As we head into this exciting New Year — it’s certainly a good time to take stock of the things that are important in our lives, as well as our visions for the future — and taking a look to assess and outline your overall financial picture should certainly be near the top of anyone’s list.
If you’re just starting out in your business journey or are already a seasoned business owner, recently retired or merely daydreaming about retirement, Sevenbridge Financial Group is here to be your bridge to success. We fully realize that you work hard to earn your money. You can be sure our integrated team of specialists will work just as hard to grow and protect it.
Our ‘Seven Bridges’ philosophy is engineered to move you forward, and involves taking all of your unique needs and priorities into careful consideration - in order to help you confidently navigate life, business, and market changes.
In this article, let’s talk about your overall financial picture. We’ll define what it is, and provide some choice tips to get you started thinking in the right direction.
There are many moving parts to successful money management and fruitful financial planning. Consequently, being (and staying) informed is key. No matter where you might currently be in your specific financial journey, you might be asking “What is my ‘Financial Picture’?”
Simply put: when you assess your overall financial picture - you’re essentially taking a careful overview of your assets and liabilities, income, etc.
According to a recent piece in Forbes: “Your values, unique needs and current financial situation should also play a role in how you build your long-term plan. Bringing these principles together can guide you in achieving your most important goals.”
So, why is your financial picture so important?
Making sure to always have your overall financial picture in clear view is vital for various reasons. Chief among which: by maintaining a financial snapshot, you’ll be able to better hone in on your vision for your finances and goals. This is crucial in cases of both established wealth and wealth that’s in the process of emerging.
Getting started in painting your financial picture (the right way) can seem like an arduous task, however with the proper guidance at your side, and a trusted roadmap at your disposal, important things like ‘creating a balance sheet’ can be great jump-off points:
“Balance sheets, which list out all of a company’s assets and liabilities, are useful tools for a company to understand how much it is actually worth and for outsiders to determine if it’s a worthy investment. When applied to your own life, a financial balance sheet can illustrate if you’re on the right path to accomplish your own goals, such as getting out of debt, by showing you how much and what you own, what debts you have to repay and how much you are worth in total.”
— Alicia Adamczyk, Senior Reporter + Author at CNBC
Finally—the reason we wanted to use this blog to highlight the importance of knowing your overall financial picture, is that it goes hand-in-hand with your business management and strategy!
And just as important as knowing your overall financial picture is having a trusted financial advisor as your guide.
Therefore, at Sevenbridge, we bring all of this together under one all-encompassing umbrella; by providing outside advisers that are there to facilitate careful strategy alignment across the board, and making sure that business succession or sale is always meticulously prepared and planned for, while also ensuring that the capabilities of your CFO and CPA are supplemented and expanded upon.
Rest assured — We’ve got the Proper Knowledge to Power Your Financial Journey!
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SevenBridge Financial Group is a registered investment advisor. Advisory services are only offered to clients or prospective clients where SevenBridge Financial Group and its representatives are properly licensed or exempt from licensure.
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
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