3 Reasons to Have a Financial plan

Would you ever take a trip without having a destination in mind or planning how you are going to get there? Most people spend more time planning vacations than their financial lives (retirement, buying a home, etc.) which can cause a lot of uncertainty and a lack of clarity.

A written financial plan is a roadmap that helps lead people towards reaching their life goals. Studies show only 1 in 4 Americans have a written financial plan. Of the Americans that do not have a written financial plan: some have thought about their plan in specific or general details, have not thought about it at all, or do not think that they need a plan.

•How is having a written financial plan impactful?

➡️It can lead to an improvement in everyday financial behavior such as: debt management, savings, and overall budgeting

➡️It can cause an improvement in investing behavior that can lead to improved portfolio diversification, less “performance chasing,” and increased discipline

➡️Can result in increased confidence regarding financial health:

• Those who put pen to paper with written financial plans are more confident, more engaged with their wealth, and demonstrate more positive saving and investing behaviors than average Americans
• Those with a written financial plan feel almost twice as confident in their retirement preparedness than those who do not have a written plan.
• Of those with a plan, 89% report that they feel confident about their current financial health vs. 56% of those who do not have a plan.

Why don’t more people have a written financial plan?

Here are a few embedded beliefs that may be holding some people back:

➡️Financial planning is too complicated or confusing

➡️Maybe financial planning is just not for me or my situation doesn’t merit a written plan

➡️Financial planning is too overwhelming, and I don’t even know where to begin

How can Utor Wealth help?

Ultimately you just want to be confident that you are making smart financial decisions that allow you to both enjoy your life today AND be prepared for the future.

So if you are ready to....

• Know confidently that you can have fun NOW and not have to eat cat food in retirement
• Know at what age you can step away from work and still live the lifestyle you've imagined
• Understand if you are on track for your other financial goals
• Be introduced to strategies or accounts that are available to you 
• Know that your investments are working as hard and efficiently as you are
• Have a better handle on where you are and what is possible
• Be financially organized (like perhaps consolidate the four old retirement accounts you have lingering)
• Stop worrying or wondering if there's anything you are missing

You can do this but you don't have to do it alone. With the right tools, the right team of professionals (that's us!), a plan of action, and accountability partners (that's us too!), you will be confident in what's possible.

I'm not in the finance business. I'm in the life business.

If you'd like to have a conversation about your money WITHOUT someone up in your grill about what you did or should be doing, ping me at cparrish@utorwealth.com or schedule a call using my online calendar.