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As we explored in the last article on the Phases of Wealth, navigating your financial journey requires more than just understanding where you are—it requires applying the right principles at every step. Whether you’re building, preserving, or transitioning wealth, the following six principles serve as the foundation for sound and strategic wealth management:

1. Financial Planning – Mapping the Journey

2. Investment Management – Growing with Intention

3. Risk Management – Protecting the Engine

4. Tax Planning – Keeping More of What You Earn

5. Estate Planning – Handing over the wheel

6. Relationship Management – Coordinating with Your Financial Team

This week, we'll discuss principal number one:

1. Financial Planning – Mapping the Journey

A comprehensive financial plan acts as your roadmap, guiding you toward both short- and long-term goals. It involves budgeting, saving, debt management, and making informed financial decisions based on your values and objectives. Effective financial planning ensures that every part of your wealth machine is working in alignment, helping you stay on course through all life stages.

Here is an example presented by Jacob Packer, First Federal Bank Wealth Management Advisor:

A couple sold the business they had built and nurtured for over 20 years—a venture that represented their life’s work, dreams, and dedication. After receiving a substantial wire transfer from the sale, they were faced with a significant and unfamiliar question: What do we do now?

They shared their desire to convert the proceeds into a reliable income stream for retirement, but they weren’t sure where to begin. Although they already had a relationship with an advisor, they felt the service had fallen short of their expectations.

Together, we reviewed their current financial position and discussed their retirement goals—both short-term needs and long-term aspirations. From there, we restructured their assets into investments designed to generate consistent income while also supporting future growth. They were so pleased with the outcome that they chose to consolidate all their outside investments with us at First Federal, bringing their full financial picture under one roof.

This is a common dilemma for many business owners. While they are masters of their trade, retirement and investment planning often present new and unfamiliar challenges. As Wealth Advisors, we play a critical role in guiding them through this transition—commonly referred to as exit or succession planning—to help ensure the process is both seamless and successful.

Our next Wealth Wisdom article will feature principal number two: Investment Management. 

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