The overarching goal of Financial Wellness is simple: help people increase their financial health and security while decreasing financial stress, so they can enjoy life more.
It is the peace of mind, confidence, and financial resilience one gains by taking control of their money which can include the following:
√ Weekly/monthly understanding and
control of finances
√ Enough
financial cushion
to handle most emergencies
√ Insurance, wills and health directives
are in place
√ Debt is managed properly
and under control
√ Systematic savings
and investment goals
√ Employee
benefits are maximized
While Financial Wellness may be simple in theory, it is anything but that in real life for the vast majority of Americans. It’s a source of great debate as to why so many of us struggle with getting our “financial house” in order but it starts with how complex things have become as well as too much information and noise on the web and in social media.
Easier Said Than Done!
Financial choices and decisions are getting more complicated, and most people don’t know what to do next
Of course, then there’s the human element and relationship aspect
of financial decision-making that can lead to procrastination, blind
spots and emotional barriers to forward progress.
What Else Gets in the Way of Financial Wellness? Human nature!
Q:
So, how does this happen
(only
20%
of us have an up-to-date estate plan and
75%
of lottery winners go broke)?
A:
It’s a human software problem
…and we could all use financial operating system upgrades from time to time!
Tapping the Full Potential of Financial Wellness
What’s needed is a more holistic but simple and personal approach to increasing financial health and reducing financial stress. That means getting clarity about what really matters to each individual on a macro level and then focusing on the opportunities and concerns that need attention.
For these reasons, we frequently provide clients with an Asset Map, a visual planning tool that summarizes household assets, income, benefits and insurance programs on a single page.
As Katy Milkman, Wharton School Behavioral Economist and Scientist has
often noted, one-size-fits-all solutions do not work. Rather, each person or
family needs a clear, simple and custom roadmap that highlights short and
long-term goals for success and identifies potential barriers that could
derail them.
Every individual and family is unique, and their wellness plans should reflect that
We are pleased to help everyone create a plan that helps them reach the next level of financial wellness and peace of mind
Thank you for taking the first step to Financial Wellness, we look forward to the journey together. Please let me know if you have any questions.
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