What is Financial Life Planning?
Financial Life Planning is a holistic process that puts your interests first and
focuses on increasing your sense of financial well-being and life satisfaction.
Initially, this process will help you to clarify your values, priorities, circumstances,
and aspirations; and then guide you in defining and designing your unique
version of the “rich life.” In addition, Financial Life Planning will increase your
understanding of the habits and attitudes that will facilitate your financial and
life goals and support successful life transitions.
Why Choose a Financial Life Planning Advisor?
Because of the unpredictability of life and the complexity of financial markets, it
is important to work with a financial advisor who will help you to achieve your
financial and life goals. And, it is essential to select an advisor who will take the
time to truly get to know you and to understand your concerns and your
Therefore, in addition to traditional discussions of assets and net worth, these
unconventional advisors are asking their clients, “What will bring meaning and
purpose to your financial life?” If you are among those individuals disillusioned
with the results of “using your life to make money,” you will find the opposite
mind set of “using your money to make a life” to be both liberating and
Life is a continuum—an accumulation of experiences that makes us who we are and
influences how we view ourselves and the world around us. As we review these
experiences, we realize that our lives have been permeated with change. As ironic as it
may seem, change is the only constant in our lives. Therefore, how we respond to and
initiate change can have everything to do with how well we manage our lives and the
successes we experience. Virginia Satir wrote: “Life is not the way it’s supposed to be. It
is the way it is. The way you cope with it is what makes the difference.”
We can’t stop change, but we can often do a better job of anticipating and preparing
for change. How we respond to change will have a profound effect on the choices
we make, the opportunities we seek, and the quality of life we experience. So too can
our willingness to initiate change improve our lives and the lives of others.
William Bridges, author and preeminent authority on change and managing change,
defines transition as the psychological process people go through to come to terms
with a new situation. Therefore, overcoming challenges and taking advantage of
opportunities are key elements of making successful transitions throughout life’s journey.
It is also important to understand that making successful transitions requires both
practical strategies and emotional fortitude. We all encounter both expected and
unexpected changes in every area of life. However, those who are resilient are better
able to navigate each change, bounce back from disappointments, and welcome
In addition, because nearly all of life’s transitions have a financial tether, it is important
to consider how we can increase financial resilience. From a practical standpoint,
financial resilience requires a foundation of basic financial knowledge and a strategy
for building financial security. From an emotional standpoint, financial resilience requires
self-confidence. This is achieved by identifying fears and behaviors in regard to money,
and by working to understand and overcome the underlying issues.
On a personal level, your life satisfaction will increase as you continually seek to respond
to change in healthier and more productive ways. In the world of music, the “passing
note” is a note that is not part of a particular chord, but is placed between two chords
to provide a smooth melodic transition from one to the other. Likewise, it is important for
you to recognize ways that you can act as a “passing note” in your own life in order to
facilitate successful transitions.
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