Step-by-Step Roadmaps:
Establishing Your Core Team
Clarify Your Objectives
Action
Write down your financial and legal goals (e.g., budgeting, saving, estate planning).
Example
“I want to create a comprehensive financial plan and ensure my legal documents protect my future and my family.”
List the Roles You Need
Action
Identify the three essential roles: Accountant, Adviser (Financial Planner), and Attorney.
Example
Create a simple list:
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Accountant (CPAs): For tax planning and financial record-keeping.
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Financial Adviser (CFP): For budgeting, investment strategy, and wealth building.
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Attorney: For drafting wills, power of attorney, and other legal documents.
Gather Referrals and Research
Action
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Ask trusted friends, family, or colleagues for recommendations.
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Search online using local directories and professional associations (e.g., state CPA directories, National Association of Personal Financial Advisors, and local bar associations).
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Use one of our partners (Provide EPM Recommendations)
Example
Visit websites like the American Institute of CPAs, or your local state bar association, to verify credentials.
Create a Shortlist
Action
Compile a list of at least 3–5 professionals for each role based on referrals, online reviews, and credentials.
Example
Use a spreadsheet to track each candidate’s name, contact info, specialties, and any initial impressions from referrals.
Prepare for Consultations
Action
Draft a list of questions tailored to each role. Topics might include experience, communication style, fees, and how they have helped clients in similar situations.
Example
For an attorney: “How have you grown with other clients over the years as their needs have changed? What is that engagement process like?”
Schedule Initial Consultations
Action
Reach out to the candidates to schedule brief initial consultations (many offer free or low-cost initial meetings). (Use our code/name for a free consult)
Example
Use email or phone to ask, “I’m looking to establish a long-term relationship for my legal/financial needs. Can we set up a 30-minute consultation?”
Evaluate Compatibility and Expertise
Action
After each consultation, note how comfortable you felt, whether they clearly explained their process, and if they understood your goals.
Example
Create a simple rating system (e.g., 1-5 on communication, expertise, and rapport) for each candidate.
AAA Core Team Tracker
Make Your Selections
Action
Choose the professional from each role who best aligns with your needs and with whom you feel the most comfortable.
Example
If one accountant demonstrates clear expertise in small-business finances and communicates effectively, select them for your team.
Formalize the Relationship
Action
Contact your selected professionals to confirm your engagement and outline your expectations (e.g., scheduling regular meetings, clear fee structure).
Example
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Draft an email summarizing your goals and requesting a kickoff meeting. (Provide Template)
Schedule Initial Consultations
Action
Reach out to the candidates to schedule brief initial consultations (many offer free or low-cost initial meetings). (Use our code/name for a free consult)
Example
Email or call, and say “I’m looking to establish a long-term relationship for my legal/financial needs. Can we set up a 30-minute consultation?”
Establish a Regular Review Process
Action
Set up periodic meetings (quarterly or semi-annually) with each team member to review your financial and legal status and adjust plans as needed.
Example
Schedule a quarterly check-in with your financial adviser to review your budget and investment strategy.
Document Your Team and Processes
Action
Create a master document with all contact details, meeting notes, and an overview of each professional’s role. Store this in a secure, easily accessible location (physical and digital). Share emergency contacts with spouse/children.
Example
Use a cloud-based tool (like Google Drive) or a physical binder to keep all your information organized and updated. (Provide Template)
Creating a Basic Financial Plan
Clarify Your Financial Goals
Action
Write down short-, medium-, and long-term financial goals (e.g., saving for an emergency fund, a down payment on a house, or paying off student debt).
Example
“I want to build an emergency fund equal to three months of living expenses within one year.”
Determine Your Net Monthly Income
Action
Gather your pay stubs or bank statements to calculate your take-home (net) income.
Example
If you receive two paychecks/deposits of $2,000 each per month, your net income is $4,000.
Track Your Current Spending
Action
For at least 30 days, record every expense — either manually in a spreadsheet, paper, or using a budgeting app (e.g., EveryDollar, Mint, or YNAB).
