If you are anything like me, you are ready to put the year 2022 behind you and are looking forward to a fresh start in 2023! A new year brings reflection on the past as well as promise for the future. Among the most common are a new year’s resolution to make a change.
My distinguished colleague and fellow CFP Board Ambassador, Ross Levin CFP®, wrote a wonderful short blog post recently encouraging us to ditch the resolutions. Instead, focus on new year proclamations!
Consider the advantages of a new year where your proclamation includes putting together the financial plan with your financial planner.
After a year when investment markets declined, this year is the best year in recent memory to bring some harmony to your financial life. Whether it is through a hard look at your budget, or finally putting pen to paper on your working/retirement goals, or anything else, planning reduces stress.
Meeting with a financial planner puts the world in perspective. The news is omnipresent, negative, and inescapable. What is your planner’s perspective? What do the events outside of our control mean for the personal financial plans which mean so much? What, if anything, should we do differently? Write down the questions and bring them to your financial planner. Lean into the fear and you are likely to come out the other side with more confidence.
Like Ross Levin says:
“We spend much of our time working. As we trade days for dollars, we want to be comfortable that the many components of our financial lives are in order. We will use a professional who not only is experienced and educated, but who also wants to understand our unique situation. By investing time and money in this relationship, we have a better chance of meeting our objectives, including having the money we would like to spend when we want to spend it; ensuring that our estate matches our wealth-transfer wishes; making sound investment decisions; using debt appropriately; and being covered should something unexpected happen. We understand that any financial plan is merely a start and that the value of an ongoing relationship is that our plans can change as our lives change.”
With a new year’s proclamation that you will hire a financial planner, you will have less stress, more confidence and more time. You may ensure that you build a financial legacy that is in alignment with your goals, values and relationships. More than just a Will, and more than an estate plan, your legacy is comprised of the stories your inheritors will tell about you. A wealth of knowledge, plus a little bit of money, can provide a legacy that lasts for generations.
So consider 2023 a good year to make a proclamation instead of a resolution. Instead of attempting to change—make a positive statement about something that will bring about change for the better: a visit with a financial planner.