Long Term Financial Planning

Long Term financial planning will help make your future goals a reality. It may be useful to set goals for specific time periods, for example for 5, 10 and 15 years in the future, or to set goals for specific life events such as college, family, and retirement. With rising health costs, many people also include plans to cover medical costs such as nursing home and assisted-living care.

What is long term financial planning? Financial planning is making conscious decisions to save and/or invest money for your future security. A financial plan might include a list of your goals, the cost, their time horizon, savings/investment method(s) and anticipated rate of return needed to achieve these goals. Long-term planning is a mutable, iterative process. It must be perceived as such, and it must be understood that a plan's importance lies not in its ability to predict with perfect foresight the future, but rather in establishing a secure and logical position from which to confront that future.

Check out EdFunds   Securing Your Financial Future video on long term planning.