Financial planning is a key cornerstone that plays a crucial role in not just shaping but also determining the overall life trajectory of an individual's wealth and financial well-being. By meticulously crafting and implementing a well-thought-out financial plan, individuals can pave the way for a more secure and prosperous future for themselves and their loved ones. Think it doesn’t matter? Just ask a Rockefeller!
Having a written financial plan and a trusted advisor by your side instils confidence in one's financial future. Your plan gives you a measurable, concrete goal to work toward. Writing it down makes it real. It also allows you to visualize your timeline for goals.
A robust financial plan serves as a catalyst that kickstarts the journey towards building savings and fostering healthier financial habits. It essentially provides individuals with a strategic roadmap that outlines clear steps and milestones to help them achieve their unique financial goals and aspirations over time.
Even starting with a small income and small amount of savings can have a huge impact overtime. It builds your confidence, your knowledge, and your wealth. Small steps can lead to big journeys. Small savings today can lead you to a wealthier future.
It is paramount to recognize that each individual's financial circumstances are distinctively different, underscoring the importance of devising a personalized financial plan tailored to specific needs, objectives, and circumstances. This customized approach ensures that the financial strategy is finely tuned to align perfectly with an individual's aspirations, thus maximizing its efficacy in delivering optimal results.
If you think planning doesn’t matter, consider the Rockefellers and the Vanderbilts; two of America’s much heralded philanthropic families.
The Rockefellers availed themselves of financial and estate planning techniques to grow their fortune down through successive generations. Today, it’s estimated their fortune is around $8.4 billion. Planning and financial security was important to the Rockefeller ancestors.
The Vanderbilts had another take on the matter. Gloria Vanderbilt, mother to Anderson Cooper and perhaps one of the most famous Vanderbilts, is said to have squandered her large inheritance. At one point, worth over $200 million, it’s been reported that the Vanderbilt fortune passed on to Anderson Cooper was only $1.5 million at the time of her death. Cooper himself has been interviewed and will reportedly only pay for his son’s education, but leave him nothing further. The Vanderbilt family companies are mostly long gone. There are some wealthier Vanderbilts, but the family fortune is slim compared to the height of their wealth in the 1880s and 1890s.
The difference is clear. For the Rockefellers, longevity and planning for successive generations was important. The Vanderbilts, truly embraced the YOLO attitude of you only live once. It should be noted that they were very philanthropic and gave generously to society.
Do you need a financial plan? Reach out to me. As an independent Certified Financial Planner™ I can help you establish and maintain better financial habits. Contact me and let’s get started! #talktometuesday #education #Hireaplanner #FinancialLiteracyMonth #NationalFinancialLiteracyMonth #NFLM #stressfree #savings #moneyeducation #financialeducation #CFPPro #Vanderbilt #Rockefeller #EstatePlan