Financial Life Planning


What Is Financial Life Planning?

Financial Life Planning is a popular term that describes a more holistic and integrated approach to financial planning.  Over the past 10 years, some financial planners have moved away from a product-centered practice to one that recognizes that individuals do not always behave rationally when it comes to money. Individuals are emotional and inconsistent when it comes to money.  The emotional component of money is inescapable. Emotions dictate behavior and money is no exception.  

Financial life planning is a holistic process that applies traditional financial analysis within a framework of the individual’s goals, dreams, values, experiences, and total resources.  Rather than spreadsheets detailing cash flows and retirement projections, the core of financial life planning asks more meaningful questions that inspire clients to take a deeper look into core values, beliefs, life experiences, both good and bad. This approach helps individuals focus on their emotions and motivations, determine their financial goals then use them as a framework to guide the financial planning process.  Simply put, the cash flow worksheets, retirement projections, and tax strategies come after these deep, dive emotional conversations.  

Understanding the emotional component of money is attached to more positive outcomes.  This approach reveals a strong correlation between people simply seeing their goals detailed in charts and graphs,  and actually reaching them. Studies show that when a goal is tied to a real-life circumstance, the chances of meeting that goal increase significantly.  

At BetterWealth for Women, we work to help clients recognize roadblocks and other emotional baggage that has kept them from achieving their goals.  Everyone faces challenges.  Death, divorce, or job loss are emotional issues that affect financial decisions at times when we are the least able to make them.  Negative emotions often color future decision-making with regard to money and goals.  A financial life planner helps an individual to recognize these roadblocks and set them on a path to better their financial future.  

At BetterWealth for Women, we recognize the importance of looking at your whole life, not just statements, and projections.  Book a call today and let’s get started.


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