More Than Money - How to Plan for the Life You Want [INFOGRAPHIC]

Financial Planning is much more than money and investing. A great financial plan will shift your focus from the goal to the journey. Setting goals that result in your missing out on life now in order to achieve some nebulous, future better life, is not the road to happiness. – INSTEAD, set GOALS that simply set the DIRECTION, so the pursuit itself gives you the LIFE YOU WANT.

Here’s how to get started planning for the life that you want:

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More Than Money – How to Plan For The Life You Want

2 in 3 Americans aren’t confident about their finances.

Most feel their relationship with money is

36% Positive, 33% Worrisome, 45% Stressful

The Basics of Good Money Management

Those with a financial plan are 2x more likely to make progress toward their goals and the lifestyle they want

Most Americans
- 79% Are debt-free or actively paying down their debt
- 65% Have emergency savings
- 48% Save at least 5% of their income

BUT, less than half have a savings plan and goals
- 2 in 5 have never had a budget
- 2 in 3 easily overspend when using a credit card
- More than 1 in 3 spend more than they save

Simple steps, like creating and following a budget, can transform your financial future.

Replace bad spending habits with spending that aligns with your goals

The Benefits of Budgeting

Consumers feel better about their finances when following a budget

Consumers with a budget feel
- In control: 62%
- Confident: 55%
- Secure: 52%
Consumers without a budget feel
- Out of control: 19%
- Worried: 18%
- Stressed: 17%

Align Your Investment Strategy and Your Preferred Lifestyle
- The wrong Asset Allocation can be a roadblock to living your best life
40% of Americans don’t know how their retirement investments are allocated
75% aren’t sure how much much they should be saving
Millennials and GenXer’s are less invested in equities than Boomers – and may find their retirement portfolios are underfunded

A key component of Financial Planning:

Create goals that simply set a life direction – if done properly, the pursuit itself gives you the life you want.

What Are Your Financial Goals?

Start by setting goals that will give you the life and career you want

Ask Yourself;

How do I want to spend my time?
What career would make me jump out of bed each day?
Who do I want to spend more time with?
What would make me excited to learn?

Become More Money Savvy

- In 2019, Americans top financial goals were to
  - Save more money: 36%
  - Pay off debt: 23%
  - Stick to a budget: 18%
  - Increase their income: 15%

Navigate Life’s Transitions

- Paying for College
  - 97% of parents plan at least some of their child’s tuition costs
    - On average, they plan to pay 70% of total costs
      - BUT, they’re on track to cover just 29% of that goal

Use Your Money to Improve Your Life

Money Can’t Buy Happiness, but it can buy you more time

Reducing Stress from hectic lifestyles
Freeing up time for things that bring joy

Time is more valuable than money

– Jim Rohn, Author of The Art of Exceptional Living

Saving for Retirement

Less than 2 in 3 Americans are confident they can afford comfortable retirement. BUT, only 15% have a written retirement strategy.

Buying A Better Lifestyle

Tech to Free Your Time
- iRobot Roomba & Braava: Automatic vacuum & mop you can control from your phone
- Alfawise Magnetic: Clings to windows using suction to clean beyond your reach
- AppBot Riley: Travels around your home using motion detectors, infrared, and a built-in mic to detect security threats a traditional system might not see
- Worx Landroid: Mows your lawn every day and automatically returns to the charger — it’s even smart enough to skip mowing on rainy days
- Dolphin Nautilus: Automatically vacuums and scrubs your pool to keep every inch clean and ready for a swim

Apps To Improve Your Life

Household Chores
- Plowz & Mowz: Lets you book and manage outdoor services like landscaping, lawn care, snow removal, and more
- Rinse: Picks up your dirty laundry and handles washing, dry cleaning, repairs, and more — they’ll even drop off your old clothes at a local charity

Personal Assistant
- Fancy Hands: Gives you instant access to a team of assistants – ask them to do anything from finding a party venue to planning meals
- Google Duplex: Adds a new AI feature to Google assistant — Duplex can call restaurants and arrange reservations on your behalf

Pet Pampering
- Wag!: Offers dog walking, daycare, overnight pet sitting, and drop-in visits for your dog or cat while you’re away
- Rover: Offers care for dogs, cats, and small animals, including dog walking, house sitting, and mobile dog grooming

Everything Else
- HelloTech: Provides installation services and 24/7 tech support for smart home devices, entertainment equipment, home offices, and more
- From assembling furniture to making deliveries, these apps will let you hire someone to take on almost any chore: TaskRabbit, TAKL, Thumbtack

Smart financial choices lead to more life choices

Financial Planning can help show you possibilities beyond money and investing

67% of people think working with a professional would have a BIG impact on their financial security and confidence.

Just 17% hire a financial planner.

You are one decision away from creating a life you love.

Sources:

https://www.napfa.org/the-state-of-financial-planning-in-america

https://www.prudential.com/corporate-insights/dream-retirement-becoming-more-elusive

https://www.npr.org/sections/health-shots/2017/08/28/545839192/need-a-happiness-boost-spend-your-money-to-buy-time-not-more-stuff

https://americasavesweek.org/wp-content/uploads/2017/02/America-Saves-Week-2017-Infographic.pdf

https://www.cfp.net/news-events/latest-news/2019/01/23/new-survey-shows-consumers-no-matter-their-income-or-assets-need-support-with-spending-household-budgeting

https://www.azquotes.com/quotes/topics/time-is-money.html

https://www.thumbtack.com/

https://www.takl.com/

https://www.rinse.com

https://www.fancyhands.com

https://www.rover.com

https://www.wagwalking.com

https://www.taskrabbit.com

https://www.hellotech.com/plans

https://www.moneyunder30.com/when-is-it-time-to-hire-a-financial-advisor

https://www.cfp.net/docs/default-source/news-events—research-facts-figures/consumer-views-on-cash-flow-planning-january-2019.pdf?sfvrsn=2

https://order.plowzandmowz.com

https://ai.googleblog.com/2018/05/duplex-ai-system-for-natural-conversation.html

https://www.inverse.com/article/38669-robots-to-buy-for-future

https://www.digitaltrends.com/home/robots-that-do-chores/

https://www.entrepreneur.com/article/309814

https://www.nature.com/articles/s41562-017-0277-0

https://www.pnas.org/content/107/38/16489

https://www.finivi.com/financial-planning/

https://www.fidelity.com/about-fidelity/individual-investing/better-quality-of-work-life-is-worth-pay-cut-for-millennials

https://www.cnbc.com/2017/06/16/how-much-the-american-families-have-saved-for-college.html

https://www.gobankingrates.com/saving-money/holiday/americans-choose-money-over-love/

https://www.transamericacenter.org/docs/default-source/retirement-security-retrospective/tcrs2018_sr_retirement_security_retrospective_2007vs2017.pdf

Disclosure:

The information contained herein is for informational and educational purposes only and should not be used or considered to be financial or investment advice nor an endorsement of any products, companies or websites mentioned. The information is provided as is without any guarantee about its correctness nor its adequacy to make financial or investment decisions. All trademarks / logos are copyrighted material of the respective organizations and are used only as a visual aid.