{"id":61,"date":"2019-12-20T17:09:40","date_gmt":"2019-12-20T17:09:40","guid":{"rendered":"http:\/\/www.milifeinsurance.ca\/blog\/?p=61"},"modified":"2021-08-25T13:03:14","modified_gmt":"2021-08-25T13:03:14","slug":"five-components-of-a-strong-financial-plan","status":"publish","type":"post","link":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/","title":{"rendered":"Five Components of a Strong Financial Plan"},"content":{"rendered":"\n<p>A good financial plan considers your\npresent situation and helps develop a road map to get you to where you want to\nbe. It also provides a step by step process for you to follow. The following\nare five components that should be included in a good financial plan. <\/p>\n\n\n\n<ul><li><em><strong>Budget properly<\/strong><\/em><\/li><\/ul>\n\n\n\n<p>When you put a budget together, you are\nshowing what sources of income you have and where your money is being spent\neach month. Income sources can include salary from a job, investment income,\ngovernment income like CPP and OAS and property income.<\/p>\n\n\n\n<p>Knowing where your money is going each\nmonth is very important to help you understand if you are spending more than\nyou are bringing in. If you have money left over after the end of the month you\nare in a surplus situation and can either save, spend or pay off debt. If you\nare in a deficit situation and would like to get to a surplus you either have\nto reduce your spending or find an extra source of income, or do a combination\nof both.<\/p>\n\n\n\n<ul><li><em><strong>Pay yourself first<\/strong><\/em><\/li><\/ul>\n\n\n\n<p>One of the golden rules for creating\nwealth, is \u201cpay yourself first\u201d.&nbsp; Ideally\nyou want to be saving 10% of you earnings and locking them away into long-term\ninvestments.&nbsp; Once the money is moved\nfrom your account into an investment account, it is out of sight and therefore\nyou can\u2019t spend it. This allows you to become disciplined in your spending\nwhile creating a strong retirement plan. <\/p>\n\n\n\n<ul><li><em><strong>Put aside a security fund<\/strong><\/em><\/li><\/ul>\n\n\n\n<p>If you have very little in savings, you\nare creating undue stress in your life. Many financial experts recommend\nestablishing a security fund worth at least 3 to 6 months expenses. After you\nhave created this fund you will find that you are in a better financial\nposition to plan for a big vacation, the purchase of another car and\nretirement. And if you lost your job, the money from that security fund would\nhelp support you until you are back on your feet. <\/p>\n\n\n\n<ul><li><em><strong>Have the right coverage in place<\/strong><\/em><\/li><\/ul>\n\n\n\n<p>Making sure you have the right amount of\ninsurance coverage in place for your unique situation, to protect the financial\nsecurity that you\u2019ve worked so hard to achieve. A sudden unexpected illness or\ninjury can create real financial hardship if you don\u2019t have the necessary funds\nto pay the bills while you recover.&nbsp;\nInsurance products can offset this risk.&nbsp;\n<\/p>\n\n\n\n<p>Life insurance can provide your family with much needed financial support in the event of your death; disability insurance protects your income should you become disabled and unable to work; while <a href=\"https:\/\/milifeinsurance.ca\/critical-illness-insurance\">Canada critical illness insurance<\/a> provides you with a lump sum payment in the event of a serious illness like cancer, heart attack or stroke. <\/p>\n\n\n\n<p>By sitting down with your financial\nadvisor to develop a plan, you can determine what coverage is necessary to protect\nyou and your family. They work with your budget and your needs to create a\ncustom solution. <\/p>\n\n\n\n<ul><li><em><strong>Update your plan regularly<\/strong><\/em><\/li><\/ul>\n\n\n\n<p>Once you have your financial plan in\nplace \u2013 and in writing \u2013 it is wise to update it periodically. After all, life\nchanges and so will your financial situation. <\/p>\n\n\n\n<p>Life events like the sale of a business, the birth of a child, purchasing a home or getting a divorce can change your needs dramatically. Your plan should be reviewed at least once a year to see if it still meets your goals and objectives. Let the experts at <a href=\"https:\/\/www.milifeinsurance.ca\/\">MILIFE Insurance<\/a> help you create your financial plan. Once you do you will be more confident that you can handle whatever life throws at you. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A good financial plan considers your present situation and helps develop a road map to get you to where you want to be. It also provides a step by step process for you to follow.