Establishing a financial plan can’t wait for “someday”
Make it a priority TODAY. Here’s how.
Young people, whether single or married, can be among the most frequent of procrastinators when it comes to establishing a financial plan.
That financial plan you’ve been putting off to do “someday” needs to get pushed up to the top of your priority list. Getting around to it later is potentially hurting your financial stability and wealth creation long term and/or causing financial stress that could be avoided altogether.
So, why the procrastination?
You may feel you’re not yet at an income level that allows you to have any significant savings, let alone a financial plan. You might feel you have all the time in the world to create a financial plan. You may not think of yourself as financially savvy and, thus, feel intimidated by the thought of contacting a financial planner. Or, you might just have other priorities.
A word to the wise... none of these reasons is good enough to wait any longer.
Start today to think about, establish and commit to a financial plan. Here’s how.
Believe in yourself and your future. Wherever you are in your career and whatever your income, if you want a better tomorrow, it’s up to you to make it happen. In a recent article posted online at ladders.com, entitled... The most important life-changing habit in 2 words: START NOW... author Thomas Oppong writes, “Many people consistently hold back and waste precious time. The only way to get ahead is to overcome that state of mind. Start. Every single day. Start and then restart. It doesn’t matter if you fail.” In other words, don’t wait for some miracle to happen or for someone else to take charge of your financial future. Believe in yourself, and start today to establish your financial plan.
Find a financial advisor who also believes in you. There’s a long-held belief that you have to make a lot of money to get the attention of a financial planner. That’s not the case at Lenox, where “we start with you, not your portfolio”. We are your advocates first and foremost. We believe in you and help you discover and use your inherent strengths and talents to Fund a Life You Love®. One of our unique tools is to take you through an Honest Conversation®, prompting great discussion about what is important to you, or if you are a couple, what is important to each of you individually and as a couple. From this, we create a financial plan that is relevant, actionable and doable because it is about you and what you consider to be your personal happiness.
Let no excuse get in your way. Forget the naysayers who say a financial plan isn’t important at this stage of your life... or that you’ll never stick to it... or that all financial advisors are alike... and on and on. It’s your money. It’s your financial future. No one else should be allowed to determine your success.
Start small. Doing something is better than nothing at all. You don’t need grandiose ideas to set a financial plan in motion. You just need to get started. Once begun, the bottom line results, peace of mind and comfort that come with having a financial plan can be somewhat addictive, meaning you want to keep it going.
Understand the time value of money. If you need further motivation to stay true to your financial plan, take a few minutes to look at the time value of money. There are numerous charts online to show you how your wealth can grow via this compounding of money over time. Go to https://www.msn.com/en-us/money/tools/timevalueofmoney to see for yourself. It’s an instant discipline builder.
Cut yourself a little slack now and then. Yes, a financial plan requires discipline, but it should not be dreaded or feel like a life sentence. The right plan for you should get you on track for your income level and lifestyle and show you how to stay on track to meet your lifetime goals. Remember, the goal at Lenox is to help you Fund a Life You Love®. If that means traveling or pursuing a hobby or buying a business or whatever your interests, let’s include those things in your financial plan.
Visit and revisit your financial plan. Life changes and so might your financial plan. It most likely won’t be a one and done. That’s a reality that should feel very freeing to you. Tweaks and adjustments will occur, inspired by family, career and other commitments. That’s a good thing and a discussion that your Lenox financial planner will initiate with you on a regular basis.
If it sounds like we’re here to help, we are. You deserve financial planning that helps you live the best life you can with financial peace of mind. We help you do just that. Now, let’s get started on your financial plan.
Fund a Life You Love®... we live it and want our clients to experience it as well.
If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more. Let’s talk. It’s your tomorrow.
Call us for a complimentary 1 hour review. Call 513.618.7080 or visit www.lenoxwealth.com to Fund a Life You Love.
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This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.