the impetus of your fiscal strategy!

When you plan for your financial future, it's essential to look at the larger picture. All of your finances are intertwined, so don't limit yourself to one area. Say you're starting a family and need to save money or create a college fund; in addition, put some thought into long-term objectives such as retirement planning. Viewing this holistically will give you greater peace of mind now and down the road!

Step 2: Collect and Share Important Details About Your Finances

Once you've identified your financial goals and received the help that you need, begin to analyze your current financial standing. This includes examining all of your assets and liabilities such as real estate properties, investment accounts, retirement accounts, and loans. Gathering this data is essential to gain a clearer view of where precisely you are financially right now - so don't miss out on this step!

To get an accurate assessment of your financial situation, start by gathering data about fixed expenses like rent/mortgage and utility bills. Afterward, review your spending history to determine the amount you usually spend on items such as groceries, entertainment, travel, clothes, etc. Lastly, make sure that you have a firm understanding of all sources of income including salary and any rental or investment income.

By understanding where you are now, you can assess the steps to reach your desired objectives. You may need to adjust either the timeline or goals depending on their importance and attainability. Knowing what changes need to be made helps establish an achievable path toward success.

Step 3: Build a Financial Plan For The Long-Term

By this point, you should have a good understanding of your current financial standings. Now it's time to create a comprehensive plan that includes both short and long-term goals. When designing the blueprint make sure that it is realistic and achievable - don't get overly ambitious as this could hinder progress. Start by breaking down big objectives into smaller chunks so they're more manageable to accomplish within a certain timeframe. Also, consider any potential risks or pitfalls that may occur along the way; anticipate them in advance and develop contingency plans if necessary. Finally, don't forget to factor in inflation. Many financial goals increase with time, and it's important to readjust your plan as necessary so that you're always on track. And when it comes to retirement planning specifically, make sure that you understand all the options available for Social Security and other benefits.

Step 4: Begin Executing Your Plan

Once the financial plan is mapped out, it's time to start taking action and making progress. To get started, determine what steps can be taken right away such as starting a savings or investment account, or consolidating debt by refinancing loans. Taking these measures will help put you ahead of the game from the beginning!  Also, consider adjusting any lifestyle changes that might help you save money. This includes budgeting more responsibly to cut excess spending and finding ways to reduce fixed costs such as utilities or insurance premiums.

Step 5: Schedule Annually to Update Your Plan

Long-term financial planning is an ongoing process, so don't forget to review your plan periodically. This can be done annually or on a bi-annual basis; whatever works best for you! When reviewing your plan, ensure that it still aligns with both current and future objectives. If there are any additional changes to be made such as adjusting the timeline or goals - make sure that this happens promptly. Additionally, reevaluate your investments and look out for any new opportunities available in the market. Keep in mind that personal circumstances may also change over time due to marriage, children, job relocation, etc., so be prepared to adjust your plan accordingly when needed. By consistently monitoring and evaluating your financial plan, you can ensure that your money is being used to best suit your needs and goals. With the right steps in place, you'll be well on your way to financial success! Having a financial plan written by a professional, fiduciary advisor can give you a better insight into how to reach your short-term and long-term goals. Working with William Bevins, CFP® will help make sure that you have taken all steps necessary for securing your financial future and ensuring long-term prosperity. Contact us today to set up an appointment!

How to get started?

When it comes to financial planning, seeking professional advice can provide invaluable insight into managing more complex situations. Fiduciary financial advisors have a keen understanding of personal finance and can offer helpful guidance when making major decisions such as retirement planning or investments. Additionally, they are well aware of any potential risks associated with certain strategies and will steer you clear of any unnecessary dangers.

If you're feeling overwhelmed or uncertain about where to start, an advisor can provide the answers and support needed for a successful, financial journey. With their assistance, you'll be able to navigate through any difficult decisions and confidently secure your future wealth.

Start a Conversation

Get your financial plan underway or back on track with a free consultation with William Bevins, CFP®.

About William Bevins: William Bevins is a CERTIFIED FINANCIAL PLANNER (CFP®) and financial advisor. His training includes the areas of tax planning, insurance, and estate planning. His planning is designed to help professionals achieve their financial goals through retirement planning, smart investment advice, reducing taxes, creating an estate plan, and maximizing their money. Inquire about the costs of building a personal financial plan built specifically for your financial situation.

For more information on how to choose a financial advisor, the benefits of personal financial advisors, or hiring independent advisors to become financially independent - please reach out via email [email protected]. Follow on Facebook.