<\/p>\n","protected":false},"author":1,"featured_media":47,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top Five Components of a Building Strong Financial Plan<\/title>\n<meta name=\"description\" content=\"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top Five Components of a Building Strong Financial Plan\" \/>\n<meta property=\"og:description\" content=\"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"MILIFE INSURANCE &amp; INVESTMENT INC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MILIFEINSURANCE\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-20T17:09:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-25T13:03:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png\" \/>\n\t<meta property=\"og:image:width\" content=\"560\" \/>\n\t<meta property=\"og:image:height\" content=\"315\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Top Five Components of a Building Strong Financial Plan\" \/>\n<meta name=\"twitter:description\" content=\"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#organization\",\"name\":\"MILIFE Insurance & Investment Inc.\",\"url\":\"https:\/\/www.milifeinsurance.ca\/media\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/MILIFEINSURANCE\",\"https:\/\/www.instagram.com\/milifeinvestments\",\"https:\/\/myspace.com\/milifeinsurance\",\"https:\/\/www.pinterest.ca\/milifeinsurance\/\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.milifeinsurance.ca\/blog\/wp-content\/uploads\/2019\/12\/Screenshot-2019-12-17-at-11.35.41-PM.png\",\"contentUrl\":\"https:\/\/www.milifeinsurance.ca\/blog\/wp-content\/uploads\/2019\/12\/Screenshot-2019-12-17-at-11.35.41-PM.png\",\"width\":600,\"height\":206,\"caption\":\"MILIFE Insurance & Investment Inc.\"},\"image\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#website\",\"url\":\"https:\/\/www.milifeinsurance.ca\/media\/\",\"name\":\"MILIFE INSURANCE &amp; INVESTMENT INC\",\"description\":\"MILIFE INSURANCE &amp; INVESTMENT INC - Insurance - Toronto, Ontario\",\"publisher\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.milifeinsurance.ca\/media\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png\",\"contentUrl\":\"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png\",\"width\":560,\"height\":315},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage\",\"url\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/\",\"name\":\"Top Five Components of a Building Strong Financial Plan\",\"isPartOf\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage\"},\"datePublished\":\"2019-12-20T17:09:40+00:00\",\"dateModified\":\"2021-08-25T13:03:14+00:00\",\"description\":\"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.milifeinsurance.ca\/media\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Five Components of a Strong Financial Plan\"}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage\"},\"author\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#\/schema\/person\/f659d02e1dc30ce7406008973b14577f\"},\"headline\":\"Five Components of a Strong Financial Plan\",\"datePublished\":\"2019-12-20T17:09:40+00:00\",\"dateModified\":\"2021-08-25T13:03:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage\"},\"wordCount\":614,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png\",\"articleSection\":[\"MILIFE Insurance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#respond\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#\/schema\/person\/f659d02e1dc30ce7406008973b14577f\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.milifeinsurance.ca\/media\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d6b480893a25eea8cfbdb0074596b993?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d6b480893a25eea8cfbdb0074596b993?s=96&d=mm&r=g\",\"caption\":\"admin\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Top Five Components of a Building Strong Financial Plan","description":"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/","og_locale":"en_US","og_type":"article","og_title":"Top Five Components of a Building Strong Financial Plan","og_description":"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.","og_url":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/","og_site_name":"MILIFE INSURANCE &amp; INVESTMENT INC","article_publisher":"https:\/\/www.facebook.com\/MILIFEINSURANCE","article_published_time":"2019-12-20T17:09:40+00:00","article_modified_time":"2021-08-25T13:03:14+00:00","og_image":[{"width":560,"height":315,"url":"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_title":"Top