Do you enjoy planning a vacation or does the idea of planning a trip suck the energy out of you? I have found that people generally love planning trips OR hate planning trips. I have rarely come across a person that is “middle of the road” about the idea. My wife, Emily, and I are the perfect example. I LOVE planning trips but Emily cannot think about a trip until she starts packing in the days leading up to the trip. At the beginning of each year, we look at our calendar and try to plan a few trips for the year. While some are just weekend getaways with our girls, I love the anticipation and also the process of assembling information to execute a great trip.
Planning a Vacation Is Like Planning Your Financial Future
Planning for a trip is a lot like planning for your financial future. The trip (or retirement) can seem far off and it can be easy to “put off” the planning because it does not feel urgent. We hear the term “TUIT” very often (i.e. I will get around to it). Our experience is that life always ends up “happening” and everyone gets busy. You spend so much time working on the “company business” that your personal finances get put on the back-burner. A scary statistic… the average American has spent more time planning their vacation for this year than they have for their retirement! I would encourage you to prioritize your personal finances this year. Make a goal of create a financial roadmap before the 2020 holiday season.
Do You Really Need A Wealth Plan?
We all have our life figured out – right? If we are honest with ourselves, we do not have much figured out. Fortunately or unfortunately, we do not know what the next season of life will look like. Sometimes we have clues but never the clarity or understanding of exactly what will happen. What if I end up changing jobs? What if your medical spending is higher? What if inflation is more than we expect? What if we spend more on college for our child than we have saved? What if Social Security cuts their benefits during my retirement? What if interest rates move lower and I can’t produce as much income in retirement?
These are all good questions and you need a wealth plan to make sure you are on a good track for your financial future. It can be difficult to convince people of their critical need to create a wealth plan. Just writing the words “wealth plan” sound boring and uninteresting… and I talk about this stuff for a living! With that being said, everyone needs a wealth coach AND everyone needs a wealth plan. You need a roadmap for the rest of your financial life. Here at The Price Group, we call our wealth plan a Live Well Plan. Our Live Well Plan encompasses and coordinates ALL areas of your personal finances. The Live Well Plan includes cash-flow projections and allows us to test adjustments in real time and predict your retirement readiness. Want to review your Live Well Plan or create one? Give us a call.
About The Author
Matt Price serves as a Partner and Senior Vice President for The Price Group of Steward Partners. He resides in Houston with his wife, Emily, their two daughters and the family golden retriever. Matt studied at the University of Tennessee and also at the University of Pennsylvania – Wharton School of Business. Over the past 9 years, Matt has helped families make high quality, common sense decisions regarding their wealth and their legacy. Matt firmly believes that everyone needs a wealth coach!