One For The Money

• The power of financial planning [01:07]
• Financial family dirt [02:44]
• Good things through good planning [04:01]
• The effect of not having a plan [07:15]
• Better life through better planning [08:01]
• Determining your net worth [09:45]

Financial planning is powerful. However, when it is absent, huge problems occur. I’ve experienced this reality in some unfortunate events in my own family. Many of my own family needlessly struggle because they failed to plan financially. My family and others didn’t plan financially because they didn’t know what to do or where to start. Because of that, I’m a huge advocate for financial literacy and education. I started a blog and podcast to provide this information from my perspective.

How much wealth a person accumulates is not an index by which we measure success. However, planning done right can provide a life of less stress, more choices, and better experiences, regardless of income. Marriages are stronger, retirement is better, and you can visit more of this beautiful world. Life turns out way better when you have a plan.

My mission is for people to have a better life through better planning. Through my podcast and blog, you’ll learn how to plan better so you can live better. The financial world can be confusing, but I hope to make it much more understandable. That’s a significant reason many people don’t plan financially very well. Fortunately, there are many ways today to learn what one can do to prepare better. 

Many financial planning professionals can provide excellent guidance. As I mentioned, I’m a huge advocate of financial literacy education. Each summer, I conduct a webinar on the financial fundamentals of building wealth, which I teach to high school graduates and college students. I also teach a financial literacy class in the community for those who need it most. Charles Schwab conducted a survey that proved that those who plan have better outcomes. The survey also showed that having a written financial plan leads to better money behaviors.

Part of putting together a financial plan is calculating net worth. My clients are often surprised regarding their net worth. That surprise is primarily positive because people had no idea they had that much net worth. This knowledge changes my conversation with clients because we can discuss things like early retirement or other goals they want to achieve. 

It’s necessary to have a gauge and understand where you currently stand financially. With a net worth worksheet, you can figure this out. After calculating your total assets, you’ll assemble all of your debts. It’s important to look at the interest rates on debts to ensure that you’re trending more positively and that your net worth grows with time. Calculating your net worth helps you know what actions you need to take to reach your goals.

• Investopedia
• Financial Planning is Personal — BetterPlanning.BetterLife.
• 5 Ways Financial Planning Can Help | Charles Schwab
• Net Worth Worksheet - Morningstar