I want to tell you a story about a friend who had an exceptionally rough year. We’ll call her Susie. I’ve known Susie since college. She’s one of those people you meet the first time and know you’re going to be life-long friends. Susie is self-employed, a mom of a 13-year-old daughter, married, and beautiful inside and out. Her life changed dramatically about 2 years ago. Her marriage fell apart one month before she was diagnosed with incurable cancer. Susie is one of the most positive people I know, but everyone has their limits. After many tears, trips to the oncologist, and money spent- she is currently in remission. For how long- we don’t know.
Not surprisingly, her biggest concern is her daughter. This is where I come in. Susie had never seen a need for a financial plan, but after life throws you curve balls priorities become crystal clear.
Her goals were simple.
1)Make sure her daughter was taken care of
2)Retire in 10 years with $6000/month in income
*Disclaimer- Currently her cancer is being managed therefore we have to plan for longevity*
3)Travel with her daughter
A financial plan is a story of where you’ve been, where you are today, and where you’re going. Hers uncovered a lot. She was going to run out of money at 72, had 47% of assets in cash not pacing inflation, her business structure was all wrong, estate planning a mess, and she had a life insurance policy set to expire in a matter of months.
Through the planning process, I was able to point out these risks to her goals and change the narrative of her story. With a few suggested changes I gave her solutions to problems, but more importantly increased confidence.
Financial planning is a process, not a product. It is a long term method of wisely managing your finances so you can work toward your goals and dreams, while at the same time negotiating the financial barriers and curve balls life throws your way.
Susie is not wealthy. Nor, did she plan to get cancer or a divorce. But when life happened this process was valuable in helping her navigate her uncertain future and make financial decisions with clarity and purpose.
The road is much easier to travel if your eyes are wide open. Looking at your finances aggregated in one place is just smart. It will tell a story. How the story ends is up to you.
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
To schedule a financial consultation email Nelisha at Nelisha.firstname.lastname@example.org
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