{"id":998,"date":"2013-08-08T14:41:49","date_gmt":"2013-08-08T14:41:49","guid":{"rendered":"http:\/\/vhfinancialmanagement.com\/?p=998"},"modified":"2013-08-08T14:41:49","modified_gmt":"2013-08-08T14:41:49","slug":"life-gets-in-the-way","status":"publish","type":"post","link":"https:\/\/vhfinancialmanagement.com\/2013\/08\/08\/life-gets-in-the-way","title":{"rendered":"Life gets in the way!"},"content":{"rendered":"
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As a fee-only financial advisor, I get the opportunity to spend time really getting to know my clients, and I am very fortunate to have a great group of folks to work with.\u00a0 I am always amazed at what my clients can teach me through their life experiences.<\/p>\n

I recently was meeting with a client who used to perform consultative work for the military.\u00a0 As we were discussing the importance of holistic financial planning she related it to this military mantra: \u201cNO BATTLE PLAN SURVIVES FIRST CONTACT WITH THE ENEMY\u201d.<\/p>\n

Wow, what a wonderful nugget of wisdom!\u00a0\u00a0 This is not only true for the military\u2019s work, but it\u2019s also true for our financial planning experiences. \u00a0\u00a0In my opinion, the only difference is the word \u201cenemy\u201d. While some folks would say the word \u201cenemy\u201d would make sense in this context( maybe their enemy is over-spending), I feel the term \u201clife\u201d is appropriate to replace enemy.<\/p>\n

Life is constantly on the move. We seem to be busier than our parents were.\u00a0 Life is pitching fastballs to us that sometimes we just can\u2019t hit.<\/p>\n

So, what does all of this have to do with financial planning?<\/p>\n

Financial planning is a process\u2026..not an event.\u00a0 Financial planning is a process constantly in flux and ever changing.\u00a0 Always tweaking and making adjustments, we must keep our eye on the big picture and strive to stay objective.\u00a0 Adjusting and rolling with the changes is healthy. Again, as a fee-only advisor, objectivity is the cornerstone of my practice. This is one reason I feel almost everyone should work with an advisor\u2026.at least at some point. This is also why my wife and I have our own fee-only financial advisor. We want an unbiased opinion.<\/p>\n

While the creation of a financial plan is a great first step, it\u2019s not the only step.\u00a0 We must implement the plan, monitor the plan, and then adjust the plan.<\/p>\n

The military does a great job of planning for contingencies, but the enemy is also trying to step on those plans.\u00a0 When the military is faced with an unexpected situation they go back to the drawing board and make adjustments.\u00a0 The battle plan is always changing.<\/p>\n

We too must adjust our financial plans. Whether it\u2019s an unexpected inheritance or a long term illness, we can be assured that we will all be faced with some sort of financial curve ball.\u00a0 If we simply give up, or try to move ahead with a plan that doesn\u2019t fit the situation, we may be in for a difficult financial ride.<\/p>\n

The key is not to give up and learn to deal with the ebb and flow of our personal finances.\u00a0 Don\u2019t quit! Go back to the drawing board and adjust the plan.\u00a0 This is one of the aspects of my practice that I really enjoy.\u00a0 I don\u2019t operate from a boiler-plate template.\u00a0 This approach keeps me on my toes, and I love it.<\/p>\n

We can all take a lesson from the military\u2019s playbook and remember that whatever plan you have in place at this point will probably change in the near future.\u00a0 If we realize no plan is perfect and are willing to reevaluate, we will give ourselves the best chance for financial success by realizing it is a process\u2026.a long term process.<\/p>\n

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