I talk to numerous people who are concerned about where they are headed, financially.

They might have experienced a life change; or they might simply be frustrated that they’re not able to save enough to meet their goals. Sometimes, a catastrophe will force people to realize that they just didn’t have enough tucked away to effortlessly weather the storm. The same is true with a positive life event. A new baby, a promotion that takes you across the country, a new house, a dream vacation—these things can all cause financial strain to those who are unprepared for major, costly events.

When something drastic happens, many people get discouraged and become completely overwhelmed by the thought of having to restructure their financial plan.

Look on the bright side! Reworking your personal finances is actually an opportunity. It’s a chance to completely rethink the way you do things, to reinvent yourself from a financial perspective. To me, that’s exciting! At the same time, I can see how it can be daunting. There’s a lot to think about when you’re considering restructuring your finances. That’s why, I’m going to take some time to explain how to prepare for a financial overhaul. This blog post will be the first in a mini-series that explains how to begin thinking about financial restructure and how to prep for a meeting with a financial advisor.

Start the process by mentally and emotionally preparing for the financial restructure. It’s all about attitude! If you begin the process with a negative outlook, you’ll likely find yourself dreading every meeting with your financial planner. Instead, focus on the positive aspects of your change: You’re investing in yourself and your future; you’re actively working on achieving your big life goals; you’re creating a plan that will hopefully provide stability and peace of mind.

All of those elements are overwhelmingly positive and it’s a good idea to keep them in mind throughout the process.

Keep in mind, you don’t have to go it alone.

There are plenty of resources available to you that can help with reworking your financial plan. Sure, you can turn to the internet and its thousands of resources, but the best support you’ll get is the face-to-face kind. A financial planner can help sort the myths from the facts and help you develop a savings and investment plan that will work for YOU.

The other face-to-face support you’ll need is from your family. Since they are likely affected by your financial decisions, it’s a good idea to involve them in the financial restructure. I always encourage couples to talk openly and honestly about finance, so that there are no surprises or unnecessary disagreements.

Once you’ve reframed your approach to revising your financial plan and you’ve opened up a dialogue with your financial co-decision maker, it’s time to move on to the next step. Stay tuned! I’ll introduce the next step in the process in my next post.

30 thoughts on “Worried You Have To Rethink Your Financial Plan?

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