“What do you want to be when you grow up?” A new school year is underway, but it’s not just children who feel like they have to have answers to the big questions.
New clients will on occasion visit our office with apologies ready: they don’t exactly know what they want or what they might need in the future.
And that’s okay. Plans and hunches and visions… It’s all welcome.
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Clients, when we say “plans” and “planning,” what exactly is it that we’re talking about? From Day 1, our conversations center on you: your goals, your concerns, and how your life and your money work together. So planning, we believe, includes any and all topics that affect your financial wellbeing.
Our planning services are included as part of our process working with clients. Some investment advisory shops do bill separately for time spent selling “Financial Plans,” so it bears mentioning that we do not.
Instead, we tend to use wide-ranging planning conversations throughout our relationship. They’re handy when we’re first meeting each other, and they give us useful talking points over time, like when we’re reconnecting at or in between our annual reviews.
Not every client will bring up the same topics or concerns, but generally, people’s questions tend to focus on some similar desires. Maybe some of these statements resonate with you:
These desires are not universal, and they’re not necessarily linear. Not everyone moves through them like one step to the next, and sometimes we loop back around to revisit them again and again. And they take some thoughtfulness to maintain.
But you might notice these four items do capture some trends and progressions. They cover a range of chapters in our lives—from getting started, to getting a grip on things, and then to getting what we want out of the whole deal. Once we know where we are in the process, it can be easier to get down to the details.
Consider some examples.
“I want to figure out how to organize my finances.” Does my monthly cash flow comfortably cover my outlays? Where does my time and money go right now? How is my job or career outlook? What are some good first steps for me given where I am?
“I want to feel like I’m financially secure, independent, or free.” Do I have what I need in terms of an emergency fund and a support network? What demands affect my cash flow now and in the near-future? What financial challenges and financial goals can I anticipate in the coming chapters of my life?
“I want to be able to support the life I want to live.” Am I living where I’d like to live? Working how I’d like to work? Enjoying what I’d like to enjoy? How do my saving, spending, and investing align with what I want now and what I want later?
“I want to be able to create the legacy I have in mind.” What’s on my heart? What estate or charitable considerations are on the horizon? What opportunities have presented themselves? What impact would I like to have?
Clients, our operation is continuing to grow, and we need to be able to serve you not only in the months and years ahead—but for the decades ahead! Your beneficiaries and the generations to come will be better served if we’re thinking about how this work persists beyond any one of us.
That’s why we’re taking the time here to try to define our terms.
It’s important that we’re on a common mission here. Financial planning prompts like these aren’t a script, and they aren’t something that will be “one-size-fits-all.” Instead, they give us a jumping off point. They give us somewhere to start from or begin again—together.
Are we due for a conversation? Call the shop or send us a message, anytime.
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Your money can work as long as you do—and beyond! But only if we put it to work.
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It’s a new school year for so many of our children, grandchildren, and neighbors. Maybe you’ve enjoyed the flood of perennial back-to-school photos. Some families have their children hold up chalkboard signs, to record the details—their new teacher’s name, their favorite color right now, and even what they’d like to be when they grow up.
I can’t help but imagine what surprises are in store for some of these little ones! Who among us could’ve known exactly what form of work would find us in the future? Bike courier, hotel manager, a director of photography who specializes in making food look good in commercials—did any of these folks call their shot as kindergarteners?
It’s an interesting question, and maybe we should keep asking it. What do I want to be when I… reach my next birthday? Or the one five or ten years hence?
What do I want to have in the next chapter of my life?
What doors would I like to keep open?
These might sound like daydreams, but even the hazy hunches of children can be revealing, if not instructive. Sometimes new clients visit our office with apologies ready: they don’t exactly know what their goals are, they don’t know what to ask for, or they can’t begin to imagine what will be possible down the road.
And that’s okay. Just like the question on those little chalkboards, a hunch is good enough. Memoirist Katrina Kenison wonders, “Who knows, really, where dreams begin?” Maybe we’ve been on a certain winding path since we were children. Maybe we discover what we’re about later in life. Maybe our circumstances change, and we get dealt a hand we didn’t imagine we’d ever be playing.
A friend of mine used to tell their children, “This is the plan… until it isn’t.” And that’s life, right?
It’s okay to settle on a general direction, even in your financial life. Growth, an eye on sustainability: these are worthy plans all by themselves. You don’t have to know the destination of every penny. Such a privilege means that you’re buying your future self some options. Resources bring flexibility.
You can always invest wisely, now; the “spend well” part can wait. And what a journey that will be! We’re glad to be here with you.
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