By Jake Withnell, CFP®
With a world of information at our fingertips, we can find reviews, product specifications, and more details than we’ll ever need about anything we want to buy. In other words, before making a major purchase, we can arm ourselves with information to make the best choice possible.
While creating a financial plan is in a different category than buying a car or putting an offer on a home, we believe it’s just as significant of an investment and you should know what you’re getting before you pay a penny.
Because of that, we wanted to provide a sample financial plan for a Nike executive for you to share with your friends and family members so they can better understand what their potential financial plan could look like and see the benefits a plan could bring to their financial life.
What Does A Financial Plan Include?
Financial plans often address a myriad of concerns and goals, from estate planning to retirement income strategizing. Depending on your needs, your plan may narrow in on one element or address multiple goals you’d like to achieve over time. Whatever you choose to focus on, your financial plan is designed to serve as your road map, helping you navigate the years before, during, and after your transition to retirement.
At JGP Wealth Management, we provide financial planning for Nike executives. At this level of your career, your financial planning needs a high-level, comprehensive touch that is tailored to your unique circumstances. Our financial plans cover all your bases and answer your most pressing financial question: “When can I retire and still maintain or increase my current lifestyle?”
A financial plan should be a living document, something that gives you a detailed, complete view of your current financial situation, a thorough modeling of where you want to be, and the actions you need to take to reach those goals. It should address all the pieces of your financial puzzle, from stresses and fears to your values and dreams, and include risk factors, cash flow, retirement, estate planning, taxes, education, and income strategies to help bring you clarity and guidance. It is through our planning process that we can help you prepare for life’s expected and unexpected circumstances.
See Our Sample Financial Plan
So you can see how this works in action, we’ve developed a sample financial plan that reflects our planning process. It looks at a fictional person’s lifestyle income plan and how we developed it, including identifying their goals, creating a balance sheet, reviewing their cash flow, and more.
Keep in mind that this is only a hypothetical plan presented to illustrate what a client’s plan may resemble should they work with me. The characters and circumstances are completely fictional and are for illustrative purposes only. Be sure to seek the advice of a qualified professional for your particular situation and not rely upon any of the information herein to make personal financial decisions.
We start by going through detailed notes from our meetings with you as well as all of the information you have provided us with to note your financial concerns, opportunities, and strengths. We then build your customized 8-step plan based on the theme of “What is the life you want to live?”
First, we provide an overview of your current situation. With just one glance, you can see a big picture of your financial life, including assets broken down into specific categories and short-term and long-term liabilities.
Then, using eMoney software, we capture key data points and variables and use a Monte Carlo simulation to test your financial plan. A Monte Carlo simulation runs 1,000 hypothetical simulations of your plan using different, randomized stock market outcomes to determine the probability of success for your plan. We run an initial test based on your current scenario and then collaborate with you to tweak different variables—like retirement age, Social Security strategy, goal spending, savings amounts, etc.—to come up with a plan that has a high probability of success and feels good to you.
Finally, we present our recommendations and action items. Your plan will analyze every piece of your financial puzzle, showing detailed projections for income, expenses, assets, and mapping your progress toward your goals. This will show you where you will stand in retirement and give you something to aim for as you draw closer to your retirement years. The end result? An actionable implementation list and a road map for your future.
Get Started On Your Plan!
If you want to see even more features of our financial plans, download our full sample plan here. Once you’ve taken a look, reach out to us at JGP Wealth Management today to schedule a no-obligation consultation, and together, let’s find out if we’re the right people for you to depend on during your journey to a comfortable retirement. Contact me at 503-446-6450, email firstname.lastname@example.org, or schedule an introductory phone call online.
Jake Withnell is a financial advisor at JGP Wealth Management, an independent, fee-based financial advisory firm in Portland, Oregon. Jake is known for going the extra mile for his clients and for his passion for working tirelessly to help his clients find solutions to their financial concerns so they can confidently live out the life they want. He prioritizes listening and understanding as the foundation of his relationships with his clients, and his highest hope is that they can spend more of their time and energy on their passions knowing he is watching over their financial future. Jake specializes in serving business owners, Nike executives, and retirees, and plays a key role in JGP’s portfolio management process, building and analyzing financial models, and conducting client cash flow analyses.
Jake graduated from Eastern Washington University with a bachelor’s degree in professional accounting and finance. He is a Certified Public Accountant (CPA) and a CERTIFIED FINANCIAL PLANNER® (CFP®) professional. Jake’s claim to fame is his time playing tight end for the Eastern Washington University Eagles, all while earning four-time Big Sky Conference First Team All-Academic honors! Jake values giving back to his community and does this by volunteering with the Children’s Cancer Association, Family Building Blocks, and New Avenues for Youth. In his free time, Jake takes advantage of the many outdoor activities the Northwest has to offer, such as trail running, mountain biking, and hiking. He loves traveling and spending long weekends at his family beach house in Seaside, OR. To learn more about Jake, connect with him on LinkedIn.