Financial Planning

Adapting Your Financial Plan: Advice for Change

By December 21, 2020 No Comments

Of course, some challenges are bigger than others. Divorce, loss of a loved one, changing jobs, retirement, etc. can radically change how we think about what we want now and in the future. If you are going through a transition here are a few nuggets to contemplate as you look through your financial plan (and life in general):

  • Be proactive – The definition of “proactive” is “creating or controlling a situation by causing something to happen rather than responding to it after it has happened.” Start completing tasks that will help you down the road (i.e. organize your financial life). It’s a great way to take your mind away from reacting to change and start thinking about the now.
  • Take time on the big decisions – Reflecting back on the idea of being in a constant state of change, the initial shock of large life events can leave us confused about the best path forward. You can find a lot of people who want to tell you what is best. Instead, take time to process the
    information, understand options and data, and have confidence in your next steps.
  • Use an opportunity mindset – Negative reflecting on what “could” or “should” have been does not lead to any financial freedom and we get stuck here easily. Frame goals and changes as
    opportunity vs. set back to start visualizing the road forward.
  • Stand tall – Although not a financial goal, using this as a strategy to cope with the stress can help change your mindset and give you power to establish your next steps. Check out this great TedTalk.

Being kind to yourself in times of change and having a compassionate approach to financial planning is extremely beneficial. A financial plan is breathable and flexible and we are here to help you navigate the stones that get placed in your path. Contact Julia now for an introductory consultation.

Investment advisory services offered through LW Advisors, a Registered Investment Advisor in the state of Iowa.

Leave a Reply