What is a Financial Roadmap?

Jun 20, 2023 | All Posts, Blog | 0 comments

No matter what your goals entail, having a plan to get there is what will take you from wishful thinking to achievement. A financial roadmap is a helpful tool for getting you from point A to point B when it comes to your financial objectives.


What is a financial roadmap?


A financial roadmap is a visual representation of your financial goals. It allows you to easily picture where you are in your financial journey and where you want to be. After you create your roadmap, it will provide you guidance for years to come as you work toward both your long- and short-term financial goals.

At Milestone, we’re passionate about helping you to achieve your personal financial milestones and goals. When we sit down with you to work on your roadmap, we’ll go over categories such as cash, debt, and asset goals, as well as risk management.


Why create a financial roadmap?


It’s easy to talk about your dreams and goals, but the progress comes when they’re put to paper. A financial roadmap is a sort of commitment to yourself – a visual dedication to achieving your own financial milestones. It provides landmarks and helps to break your big goals into bite-sized chunks that are achievable and motivating.

As you work through your roadmap throughout the months and years, you’ll be able to visually see your progress and be encouraged to remember your “why”. You’ll also be able to easily remember the steps that you need to take next.


Components of a financial roadmap


So, what categories do we focus on in your financial roadmap? The major categories we’ll talk through as we make your roadmap include:

  • Cash reserves
  • Debt
  • Growth Income Assets
  • Risk Management

As we work through your goals together, we’ll hone in on describing each goal thoroughly. Then, we’ll set a target date, amount/money needed, and your feelings in regards to your goal.

In addition, we’ll take a thorough look at your risk management and insurance policies, describing where you are and where you want to be for each one. These types of policies include categories such as life insurance and death benefits, disability, health, long-term care, homeowners, auto, and more.

No matter your goals, we’re here for you to make a plan and work through them together. We’ve had the privilege of working with dozens of clients to achieve financial milestones, and we understand the roadblocks that often come up and how to overcome them.


Tips for sticking to your roadmap


No matter how passionate you feel about your goals now, we know that life gets in the way and can sometimes lead to discouragement. Here are some tips we’ve found helpful for staying motivated and pushing forward toward your goals.


Review your roadmap regularly and remember your “why”


Sometimes pure determination isn’t enough, and this is where remembering your “why” is so important. Visually looking at your roadmap regularly will allow you to see the big picture to remember where you are and where you’re going. It will help remind you of why these goals were so important to you in the first place and how proud you’ll feel when you achieve each one.


Provide room for flexibility


Remember that your life won’t always look like it does now. Your income could go up or down (hopefully up!). Health issues may arise. Your home or auto needs might change. When you make your roadmap, it’s important to not stretch yourself too thin. Work flexibility into your plan, so that even if your life situation changes a bit, you can still stay on track.


If you get off track, don’t give up


This is so important. As you review your map, try not to be discouraged if you’re not as far along as you’d like. If life circumstances arise that cause you to fall behind in your goals, don’t give up. Just keep going and get back on track as soon as you can. If necessary, adjust your goals so that they’re still achievable. Your financial advisor can help you work out a plan that’s both motivating and possible.


Meet with your advisor regularly


Lastly, it’s important to keep up with your regular meetings with your financial advisor. Sometimes sticking to your goals – whether investment goals, savings goals, or otherwise – can be emotional. An advisor helps you stick to your long-term strategy. He or she can also help you to see blind spots and avoid costly mistakes.


Ready to start working toward your goals?


No matter where you find yourself in your financial journey, a financial roadmap is a visual representation of your next steps. We love working with our clients to create an achievable, motivating financial roadmap that will take you from where you are to where you want to be.

We’d love to sit down with you to talk about your financial milestones and goals and how we can help you get there. Book a meeting today to get started!


This material is not intended to replace the advice of a qualified tax advisor, attorney, or accountant. Consultation with the appropriate professional should be done before any financial commitments regarding the issues related to the situations above are made.

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