One of the first steps to building a good financial plan is to articulate and decide on what your goals are.

One of the interesting things I’ve noticed during my chats with clients is how often folks approach their finances with no clear outline of where they are going. A good financial plan includes goals, savings, budgeting, taxes, and an investment plan for the future.

So what is a good recession strategy? Evaluate your risk tolerance, allocation, and emotional ability to withstand losses BEFORE a recession, so that when it happens, you’re adequately able to deal with the results.

The insurance industry sows confusion by calling their salespeople “financial advisors”, when in reality they are annuity or life insurance salesmen. Once you wade through the sea of insurance salespeople, it is then possible to find a Certified Financial Planner CFP.