Life planning is an opportunity to think more deeply about what is most important to us as individuals as families. If we do the process correctly, we can design a life that's going to be fulfilling.
During the life planning process, you identify your core values, things that bring you intrinsic reward, and what brings meaning and fulfillment to your life. When you do come to a financial planner or are looking at various financial decisions that they are aligned with this vision of what a fulfilling life might look like.
Once those values are identified, you can create a vision of what an ideal life might look like. After you clarified that vision, you can usually filter down to some very specific goals. When your tasks are tied to goals that stem from your values, you are much more likely to find success in your financial planning efforts. With this foundation, a financial advisor can help you zero in on specific financial strategies that can help you get there. Frankly, many people find working on these financial goals exciting. They are motivated to move toward the future that they have chosen.
Amy Mullen, CFP is president of Money Quotient. They train financial advisors on how to help clients develop life plans which sit at the heart of their personal finance management, financial planning, and retirement planning. You can find the directory of financial advisor who use the Life Planning process here: https://www.moneyquotient.com/advisor-search/
For more information about personal finances and for access to financial services and products, visit www.TheYukonProject.com.
00:00 - Improve your personal financial planning with "Life Planning" 01:51 - Money should be a tool for living a good life and bring life satisfaction 03:33 - Life planning is about focusing on quality of life 04:46 - Life planning is best done with a thinking partner 06:05 - Life planner vs. life coach vs. financial planner 07:15 - Where can I find a financial advisor who does life planning? 09:18 - Life planning can help stop toxic comparing 10:27 - Can you do life planning on your own? 12:10 - How life planning can improve your children's relationship with money
What is a good retirement plan Preparing for retirement How to plan your life How to build your dream life Getting what you want in life How to choose a financial planner Setting financial goals Personal finance management