Example
Write down expenses like $50 for groceries, $100 for utilities, $200 for dining out, etc.
Choose a Budgeting System
Action
Decide on a budgeting method that suits you. Popular options include:
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50/30/20 Rule: Allocate 50% of your net income to needs, 30% to wants, and 20% to savings and debt repayment.
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Zero-Based Budget: Assign every dollar a job so that income minus expenses equals zero. (EPM Tip* Don't forget to include investing)
Example
With a $4,000 monthly income, using the 50/30/20 rule, allocate $2,000 for needs, $1,200 for wants, and $800 for savings/debt.
Create Your Budget Plan
Action
Write your monthly income and list each expense category along with a set spending limit for each. Use a spreadsheet or a budgeting app to formalize this plan. Use our Budget Template
Example
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Income: $4,000
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Housing: $1,200
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Groceries: $400
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Transportation: $300
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Utilities: $200
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Entertainment: $200
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Savings/Debt: $800
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Miscellaneous: $500
Ensure the totals align with your chosen method (adjust as needed so that all dollars are assigned a purpose).
Automate Your Savings
Action
Set up an automatic monthly transfer from your checking to your savings account equal to your designated savings amount.
Example
Setup your bank to move $800 to your savings account on payday. This “pay yourself first and live off the rest" approach forces discipline and consistency.
Monitor and Adjust Your Budget
Action
Especially for the first month - track your spending daily or weekly against your budget. Adjust budget categories as needed if you find your estimates are off.
Example
If you consistently spend $50 more on groceries, consider revising that category or identifying areas where you can cut back.
Review Your Budget Regularly
Action
Schedule a monthly review to compare your actual spending against your budget, and adjust your plan to reflect any changes in income or expenses.
Example
At the end of each month, review your bank statements and update your spreadsheet for the next month’s planning.
Resources
Action
NerdWallet
Investopedia
Consumer.gov
Building Your Emergency Fund
Calculate Your Essential Monthly Expenses
Action
List all fixed and necessary expenses (e.g., rent/mortgage, utilities, groceries, transportation, debt payments).
Example
If your total essential spending is $2,000 per month, then three months’ expenses equal $6,000.
Set a Clear Savings Target
Action
Establish an initial emergency fund goal based on your calculation (e.g., $6,000 for three months).
Example
Aim to save $6,000 over the next 12 months ($500 per month). Analyze the budget you created in the last section and look at way to increase that 20% bucket.
Open a Dedicated Savings Account
Action
Choose a high-yield or money market savings account separate from your checking account to avoid spending the funds.
Example
Check sites like NerdWallet for an updated list of the Best High-Yield Savings accounts
Automate Your Savings
Action
Set up an automatic monthly transfer from your checking to your savings account equal to your designated savings amount.
Example
Setup your bank to move $250 to your savings account on payday. This “pay yourself first and live off the rest" approach forces discipline and consistency.
Identify Extra Savings Opportunities
Action
Review your budget for non-essential spending areas (e.g., dining out, subscriptions) and reallocate a portion of those funds to your emergency savings
Example
Reduce monthly spending on entertainment by $50–$100 and add that to your monthly contribution.
Track Your Progress Regularly
Action
Monitor your emergency fund balance weekly or monthly using a budgeting app or spreadsheet.
Example
Update your savings tracker and note when you reach 25%, 50%, and 75% of your goal.
Adjust Your Contributions if Needed
Action
If you receive a bonus, raise, or identify additional expense cuts, increase your monthly savings amount.
Example
If you find an extra $100 a month after cutting an expense, add it to your regular transfer.
Reassess Your Monthly Expenses Periodically
Action
Every 3–6 months, review your expenses to see if your target should be adjusted (e.g., if living costs rise, recalculate the three-month expense amount).
Example
If your expenses increase to $2,200 per month, adjust your emergency fund goal to $6,600.
Creating Your Basic
Legal Documents
Research Your Legal Needs
Action
Identify which documents are essential for your current circumstances (e.g., a will to distribute assets, a POA to designate a legal decision-maker, and a healthcare proxy for medical decisions).
