The traditional “American Dream” that average citizens can better their lives, not worry about paying their monthly bills, give their children opportunities better than their own, and still be able to save towards a comfortable retirement has become harder to achieve and maintain. For many Americans this dream has been replaced by rising costs, debt, declining wages, and ultimately a downsizing of their dreams. Yet, while some Americans seem to be struggling financially, others are getting ahead. Why? For many, the answer to this question lies in having a plan – a financial plan customized to a family's own unique dreams and goals.

While some financial planners deal mainly with investments, a good financial plan often needs to go beyond these strategies. The needs and goals of every family are unique. Therefore, a financial plan should be customized to a family's individual needs and can include some or all of the following areas:

Retirement – Everyone I know has great dreams for what they want to do after they retire, but more and more retirees are finding themselves rejoining the workforce in order to make ends meet. Starting a retirement plan is most effective when started early in life, but this is the time people are least interested. They key to saving for your future is to start as soon as possible. Even if you are currently saving for retirement, get a retirement check-up. You want to make sure you have an adequate plan while you still have time to change it if necessary.

College Education – I was shocked when I heard that by the time my son and daughter go to college, 4 years at a state school could cost as much as $200,000 and a private school even more! You need to start saving when you children are young. Even a small amount saved consistently over time can make a big difference. There are two savings vehicles you can take advantage of that allow you possible tax benefits – a 529 college savings plan and a Coverdell Education Savings Account.

Life Insurance – Life insurance is almost a necessity – especially if you have children. Knowing that your family will be taken care of is definitely a source of great comfort. I know a lot of people who do not have life insurance, do not have enough life insurance, or do not have the right kind of life insurance. You need to make sure that the amount of coverage you have gives you and your family the protection you need.

Household budget – Creating a household budget is just deciding to spend your money on purpose before you actually spend it. For some, this may be as simple as deciding to spend 60% of their income on fixed expenses leaving 40% for saving and having fun. For others, a more comprehensive budget is needed to address their spending habits. The bottom line is that you need some type of budget to help you save towards your dreams and goals.

Saving for financial goals – A family's financial goals can include anything from buying a new home to going on a family vacation. Whatever these goals are, the best way to achieve them is to start saving before you need the money. I have seen too many people who have gone into debt, or at best overextended themselves financially, to achieve their goals because they did not plan ahead and start saving now.

Debt management – Imagine what you life would be like without any credit card debt. This can be a reality, but for many people I know, being in debt has become a way of life. The average household debt and personal bankruptcies has been steadily increasing. You need to have a plan to aggressively get rid of your credit card debt. Only then will you be free to start saving towards other important dreams and goals.

There are several things to consider when developing a financial plan. While many parts of a financial plan you may decide to do yourself, eventually you will need a financial advisor to help you implement the plan and take care of all the details. Make sure that you are comfortable with the person you choose. For most people, their dreams, goals, and financial situation will change. You need to make sure that you can update your plan as often as necessary to account for these life changes and make sure your plan is working. Whatever you decide, the important thing to remember is that a good financial plan will help you achieve your dreams and goals. The sooner you start, the sooner you can start turning your dreams into realities.