The impact of the financial decisions you make are lasting. Make them on purpose.
Your Life Stages
1. Graduation
You’ve put in the work to set up the pins. Now you’re ready to knock ’em down. It’s time to start being aware of your goals and your future. Check it!
5. Starting a Family
Before this, you thought you knew about “responsibility”. You thought wrong. A new life means new financial considerations. Read about them!
2. First Career
Congrats! This is one of the first markers of “Adulting”. The financial mindsets and habits you build now are the true difference makers. See why!
6. Career Changes
Whether it’s by choice or by necessity, make no mistake: This is a rebirth. Ensure your financial plan reflects these changes. See how!
3. Getting Married
To find someone to bear true witness to your whole life is a beautiful thing. It’s time to set both of your futures up for success. Learn more!
7. Retirement
Retirement isn’t about not-working; it’s about choice. Financially, it’s about matching expectations with reality. So what’s important now? Find out!
4. Your First Home
It doesn’t really sink in until that first night – boxes still stacked, mattress on the floor, but it doesn’t matter because this is home. See what matters!
8. Estate Planning
You came, you built, you conquered this thing we call “life”. Your legacy matters more than you think. Make it an intentional one. Learn how!
Gradutaion
Ah, graduation! You’re young. Nothing can stop you. Real talk though? School hasn’t prepared you for that which makes the world go ‘round: money. And two decades of your parents telling you what to do isn’t the best foundation for you to even want to listen to their advice all the time. But the knowledge you acquire now, and the habits you build today are the real difference makers between the haves and the have-nots of your own tomorrow. When it comes to finances, here’s what we think you should focus on:
Know The Ledge.
“Knowledge is power.” That’s cliché for a reason. Because it’s true. But spitting facts doesn’t matter if you don’t know how to use those facts to drive decisions. Credit. Passive income. DTE ratio. These are things you should learn now. Take control.
Practice 3 Habits.
One: Pay your future self first. Two: Spend less than you earn. Three: Don’t put all your eggs in one basket. These 3 simple habits are the foundation to success in all areas of life; not just money. But let’s be honest: money, for better or worse, drives society. Build now.
Choose Your Mindset.
There are two core mindsets that people can choose from: 👎fixed mindset, or 👍growth mindset. Look at your friends. You inherently know who fits which mindset. Carol S. Dweck Ph.D wrote the book. Buy it. Read it. You’re welcome.
💡If you’ve just graduated and are motivated to set yourself up for financial success, we’d love to to chat. No pressure; no sales pitch. Bring your parents; they’ve got your back 💪
First Career
Your First Job! You put that framed photo of your loved ones on your desk yet? Good. Have you started thinking about how you’re going to spend your first paycheque? Excellent. Now close your eyes. Move yourself just 5 short years into the future. What does your life look like? What does your career look like? Make no mistake. The first five years of your career will blaze by, and for better or worse, finances will drive your entire life. Now’s the time to set your finances up for success. Here’s what to focus on:
Intentionalism
Najwa Zebian once said, “Whatever you do, do it on purpose.” You’re sick of hearing it, but you really need to plan. Meet with us, or hell, any great advisor. One short hour to understand how to plan your finances on purpose is something you owe to your future self.
Define Happiness
Before even more responsibilities like kids come, travel, read, converse. Money can’t buy happiness, but money can buy the things and experiences that’ll make you happy. So define what makes you happy so you can define how much money you’ll need.
Systems-Design
Life’s going to keep punching you in the face. Analysis paralysis and decision fatigue are what will keep you from standing back up. Design automated decision-making systems so you can stop thinking about every little thing and start focusing on what truly matters.
💡If you’re just starting your career and want to set yourself up for an abundant financial future, we’d love to chat! No pressure; no sales pitch. Just knowledge 🧠
Getting Married
Oooo, you’re Getting Married! Finding “the one” is a bigger blessing than you can imagine. Cherish it because if you’ve found your co-captain of this ship, navigating life’s unpredictable seas can be so much more fulfilling than going about it alone. And it takes work to make it work. Financially, the two of you can be a greater force than either ever imagined, but you need to be aligned. Take the time and generosity of thought to financially move and decide as one. Here’s what we think you should focus on:
Love Yourself First
That’s right. We said it. You need to love yourself first before you can love someone else. Both of you need to be crystal clear on what you individually want and need. It is only by communicating this clearly with one another, can you even begin to build together.
Plan To Succeed
With divorce rates ever-rising, this isn’t the time to be complacent. Preparation doesn’t mean expectation. Preparation means real mutual respect. Financially, it means giving each other all the information so your marriage has a real shot. No second-guessing. Ever.
Monthly Meetings
Date-night, round-table, whatever you want to call it, our experience has taught us that the most successful couples dedicate regularly scheduled meetings to talk about nothing but money. You need to think as one in order to move as one. Ask us how.
💡If you’re getting married and want to learn all the nuances of shared finances, we’d love to chat! No pressure; no sales pitch. Bring BAE; you two won’t regret it 👩❤️👨
Buying Your First Home
Woohoo! Your First Home! First off, we have many clients who have decided they want to rent forever. There are compelling financial justifications to rent in perpetuity, and it has nothing to do with income bracket. We are assigning this as a life stage because the vast majority of our client base are home owners, and we feel this is still a goal for the majority. To us, these are the most important financial implications if you’re looking to buy your home:
Everything But the House
Being clear about the cost of everything other than the property itself is the first step to making sound decisions. Folks have it backwards. Life doesn’t fit around a major purchase; the major purchase must fit around life. Know the costs of life first.