Example
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legalzoom.com - Provides step-by-step guidance and customizable document templates for living trusts, wills, powers of attorney, and healthcare proxies.
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nolo.com - Offers comprehensive articles, free legal forms, and detailed guides on setting up living trusts, drafting wills, and establishing powers of attorney and healthcare proxies.
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rocketlawyer.com - Features a library of legal documents and tools that allow you to create a living trust, will, POA, and healthcare proxy with professional guidance and legal reviews.
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aarp.org - Provides easy-to-understand resources and downloadable forms (particularly for wills, POA, and healthcare proxies) aimed at helping individuals plan for their future.
Gather Information and Prepare a List
Action
List out important details required for each document, such as:
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For a Living Trust: List of assets, appointment of Grantor and Trustees, list of beneficiaries
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For a Will: Names of beneficiaries, appointment of an executor, and a list of assets.
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For a POA: Choose a trusted individual to make financial/legal decisions on your behalf.
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For a Healthcare Proxy: Designate a person to make medical decisions and note any specific healthcare wishes.
Example
Write down your asset list, family details, and any specific instructions you want to include.
Use our template: MANturity Matrix - Legacy Document Template | EmpowerMEN
Draft Your Documents and Review
Action
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Using your gathered information and chosen templates (provided from sites like LegalZoom, Nolo, or Rocket Lawyer), create the first draft of your living trust, will, POA, and healthcare proxy.
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Read through your drafts carefully, ensuring clarity and completeness. Make revisions as needed so that all your wishes are clearly stated.
Example
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Customize the template by inserting your personal details, naming beneficiaries, and outlining your specific wishes. Store them in a central place to review with your estate attorney. See Example Trust​ document
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Check that the executor’s and agent’s names are spelled correctly, and that your asset distribution is accurately detailed.
Consult with a Legal Professional
Action
Schedule a consultation with an attorney specializing in estate planning or elder law to review your documents for legal accuracy and compliance with state laws.
Example
Setup your bank to move $250 to your savings account on payday. This “pay yourself first and live off the rest" approach forces discipline and consistency.
Consult with a Legal Professional
Action
Schedule a consultation with an attorney specializing in estate planning or elder law to review your documents for legal accuracy and compliance with state laws.
Example
Many legal service providers offer affordable consultations or document review services
Finalize and Execute the Documents
Action
Once your attorney approves your drafts, arrange for the signing of your documents in accordance with your state’s legal requirements. This may involve:
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Having your will signed in the presence of at least two witnesses.
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Notarizing the POA and healthcare proxy if required.
Example
Organize a meeting with your chosen witnesses (who are not beneficiaries) and a notary public to execute properly, according to your attorney's instructions.
Securely Store Your Documents
Action
Store the original documents in a safe, accessible location (e.g., a safe deposit box, fireproof safe, or with your attorney). Make copies for your designated executor or trusted family members.
Example
Inform your executor and family where the originals are stored and provide them with a copy or a reference document.
Plan for Future Updates
Action
Set reminders (e.g., annually or after significant life changes) to review and update your legal documents, to make sure they keep up with your life.
Example
Use an app like google calendar, tasks reminders to mark your calendar to revisit your documents yearly or after major events like marriage, divorce, birth of a child, or significant changes in your assets.
Securing Comprehensive Life Insurance Coverage
Evaluate Your Future Financial Needs
Action
List your current financial obligations (mortgage, debts, living expenses, future education costs, etc.) and determine how much income your family would need to cover them. Decide on a target multiplier (commonly 10–12 times your annual income).
Example
​If your annual income is $75,000 and you aim to cover 10 years of support, your base target might be $750,000 — $900,000​.
If you use a calculator, use one that accounts for annual income, debts, and future expenses.
Note: There are more detailed ways to estimate your life insurance coverage, but this will get you started.
Research Life Insurance Options
Action
Learn about different policy types (e.g., term vs. permanent life insurance) to decide which best suits your financial goals and budget.
Example
Compare a 20-year term life policy (affordable, straightforward coverage) with permanent options that accumulate cash value (whole life, index universal life insurance - IUL).
