What Is A Financial Plan?
On this episode of Financially Naked: Stories from The Financial Gym, Joy and Kylie, two Certified Financial Trainers, are here to talk about financial plans. They discuss the importance of financial plans, who can benefit from having one, and how the Financial Gym approaches financial plans for our clients. If you’re curious about what a financial plan includes or wondering if it’s the right time to get one, this episode has you covered.
Podcast Notes
Who Can Benefit from a Financial Plan?
Everyone can benefit from a financial plan. At The Financial Gym, we offer plans for individuals, couples, and business owners. Every plan is specifically designed for each client’s unique goals and needs.
Whether you’re just starting out, going through a life change, or need a reset, a financial plan can benefit anyone. There is so much information out there. Researching and determining what applies to you can be confusing and take a lot of time. A plan gives you a clear direction.
A financial plan is especially helpful for business owners and those who earn variable income. It can be hard to manage your money with inconsistent income, but a plan can bring clarity about your financial needs and how to run your business.
There is never a wrong time to get a financial plan. Whether you’re navigating life transitions, feeling stuck, or simply want to get ahead, a financial plan is a great step. Having an expert, like a Certified Financial Trainer, help with the plan takes a lot of stress out of the process.
What is Included in a Financial Plan from The Gym?
When you work with The Financial Gym, the plan is a comprehensive overview of your financial picture. It outlines where you are currently, your future goals, and action steps for accomplishing them.
Each plan has a fully customized budget (aka spending plan) and savings targets for your specific goals. Depending on your needs, it can include debt management strategies, credit score improvement steps, or credit card optimization.
Your plan is a living document. As a member of The Financial Gym, we revisit the plan each quarter. During the quarter review we update the numbers and check progress towards the goals. These meetings are when we can update the plan, so it continues to serve your life and goals.
The plan also includes resources like podcasts, books, and blog posts for continued financial education. These resources can help you stay excited and motivated about your plan between check-ins.
The Benefits of a Financial Plan
A financial plan should be flexible and adaptable to life’s changes. They serve as an itinerary for your financial journey, helping you map out big milestones so you can move in a clear direction.
Clients often feel relief and excitement after they get their financial plan. Knowing someone has thoughtfully organized their goals and provided clear steps forward can help reduce financial anxiety and increase confidence.
A financial plan is both a tool for the present and a guide for the future. If looking at your plan is overwhelming, that’s okay. Start by focusing on the action items and revisit the other details as your confidence grows.
The Financial Gym welcomes everyone, no matter your starting point. As Shannon always says, everything financial is fixable, and there is no situation that is too messy to address. You can come as you are and have a financial plan tailored to your specific needs.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
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