After reading the article, “The value of planning for now” by Carolyn McClanahan, I was not sure if this was new. Financial planning needs to be done for everyone at all stages of life, not just those who have enough investable assets to hit the minimums required.

As I meet with clients a common obstacle that faces many is that there is something in their lives today that is stopping them from moving forward.  Thoughtless spending is the number one hurdle, where expenses are being allocated to “needs”, and not “wants”. This creates an overflowing fixed expenses bucket full of discretionary expenses.

Unfortunately, life happens and the unexpected can walk in through your front door and over stay its welcome. It’s these “today items”, which need to be solved for before they can move on to their short-term, mid-term and long- term goals/desires/wants.

Within this balancing act of your life now versus your future life is living life.  Do the things that makes you happy without eroding your future.  Throughout the financial planning process what makes you happy and how you define of happiness needs to be included.  Like the person they are built for, a financial plan needs to breathe and bend, to meet the human’s needs.

The institutionalization of financial planning has led to asset minimums and wholesale plop and pitch methods. Plop in the names of the clients and pitch the “must have” product. This model doesn’t factor in happiness and life’s needs.

For more information on hourly financial planning and Wolcott Financial Solutions, Inc., click here.






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