Reducing the time and stress spent on personal finances can free you up to focus on the things that matter most in your life. You may already know the things that matter most to you in your life – those things that bring you the most joy and happiness. Perhaps that’s spending more time with your family and friends, investing in your career, hobbies, your health, your faith and/or travel. Whatever they are, the things that matter most to you are personal and different for everyone. Some financial planners, before running a single number, spend a good deal of time helping you better clarify what truly matters and then prioritizing your financial goals accordingly – so that you can work confidently towards attaining them.
Financial Planning Means Less Worry
One of the greatest benefits of using an ongoing comprehensive financial planner is the peace of mind it brings by having someone by your side throughout your personal financial journey.
Schwab’s 2021 Modern Wealth Survey found that 65% of people with a written financial plan reported feeling financially stable, while only 40% of those without a plan felt the same level of comfort. The results also showed a wide gap between those with an emergency fund (65% of people with a plan) and those without (33% of people without a plan). 54% of the folks with a plan felt “very confident” they would reach their financial goals, but only 18% of those without a plan could say the same.
Financial Planning Frees-up Time for You
The 2021 Bureau of Labor Statistics “American Time Use Survey” showed that there are two types of attitudes around personal finances in America: those that are engaged in their personal finances and those that are not. Those not engaged in their personal finances spent about 1.8 minutes per day compared to those engaged spending a whopping 66 minutes per day on the activity. Those spending two minutes a day on personal finances are clearly disengaged, but 66 minutes a day on personal finances is the equivalent of 400 hours a year – that’s two and half weeks per year! Certainly, everyone’s personal finances are unique, but most likely the right answer is somewhere between these two extremes. But it is clear that working with a financial planner frees-up considerable time for you to focus on what’s most important in your life.
Having a Financial Planner Can Help You Focus on What Matters Most
Clearly having a written financial plan is a good thing. But what the Schwab survey also revealed is that only 33% of Americans even have one. A financial planner will help educate you about personal finance, construct your plan, encourage good personal financial hygiene, and provide on-going accountability. A good financial planner will not only help you develop a comprehensive plan, but they will also help you overcome the common performance gap – the difference between the higher returns that investments tend to organically produce, and the lower returns investors typically earn because of their own behavior.
Get Your Financial Plan in Place
Much of life happens outside of our personal lives, beyond our control. Changes like tax laws, interest rates, stock market fluctuations, and economic recessions will happen. This is where working with a comprehensive financial planner on an ongoing manner really shines – they are monitoring, working with you to adjust the plan and being proactive and opportunistic. When a big decision or change happens in your life, you have timely access to someone that you know, trust and understands your values and priorities.
To learn more about how WHWM can help you find worry less so you can focus on what matters most, schedule your complimentary, no-obligation 30-minute consultation with WHWM today.
Walnut Hill Wealth Management, LLC (“WHWM”) is a registered investment advisor offering advisory services in the State of Texas and in other jurisdictions where exempt. The information provided is as of the date indicated and subject to change.
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