Cost vs Price
Do those two look identical to you? The price is what you pay for the home. The cost is not just the financial expenses, but the time and effort-expenses associated with ownership. When budgeting, don’t neglect the cost of home ownership.
Plan for Failure
Mike Tyson once said that “Everyone has a plan until they get punched in the face.” So plan to get punched in the face. With home ownership comes a potential barrage of unpredictable incoming fists. Reach out to us; we’ve seen our clients face every type of punch.
💡If you’re buying your first home and want to make sure you have your bases covered, we’d love to chat! No pressure; no sales pitch. Just knowledge. 🏠
Starting a Family
Having a Child? And just like that, every priority you’ve ever had has moved down the ladder by one rung. Studies have shown that raising a child from birth to the age of 18 costs a quarter of a million dollars. This is a beautiful financial rock to carry, but a rock nonetheless. From teething to training wheels; first steps to first break-ups, your child will always look to you for support. Feeling confident with carrying that rock can be smooth with a plan. Here’s what we feel you should focus on:
Start With You
Yup. Just like how, on airplane safety demonstration videos, you must secure your own oxygen mask before securing it for your child, audit your mental and physical health first, and prioritize spending there. If you’re unhealthy, what chance does your child have?
Re-Prioritize Budget
Unlike a house, your life and your finances must now fit your child. Start with you and your family’s survival, then branch outwards. But don’t just focus on the short term needs; maintain a broader long-distance view of your own financial plan.
Set Them Up for Success
Like your own life, your child’s chances for success increase exponentially with every resource you dedicate in advance. A great advisor will work with you on a plan and help you execute against it so you can focus on providing love and mentorship.
💡If you’re expecting a child and want to ensure all your growing family’s financial bases are covered, we’d love to chat! No pressure; no sales pitch. Just knowledge. 👶
Career Changes
So you’re Changing Careers? Studies have shown that people change careers on average, 8 times in their working lives. Whether it’s by choice, by necessity, with joy, or with sadness, switching careers signals a major life change, and every major life change deserves generosity of thought when it comes to the financial implications and the effects it has on your master plan. To us, these are the primary points of consideration for you to explore and learn about:
Know What You Have
Whether you’ve received a severance package, buyout, or are faced with starting anew from scratch, being aware of the responsibilities, opportunities, and ramifications is critical. Awareness means confidence in action. Both are necessary for a happy transition.
Short Term Planning
Whether you’re starting at a new company, or creating a company of your own, financial scope-creep happens at every transition. Planning for a longer commute, new dress-code, incorporation and anything else needs clarity. And spreadsheets.
Revisiting the Plan
You’ve been building your nest egg with a plan. This career change affects that. Whether you’re taking a pay raise, pay cut, or have new goals, your advisor will make all the difference here. Front load the effort to enjoy the confidence of knowing your next steps.
💡If you’re changing careers and want to make certain your financial future is on track, we’d love to chat! No pressure; no sales pitch. Just knowledge. 💼
Retirement
Sweet Retirement! We’ve said it before and we’ll say it again. To us, retirement shouldn’t be about not-working. It should be about choice; the choice to do what you want, when you want (even if continuing to work is what you want). In order for that to happen, the money-measures need to be there. The more finite details of retirement planning should start at least five years before your planned retirement date. Here are the things we believe you should focus most on:
Responsibility Audit
Everyone’s scope of responsibility is different. It’s vital for you to audit that realm from a financial standpoint right now. Even in retirement, you may still have dependents, or perhaps you haven’t found a successor to your business. Take the time to think.
Documented Dreaming
We’ve all heard of new retirees who spiral into depression. This is tremendously sad. Retirement should be your time to double down on passions and purpose. But thoughts are fleeting. Dream big. Write them down with specificity. Only then can you plan.
A Nest for the Nest Egg
Managing resources and continued cash-flow includes planning for those just-in-cases. Surprises can still happen, no matter what retirement looks like for you. You should have no fear to pursue what you want. Part of that is consistently revisiting the plan.
💡If you’re approaching or already retired and want the confidence that all your ducks are lined up, we’d love to chat! No pressure; no sales pitch. Just knowledge. ⛳️
Estate Planning
Estate Planning. The notion is often maligned with negative thoughts; thoughts of the end-of-life. But this couldn’t be further from the truth. Estate Planning is taking stock of everything you’ve built and accomplished, putting loved ones first, while staying true to yourself and your values. It’s about putting in the final few pieces of the financial-planning puzzle so you’re confident to truly relax and enjoy life. These are the things we feel are most important in this stage:
Unburdening
In our experience, one of the most common desires of our clients in the stage is frequently repeated: “I just don’t want to be a burden on my family.” We’re not going to sugarcoat it. This does, indeed, take some work. But we’re professionals and are here every step.
Legacy Planning
After building a fruitful life, so many of our clients’ minds move towards contributing to society by way of philanthropy. Create a lasting legacy in the name of something you believe in while ensuring your wealth continues to protect you and your loved ones.
Succession
Many of our clients are entrepreneurs. Business continuity can be challenging needle to thread because it’s often more of a set of “people” decisions, rather than “dollars” decisions. Your advisor should be an impartial party who knows you well enough
For a completely free Executor Checklist click here. To learn about the hidden costs of estate settlement, feel free to read this article too.
💡If you’re ready to ensure that your loved ones are taken care of to the best of your ability, we’d love to chat! No pressure; no sales pitch. Just knowledge. 👨👩👧👧