Money isn’t always the key to happiness. What are the key financial planning processes for using your money to live a better life?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks with his colleague, Jennifer Quire, a fellow Certified Financial Planner CFP®. As financial planners, Daniel and Jennifer’s goal is to help physicians use their money to live better lives. This starts with working through the financial planning process. Listen in to find out what this looks like.
- What is a financial plan? Roadmap of where you are and want to be
- How to create a financial plan?
- Organize financial affairs
- Clarify values and goals
- Analyze options
- Decide best path forward
- Execute next steps
- What’s most important to you? Money isn’t always the answer
- Life Planning Questions: If financially independent…
- I want you to imagine that you are financially secure, that you have enough money to take care of your needs, now and in the future. The question is, how would you live your life? What would you do with the money? Would you change anything? Let yourself go. Don’t hold back your dreams. Describe a life that is complete, that is richly yours.
- This time, you visit your doctor who tells you that you have five to ten years left to live. The good part is that you won’t ever feel sick. The bad news is that you will have no notice of the moment of your death. What will you do in the time you have remaining to live? Will you change your life, and how will you do it?
- This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? [Did I miss anything]?
- Analysis Paralysis: Focus on one thing at a time to make progress
- Deadlines: Time gets in the way and people don’t like change, ask for help
- A financial plan becomes worthless if you never execute on it
Written Financial Plan (Example)
Wrenne Financial Planning – Financial Planning Process