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What is Financial Life Planning, and Why do We See so Much Benefit to Our Clients?
April 19, 2023
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Financial Life Planning is a comprehensive approach to personal finance that focuses on achieving long-term financial goals by integrating financial planning with life planning. Rather than simply focusing on investments, retirement planning, and other financial objectives, Financial Life Planning takes a holistic approach to personal finance that includes a deep understanding of an individual’s values, priorities, and life goals. By aligning these personal goals with financial objectives, Financial Life Planning can help individuals to achieve their aspirations and live the life they truly want.

 

The key to Financial Life Planning is understanding that personal finance is not just about money. It’s about what that money can do for you – the experiences you can have, the goals you can achieve, and the impact you can make on the world around you. Financial life planning helps individuals identify their true-life goals, and then create a financial plan that aligns with those goals.

 

The first step in Financial Life Planning is identifying your life goals. This involves taking a deep look at your values, interests, and passions, and considering how your financial resources can support these areas of your life. For example, if your goal is to help your children of grandchildren with college expenses, you may need to allocate more of your financial resources to savings and less to other expenses to achieve that goal. Or, if your goal is to start a business, you may need to allocate more resources to building your business and less to other areas of your life in order to make it a reality.

 

Once you have identified your life goals, the next step is to create a financial plan that aligns with those goals. This involves developing a budget, identifying savings and investment strategies, and developing a plan for managing debt. It also involves considering how various life events – such as marriage, children, career changes, and retirement – may impact your financial plan, and adjusting your plan accordingly.

 

One of the key benefits of Financial Life Planning is that it helps individuals to achieve a sense of purpose and meaning in their financial lives. By aligning financial objectives with personal values and goals, individuals can feel more confident and empowered in their financial decision-making. This can lead to greater satisfaction and fulfillment in other areas of life, such as relationships, careers, and overall well-being.

 

Another benefit of Financial Life Planning is that it can help individuals to achieve greater financial security and independence. By developing a comprehensive financial plan, individuals can better manage financial risks and challenges, such as job loss, illness, or unexpected expenses. This can help to reduce financial stress and anxiety while providing greater peace of mind.

 

Financial Life Planning can also help individuals to achieve greater financial success over the long term. By developing a plan that aligns with their values and life goals, individuals can stay focused and motivated, and make better financial decisions over time. This can lead to greater wealth accumulation, more successful investments, and greater financial stability and security.

 

Overall, Financial Life Planning is a powerful approach to personal finance that can help individuals to achieve their life goals and aspirations. By integrating financial planning with life planning, individuals can develop a comprehensive financial plan that aligns with their values, priorities, and goals, and leads to greater fulfillment and success in all areas of life. So, if you are looking to take your finances to the next level, Financial Life Planning can provide the guidance and support you need to achieve your dreams.

 

Like this article? Want to learn more about planning for life’s transitions?

Check out our Personal Finance Archives where we’ve compiled helpful tips to help you plan for your future.

W. Lee Shertzer

W. Lee Shertzer
lshertzer@mystewardshipadvisor.com ‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‎‏‏‎ ‏‏‎ ‎‎‏‏‎ ‎‏‏‎T: 717.492.4787 F: 717.283.4049