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Seven Simple but Powerful Financial Planning Tips

by Tony Novak, CPA, MBA, MT,  revised 2/10/2015

These seven tips are intended to help bring focus on the simple yet powerful topics that are critical to any individual or small business financial success.

1. Diversify your income, assets, resources and security measures.

2. Manage risks without relying primarily on insurance.

3. Do not react to short term news by changing your course too often.

4. Have both a written financial plan and a written investment policy.

5. Re-evaluate and modify your long term course on a planned periodic basis.

6. Update your beneficiary designations and your letter of instruction.

7. Get a second opinion on your financial plan from the best source available.