Pro Tip: You can have multiple policies and it might be better. A 20 year term life policy to cover your income until you retire and smaller 30 year policy to cover your mortgage.
Consult with an Independent Insurance Agent or Financial Planner
Action
Discuss your options with a professional who can help you understand the fine print and tailor your policy to your unique situation.
Example
Schedule a meeting with an independent agent who can compare policies from multiple providers without bias.
​
Note: Brokers are different from agents of an insurance company. Here are a list of differences between agents and brokers.
Compile a Shortlist of Providers
Action
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Research at least 3–5 reputable insurance companies that offer the type of policy you prefer.
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Ask friends, family, or financial advisors for recommendations and check reputable online sources (e.g., Investopedia, NerdWallet).
Example
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Look for companies with strong financial ratings and positive customer reviews.
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Here’s a breakdown of the Cheapest life insurance companies
Compare Quotes & Select the Best Policy
Action
Obtain several detailed quotes, focusing on premiums, term lengths, and any available riders. Then choose the policy that best meets your long-term financial needs and matches your criteria (like coverage, affordability, and policy features - ex: riders for accelerated benefits).
Example
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Request quotes for a 20-year term policy with your targeted coverage amount from the previous steps. Compare monthly premium costs within your established budget.
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Don't just get all this information... PICK ONE!
Decide on a term life policy that offers a fixed premium for 20 years and includes a rider for chronic illness, if desired.
Complete Application & Sign Policy
Action
Sign and provide all required documentation, then schedule a medical exam, if required by the insurer. Once approved, carefully review the final policy documents and verify your coverage.
Example
Ensure that all details (coverage amount, term length, beneficiary designations) are correct before signing.
Set Up Automatic Premium Payments
Action
Live life on 'auto', so you don't have to think about it. This is not coverage you want to lapse. Arrange for automatic deductions from your bank account to ensure your policy stays active without missed payments.
Example
Most insurer’s online customer portal allow you to schedule monthly or annual premium payments. Align with your budget for the best schedule.
Secure and Monitor Your Policy
Action
Store your policy documents in a secure place and schedule periodic reviews (annually or after major life changes) with your financial advisor.
Example
Keep both digital and physical copies in a safe deposit box (or a safe you bought earlier). Set an automated recurring calendar reminder for an annual policy review.
Establishing Trusts and College Funds for Dependents
Assess Your Goals and Needs
Action
Determine estimated future education costs (tuition, books, living expenses) and any other long-term needs for your dependents.
Pro Tip: While school has its major benefits, not all kids take that path. Explore some of the flexible options below so you can set them up for success regardless of the path they choose.
Example
Research the current cost of a four-year college and project a reasonable annual increase (e.g., 5% per year).
20 years ago, a premiere private school was $40,000 a year now it's over $90,000 a year.
Determine the Savings Target
Action
Calculate the total amount needed by using available online college savings calculators or financial planning worksheets.
Example
Use this 529 savings calculator to estimate how much to save using 529 or use fidelity's college calculator calculator to estimate college savings in general.
Choose the Right Savings Vehicle
Action
Decide whether a 529 college savings plan, custodial account, or a family trust best suits your needs based on tax advantages, control, and flexibility.
Example
Compare plans and its features:
529
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Tax-deferred growth
-
Tax-free withdrawals for qualified expenses (tuition, fees, books, etc)
-
Limited to education related expenses (K-12 and college)
-
Slight impact to financial aid
Custodial account
-
More investment flexibility
-
Complete spending control for any purpose (ex. launching their business)
-
Protected assets until minor reaches maturity age and takes ownership
-
less tax benefit and subject to tax
-
Heavy impact to financial aid
Trust
-
Customizable investment strategies
-
Estate planning benefits
-
Full flexibility and protection of financial assets
-
Maintain control or leverage professional management regardless of age
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No impact to financial aid
-
Costs more to setup
Research Providers & Setup Accounts or Trust
Action
Investigate reputable providers for 529 plans (state-sponsored or private) or legal firms that specialize in drafting family trusts.
