Financial Planning Looks Different for Everyone

For some, the thought of financial planning creates a sense of overwhelming uneasiness – but it doesn’t have to be that way. Financial planning doesn’t always consist of the tedious process of tracking down and gathering all your various financial documents and statements. Nor does it always end in large binders full of detailed financial strategies. More often than not, it starts with a simple conversation with a skilled advisor who can help you think through your goals, understand your resources to achieve those goals and build a simple plan to help you get there, no matter what stage of life you are in.

The Importance of Financial Planning

Just like anything in life, trying to accomplish or achieve a goal without a plan of how you’ll get there often leads to feeling stressed about how, when, and if you will ever meet those goals.

Setting financial goals and developing a financial plan builds confidence in your overall economic well-being. Being mindful of your resources, while planning and designating funds to their appropriate place, will empower you to make informed decisions around your finances and instill peace of mind for your future. In short, planning is the fastest path to true financial confidence.

Having a plan in place will also give you a sense of freedom to make purchases without worrying if you can afford them and helps you secure a comfortable financial future.

When to Create a Financial Plan

Anyone, at any life stage, with any amount of money, can create a financial plan. Doing so – whether you have a little or a lot of money – will benefit you by making you feel prepared and financially secure.

At the basic level, a financial plan is a designated system you implement to reach any financial goal you might have. An excellent way to get started is by considering your short and long-term financial aspirations. From there, you can create specific tasks and practical steps to follow and achieve your goals.

Setting big goals such as saving for a home, retirement, college, planning for a child, or simply growing your savings may seem daunting. However, by naming your goals, you can work backward to determine what daily and weekly steps you need to take to achieve them, making you feel confident in eventually reaching every goal on your list.

Creating A Plan Tailored to You

There is not one generic financial plan that suits everyone's needs, and there are endless ways to develop and maintain a plan that fits within your lifestyle and your goals. Letting your own priorities and resources determine how you spend and save your dollars will ensure you reach the milestones that are most important to you.

If you have found that a particular financial plan doesn't suit you or your family's unique goals or lifestyle, change it up! You should develop a plan that makes sense for you and what you strive to achieve.

A plan tailored to you, your lifestyle, and your current life stage will make it easier to follow through on your financial dreams.

How a Wealth Advisor Can Help

Wealth Advisors do much more than oversee and manage assets and investments. They can provide the tools and guidance needed to develop a successful financial plan. In fact, it is often their experience in guiding others that may prove to be the most impactful. Most of us only face the big life challenges of education savings, retirement, selling a business, and career changes only once. So, we may have little more experience to draw from. Experienced advisors help clients through life’s biggest challenges every day. In short, they have seen the movie and can save you from pitfalls along the way.

Wealth Advisors offer support by helping you talk and think through specific savings and financial end goals. They help you better understand your resources, along with the highest and best use of those resources. They may also introduce you to a specialist, such as financial well-being coaches, who are dedicated to helping individuals develop customized life plans. There are also online tools that will best equip you for your financial journey.

You can utilize the resources of a Wealth Advisor at any stage of your financial journey. Whether you are just starting out, or need guidance in determining your next step, getting in touch with a Wealth Advisor can help you develop a plan you and your family can stick to.

If you have been avoiding financial planning because you are intimidated by a big, long, and complicated process, don't let that misconception stop you. There are a variety of ways to create a financial plan that is practical, simple, and doable, making your financial goals achievable.

Financial planning is a personal and unique process. At any stage of life, anyone can develop a financial plan that makes their money work for them and their personal goals. Utilizing a Wealth Advisor or online resource available at CommunityAmerica can empower you to take the following steps in achieving financial peace of mind.

To take the next step in your financial journey, get in touch with a Wealth Advisor by visiting our website or walking into any branch near you.