In today’s fast-paced world where money is sent via app and our cost of goods and services seems to be growing before our very eyes, financial stress continues to be one of the items that taxes our emotional and mental lives.
The question we can ask is, does it have to be like this?
How would your day look and feel if you were excited about the bigger picture? What if you could own a vision into the future even if that vision requires change? What if you had a go to vision when the “what if’s” in life happen? How would it feel to have someone to talk with about your dreams, fears, and hopes for things to come?
This is holistic planning and why it is so important. Spontaneity is good for some aspects of our life but for everyday life, not so much. No one likes to feel out of control when it comes to their future and their finances. When holistic planning and wealth management are combined, life begins to take on a different perspective. Why, because without the two, confusion and uncertainty reigns as there is no direction.
Let’s read on to talk more about why holistic planning and financial planning are crucial now more than ever before.
It’s Your Story…
There are five ways we leverage the resource known as money. The most common manner in which we leverage money is with our spending patterns. Can you name the other four? Cue the Jeopardy theme…
What is generosity, saving, taxes and debt? These are the other four ways we leverage the resource known as money.
Ever thought of money as a resource? Ever thought of the ways you leverage money? Ever thought about how much of your earnings goes towards the things you really want to accomplish in life?
These are all examples as to how planning can help.
Sure, using an app to see where your spending goes and how much goes towards restaurants, hobbies, coffee, groceries, etc. is a healthy exercise. However, these purchases are in the past and most things that are in the past are irreversible. We don’t dream in past tense. We instead dream about what could be. Plus, we can’t go without coffee!
Past actions are good data points and therefore useful. However this data alone doesn’t change the future. Our thoughts, wishes, and concerns along with the creation of a plan is what helps change future outcomes.
It’s not as simple as saying spend less than you make. Sayings like this are so myopic in scope it’s humorous. If it were that simple, we would be leveraging debt rather than debt leveraging people.
Learning how to manage and leverage our resources is a valuable practice and one that is instilled in many different arenas. From clean water, clean air, electricity, and many other resources, we talk about ways to improve our surroundings all the time. Planning can be the same and it is proven to help in many ways, here are three examples:
- Planning helps us see how money is leverage to us
- Planning helps us reframe our patterns and transition towards a future we aspire to have
- Planning helps us better leverage the resource known as money in each of the 5 categories
This is not an exhaustive list as our individual plans are as unique as our own personal story. And that’s why planning works. This is your story and it is a good read. So how is the resource known as money fitting into your story?
Is this precious resource a great supportive cast for your plans? Or does it seem like it is the main character and not you? Does your journey with money feel like an action movie or possibly a drama? Whatever the case maybe, know that another story is always being written and the good news is you can choose the narrative.
Let’s tear down a few walls. If you weren’t taught how to manage finances or how to plan for the future, you are not alone. You are actually in the majority. If your first thought about planning is, you will be judged for past spending or you don’t want to stop doing everything you enjoy now, know that is not our thought. We are human too and therefore just because we work in this industry doesn’t mean our struggles aren’t real as well. If sharing your hopes and fears with a stranger concerns you, remember that those trusted friends in your life were once strangers too.
Truth is, whether it is a doctor, counselor, or advisor, each is in their profession for a reason. That reason is you.
We all aspire to provide for our families, to enjoy a lifestyle and dream about the future. However, having a career, being married, having children, and life tends to pull us in different directions as we try to manage these full-time jobs. Interestingly though, the very topic that is interwoven in all of these and quite often is the one creating the most stress, is the topic least discussed. This does not have to be the norm.
What’s next is up to you. A great holistic plan should begin to remove the fear we have about certain aspects of our future. A great holistic plan should also bring focus to the hopes we have for the future. Planning begins with a dialogue, not a product sale. Holistic Planning should include your plans for your finances remembering the five ways we leverage the resource known as money. It’s a mix of preparedness, best practices, creation of guardrails and vision towards your hopes and dreams for the future. There is a reason the best businesses in the world plan for their future as well as plan for “what if’s”. What’s next is a potential that is amazing.
Become More Likely To Reach Your Goals
Did you know that you are 10 times more likely to reach your goals if you have a plan in place? It’s the same with finances.
Do you want to own your own business? Do you want to retire early? Do you aspire to be more generous? Whatever your goals might be (and your family’s goals as well), they are more likely to come to fruition when planned for.
No More Surprises Around the Corner
Of course, no one owns a crystal ball. However, there are dozens of best practices, hundreds of guardrails, and thousands of different ideas that can help take your plans to the next level.
You can lean on the experience that a Financial Planning Firm provides as they become an advocate for you. Experienced teams have most likely seen it all as they have worked with hundreds of families like yours.
Feel More in Control of the Future and What It Holds
The more you plan now, theoretically the less you’ll be required to repair in the future. Think of the house you live in. If maintenance on a home is the norm, then in theory the structure itself is more stable and more equipped to handle what comes its way. Plus, as is the case for most assets, ongoing attention to detail tends to promote a favorable return on investment. Your investment of time into your plan will appreciate its future value.
BTW, your plans should include your home’s maintenance. Afterall, it’s important to you and it is an asset. The more we prepare for things to come, known and unknown, the better prepared we’ll be. The more prepared we are, the more secure our families feel.
It is important to remember that what we learned from our parents was most likely caught and not taught. This is not a judgemental thought, rather an observation. Your finances and best practices like planning do not have to be topics to avoid or discuss only when things are tough. When these necessary items are openly discussed in the family and collaboratively planned for, children won’t have to say they didn’t learn about these and more families will have peaceful conversations about money at the kitchen table. This is leverage.
Finances shouldn’t be a taboo subject, but too many families treat them as such. Your children shouldn’t be afraid of the future and neither should you.
Be the Change
No amount of wishing things were different will change the past. No amount of complaining about present circumstances will change the future. Activities like these actually prevent brighter futures. Let’s better educate the next generation by becoming more learned ourselves. Let’s not make money a taboo subject while also respecting that we each are permitted to have our own dreams. Let’s alter the course of debt and leverage it rather than it leveraging us. Let’s individually grow our financial acumen and collectively raise up the communities we live in.
With a holistic plan that includes your finances, income and the five ways to leverage money, you will be able to create a lifestyle for your children and yourself that is equal to your hopes and desires.
No more wishing without action. No more waiting for stars to align. You have it within you to create a future you will enjoy and it starts with your team.
Be encouraged and invest in your future by visiting with a financial planner and get a complimentary second opinion review.
Wealth Management Isn’t Only for the Ultra-rich Anymore
No matter what kind of financial planning services you are searching for, you can find them today. Financial Planning and Wealth Management are not only for the ultra-rich anymore.
If you are interested in taking advantage of the holistic financial planning services offered by Awaken Wealth Partners, contact us today!