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MONEY MATTERS: Financial Planning

Money Matters

Welcome to another edition of money matters with Joe Kruse of Kruse Financial Group of Dakota Dunes, Joe we talk about financial planning. It seems to me that can be a very confusing area. Talk to us a little bit about what goes into a financial plan.

There is so much information out there now on the internet since I started this 30 years ago. Really a big part of our job is trying to disseminate that. There's really about five areas of focus. That we focus on should say: Cash management, risk management, accumulation strategies, retirement and then your estate planning basically.

Now there must be a team of people who can kind of help with this. Talk a little bit about that team and how they work into building a financial plan?

It kind of starts with the biggest thing is the cash management. We do work with other advisers, the CPA's the attorneys. The plans kind of start here. A big part of it is the cash management. Cash management is doing a budget, make sure you know what your cash flow is, talking about the debt, your credit that type of thing. The next step is risk management. Risk management talks about protecting what you already have, make sure your house is insured correctly, your autos are insured correctly, ect... and accumulation strategies that's accumulating goals like paying for child's college or saving up for a second home ect... and then the retirement analysis and then last but not least make sure you talk about estate planning.


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