Unlocking the Real-Time Benefits of Financial Planning

By Ruth Chicca, CRC?

August 5, 2024

It’s well-known that having a financial plan can help you achieve your goals more quickly. Research shows that individuals with a financial plan are more likely to reach their objectives—whether it's recovering from a lengthy divorce or purchasing that dream property in Monaco.

However, financial gains aren’t immediate; they build up over time as compound interest works its magic. While the long-term benefits of financial planning are clear, it might feel more appealing if you could see some rewards right away. The good news? You can. Contrary to common belief, the advantages of financial planning aren’t reserved for the distant future. In fact, there are several immediate benefits that can make a significant difference in your life right now.

When Should You Seek Financial Planning Help?

There isn’t a specific age, income level, or net worth that signals when you should seek financial planning advice. It’s more about recognizing whether your current financial strategy aligns with your goals and if you need expert guidance to get there.

Consider reaching out for financial planning support if you’re:

• Navigating a Major Life Change: Combining finances, starting a business, or selling a home.
• Assessing Your Financial Health: Ensuring you’re saving and investing adequately to meet your goals.
• Facing a Tough Situation: Dealing with a divorce, debt, or an inheritance.
• Planning for the Future: Preparing for significant milestones like having children, retiring, or leaving a legacy.

Even if you’ve never engaged with financial management before, a skilled financial planner can provide the guidance you need, meeting you with expertise and empathy. A good planner ensures you feel valued and supported, never judged.

What Is the Primary Benefit of Financial Planning?

The most talked-about benefit of financial planning is its ability to strategically allocate your money, optimizing its potential. This helps you stay on track toward achieving your long-term goals.

But there’s a major benefit that’s often overlooked: financial planning can improve your emotional well-being almost immediately. Unlike the gradual process of accumulating wealth, this benefit can start making a difference after just one session.

Why Financial Planning Boosts Your Well-Being

Money can be a source of stress, particularly for women. Research indicates that 43% of women worry about money daily, and 59% do so weekly1. This stress can lead to physical and mental health issues, including anxiety, depression, high blood pressure, and more.

Financial planning can help alleviate this stress by transforming how you feel about your money. Studies have shown that individuals who work with a financial planner are three times happier than those who don’t2.

How Financial Planning Can Improve Your Life Immediately

• Feel Relieved: Knowing you’re on track to meet your goals, or understanding what steps to take if you’re not, brings immense peace of mind. Financial planning clarifies your current situation and outlines your next steps, providing instant relief.
• Feel Reassured: Many women doubt their financial decisions. Financial planning helps build trust in your own abilities and offers reassurance that you’re on the right path.
• Feel Supported: Just as you rely on healthcare professionals for your physical well-being, financial planners act as experts who support your financial health. Regular check-ins and advice ensure you’re well cared for.
• Feel in Control: Financial planning gives you control over your money and prepares you to handle future challenges. Instead of feeling overwhelmed by expenses, you’ll see tangible progress towards your goals.
• Feel More Like You: A financial plan reflects your personal values and goals. It helps you make choices that align with your needs and aspirations, making every financial decision more intentional.
• Feel Confident: Engaging actively with your finances can be daunting, but financial planning helps you break the cycle of anxiety and ensures your money is working effectively for you.

At Financial Planning Alternatives, we believe every woman deserves to feel good about her finances. Our all-women team of financial planners and advisors is committed to providing personalized, empathetic support. We’re here to listen, understand, and help you achieve your financial goals with confidence.

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1 Ellevest. (2022, September 20). Ellevest financial wellness survey 2022. Ellevest. https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey-2022

2 Herbers & Company. (n.d.). The value of a financial advisor. Herbers & Company. https://www.herbersandcompany.com/trending/the-value-of-a-financial-advisor

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Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Financial Planning Alternatives is not affiliated with Kestra IS or Kestra AS. Financial Planning Alternatives does not provide legal or tax advice. https://www.kestrafinancial.com/disclosures?

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