Financial Planning Is a Continuous, Lifelong Process: 5 Steps to Getting Started

There are many benefits to planning your finances, not the least of which include gaining financial confidence so you can live well and happily while pursuing your goals. Learn about our 5 steps to financial planning and how to pursue for the long-term.


Planning your financial future is a long-term process, not an overnight endeavor. When it comes to financial management, the reality of the process is that it is not one-size-fits-all. Whether you aim to develop your own financial plan or you seek help from one of our experienced wealth management professionals, at Dodds Wealth Management Group, we’re here to point you in the right direction. If you’re just getting started, check out our five suggestions to begin setting your financial goals today.

1. Invest Early and Often

Financial management and investing may sound like something you need to consider only as you near retirement, but that is a myth. Financial planning is a continuous, lifelong process, that money-conscious individuals are smart to take seriously early in life. When it comes to being financially successful, it’s important to understand the time value of money and what financial models are available to you. For instance, $10,000 invested in your retirement account at age 30 would be worth $76,123 at age 60 if it earned a 7% annual rate of return.[1] As your account grows, the compounding returns add up over time. The more you add to your investment accounts, the more you could benefit from additional growth. This is the magic of compounding growth.

For additional information about compound growth, monetary time-value, and available financial models, contact us at Dodds Wealth Management Group for a financial planning consultation.

2. Learn How Changing Markets Impact Your Investments

Markets fluctuate frequently, sometimes even daily. Rapid changes in the stock market, for example, impact your investment in the short-term. With the advancement of digital devices and access in today’s modern age, we have the advantage of staying up to date on top investment and wealth management trends with our computers, televisions, and smartphones.

In current markets, it is more crucial than ever to be in-the-know about how your funds are impacted by world events and the news. Ensure you are knowledgeable and research topics related to your target investments. Not sure where to start? Call us and we’ll help guide you based on your financial aspirations.

3. Prepare for Financial Longevity

Financial longevity begins with diversification and wealth accumulation. Diversification is a fancy way of saying, “Don’t put all of your eggs in one basket.” Your investment portfolio will benefit by being highly diversified or including multiple investment facets in order to reduce your overall risk. The same goes for building separate buckets of tax-deferred, taxable and tax-free assets. For example, if you contribute to your employer-offered 401k plan towards a retirement account, also contribute to a Roth IRA and you have an outside non-qualified investment account savings, you have multiple forms of diversified wealth accumulation accounts.

Regardless of whether your investment pool is conservative or aggressive, rebalancing your account regularly to ensure that your stocks and bonds are in balance is a reliable way to maintain a diversified investment portfolio. Discover your options for creating a well-diversified portfolio of financial assets by contacting one of our Dodds Wealth Management Group representatives today. [2]

4. Determine Which Plan Is Best for You

Once you’ve set your goals and have an idea of where your money can flow, you’ll need to determine the best financial management plan for your funds. Are you looking for financial management to build and maintain your investment portfolio? Maybe you want a holistic experience involving financial monitoring, tax planning and investment advice. Do you need an analysis of your cash flow management? You may prefer to meet an advisor in-person or seek specialized help for a complex financial situation like estate planning, tax strategy, or an insurance review. No matter your direction, Dodds Wealth can help you with financial planning services.

Still unsure what plan will best suit your financial needs? You’re not alone! Give us a call or contact us at Dodds Wealth Management Group and let us help you get started today.

5. Start Investing in Your Future Today

Financial strategies and experiences evolve and change as we age. Experienced financial managers are available to do the heavy lifting for you by taking the stress out of planning your financial future alone. Save money and pursue your personal financial goals faster and more efficiently with the help of a successful, certified financial planner with your unique financial ambitions and desires in mind.

Don’t wait. It makes sense to start investing in your financial future today. At Dodds Wealth Management Group, we have experienced financial managers that work for you to build a wealth management model that works toward your objectives. Take your financial management to the next level and let us help you get this lifelong process underway.


Andrew T. Dodds, CFP ® - Founder and Wealth Advisor


[1] This is a hypothetical example and is not representative of any specific investment. Your results may vary.

[2] There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

John Dodds