Goal Based Financial Planning

We’ve talked about this in our Blog (see, for instance, Carrie Nation’s hatchet didn’t cut it): You can tell people to save more money until you’re blue in the face, but don’t expect to change people’s behavior. On the other hand, if you teach them how to save and provide them with a way to follow their plan once they have it, you will give them the tools they want and the motivation they need to start building a retirement savings account.

The  PrinCap 401(k) AdvantageSM includes a series of dynamic and interactive exercises designed to help plan participants develop a comprehensive financial plan as well as practical solutions to unexpected or unusual expenses. Our education programs begin by taking participants through a comprehensive review of income and expenses. The next step is forecasting planned expenses such as a family vacation (annual expense) to education (long-term expense). The final step in this initial process is to formulate a realistic plan involving short, intermediate and long-term goals.

Then we go one step further: we introduce a web-based, individualized, restricted social network as a means of tracking progress and when necessary, providing the motivation needed to stick with the plan. While we provide guidance as to how to build an effective support network, the final support system will be crafted by the plan participant.