Five Components of a Building Strong Financial Plan","twitter_description":"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.","twitter_image":"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Organization","@id":"https:\/\/www.milifeinsurance.ca\/media\/#organization","name":"MILIFE Insurance & Investment Inc.","url":"https:\/\/www.milifeinsurance.ca\/media\/","sameAs":["https:\/\/www.facebook.com\/MILIFEINSURANCE","https:\/\/www.instagram.com\/milifeinvestments","https:\/\/myspace.com\/milifeinsurance","https:\/\/www.pinterest.ca\/milifeinsurance\/"],"logo":{"@type":"ImageObject","@id":"https:\/\/www.milifeinsurance.ca\/media\/#logo","inLanguage":"en-US","url":"https:\/\/www.milifeinsurance.ca\/blog\/wp-content\/uploads\/2019\/12\/Screenshot-2019-12-17-at-11.35.41-PM.png","contentUrl":"https:\/\/www.milifeinsurance.ca\/blog\/wp-content\/uploads\/2019\/12\/Screenshot-2019-12-17-at-11.35.41-PM.png","width":600,"height":206,"caption":"MILIFE Insurance & Investment Inc."},"image":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/#logo"}},{"@type":"WebSite","@id":"https:\/\/www.milifeinsurance.ca\/media\/#website","url":"https:\/\/www.milifeinsurance.ca\/media\/","name":"MILIFE INSURANCE &amp; INVESTMENT INC","description":"MILIFE INSURANCE &amp; INVESTMENT INC - Insurance - Toronto, Ontario","publisher":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.milifeinsurance.ca\/media\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage","inLanguage":"en-US","url":"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png","contentUrl":"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png","width":560,"height":315},{"@type":"WebPage","@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage","url":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/","name":"Top Five Components of a Building Strong Financial Plan","isPartOf":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage"},"datePublished":"2019-12-20T17:09:40+00:00","dateModified":"2021-08-25T13:03:14+00:00","description":"Know how can you build a strong financial plan for your future. You need a strong financial plan for the best lifestyle. Know how insurance can helps to make you financially strong.","breadcrumb":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.milifeinsurance.ca\/media\/"},{"@type":"ListItem","position":2,"name":"Five Components of a Strong Financial Plan"}]},{"@type":"Article","@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#article","isPartOf":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage"},"author":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/#\/schema\/person\/f659d02e1dc30ce7406008973b14577f"},"headline":"Five Components of a Strong Financial Plan","datePublished":"2019-12-20T17:09:40+00:00","dateModified":"2021-08-25T13:03:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#webpage"},"wordCount":614,"commentCount":0,"publisher":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/#organization"},"image":{"@id":"https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.milifeinsurance.ca\/media\/wp-content\/uploads\/2019\/12\/MiLife-5-components-of-financial-planning.png","articleSection":["MILIFE Insurance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.milifeinsurance.ca\/media\/five-components-of-a-strong-financial-plan\/#respond"]}]},{"@type":"Person","@id":"https:\/\/www.milifeinsurance.ca\/media\/#\/schema\/person\/f659d02e1dc30ce7406008973b14577f","name":"admin","image":{"@type":"ImageObject","@id":"https:\/\/www.milifeinsurance.ca\/media\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/d6b480893a25eea8cfbdb0074596b993?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d6b480893a25eea8cfbdb0074596b993?s=96&d=mm&r=g","caption":"admin"}}]}},"_links":{"self":[{"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/posts\/61"}],"collection":[{"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/comments?post=61"}],"version-history":[{"count":3,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/posts\/61\/revisions"}],"predecessor-version":[{"id":146,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/posts\/61\/revisions\/146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/media\/47"}],"wp:attachment":[{"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/media?parent=61"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/categories?post=61"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.milifeinsurance.ca\/media\/wp-json\/wp\/v2\/tags?post=61"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}