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For a 529 plan: Complete the online enrollment process, providing your dependent’s information and linking a funding source (on autopay).
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For a Trust: Consult with an estate planning attorney to draft a trust document tailored to education funding and future needs.
Example
-
​Visit websites like NYsaves.org or SavingForCollege.com, or your state’s official 529 plan page for comparison of fees, investment options, and benefits.
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If choosing a trust, schedule a consultation with a local attorney who offers flat-fee estate planning services.
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Decide on regular contributions (e.g., monthly automatic transfers) and determine how you’ll also use lump-sums to fund the trust.
Integrate With Your Overall Financial Plan
Action
-
Determine how college savings or funding the trust aligns with your broader financial goals. Reallocate funds if needed, or adjust other spending to prioritize contributions.
-
​Schedule periodic reviews (e.g., annually or semi-annually) to assess account performance, contributions, and whether your funding target remains realistic as education costs change.
Example
-
​If you’re currently budgeting $500 monthly for savings, decide what portion will be dedicated to the college fund versus your emergency fund.
-
​At the end of each year, review your 529 account’s growth and update your target if college costs have increased significantly
Implementing Enhanced Financial Planning
Assess Your Goals and Needs
Action
Determine estimated future education costs (tuition, books, living expenses) and any other long-term needs for your dependents.
Pro Tip: While school has its major benefits, not all kids take that path. Explore some of the flexible options below so you can set them up for success regardless of the path they choose.
Example
Research the current cost of a four-year college and project a reasonable annual increase (e.g., 5% per year).
20 years ago, a premiere private school was $40,000 a year now it's over $90,000 a year.
Determine the Savings Target
Action
Calculate the total amount needed by using available online college savings calculators or financial planning worksheets.
Example
Use this 529 savings calculator to estimate how much to save using 529 or use fidelity's college calculator calculator to estimate college savings in general.
Choose the Right Savings Vehicle
Action
Decide whether a 529 college savings plan, custodial account, or a family trust best suits your needs based on tax advantages, control, and flexibility.
Example
Compare plans and its features:
529
-
Tax-deferred growth
-
Tax-free withdrawals for qualified expenses (tuition, fees, books, etc)
-
Limited to education related expenses (K-12 and college)
-
Slight impact to financial aid
Custodial account
-
More investment flexibility
-
Complete spending control for any purpose (ex. launching their business)
-
Protected assets until minor reaches maturity age and takes ownership
-
less tax benefit and subject to tax
-
Heavy impact to financial aid
Trust
-
Customizable investment strategies
-
Estate planning benefits
-
Full flexibility and protection of financial assets
-
Maintain control or leverage professional management regardless of age
-
No impact to financial aid
-
Costs more to setup
Research Providers & Setup Accounts or Trust
Action
Investigate reputable providers for 529 plans (state-sponsored or private) or legal firms that specialize in drafting family trusts.
-
For a 529 plan: Complete the online enrollment process, providing your dependent’s information and linking a funding source (on autopay).
-
For a Trust: Consult with an estate planning attorney to draft a trust document tailored to education funding and future needs.
Example
-
​Visit websites like NYsaves.org or SavingForCollege.com, or your state’s official 529 plan page for comparison of fees, investment options, and benefits.
-
If choosing a trust, schedule a consultation with a local attorney who offers flat-fee estate planning services.
-
Decide on regular contributions (e.g., monthly automatic transfers) and determine how you’ll also use lump-sums to fund the trust.
Integrate With Your Overall Financial Plan
Action
-
Determine how college savings or funding the trust aligns with your broader financial goals. Reallocate funds if needed, or adjust other spending to prioritize contributions.
-
​Schedule periodic reviews (e.g., annually or semi-annually) to assess account performance, contributions, and whether your funding target remains realistic as education costs change.
Example
-
​If you’re currently budgeting $500 monthly for savings, decide what portion will be dedicated to the college fund versus your emergency fund.
-
​At the end of each year, review your 529 account’s growth and update your target if college costs have increased significantly