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Children. Parents. Pets. Mortgage. School projects and work projects. Charitable endeavors. Sneaking in a workout during Little League practice.
Our lives leave no room for our lives, and it seems that we are all trying to balance these obligations simultaneously, with varying degrees of success.
It’s no surprise we feel like a juggler, constantly adding items to the mix while trying to keep everything from crashing down.
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I have been a financial adviser for nearly 20 years and have engaged clients at all stages of their lives. Some I meet when they hit a milestone, whether it’s the birth of a child or accumulating enough assets to need help in investing or management.
I meet others in times of misfortune, whether it’s divorce, the death of a spouse or the loss of a parent. Often, these clients are women.
What I constantly hear from these clients is that they never took the time to create a financial roadmap because it was just one more thing to do.
This is a huge misconception. That “one more thing” could align your life in a way that feels more organized and appropriate to your goals. And typically, you’re most likely spending energy on it already. As Eleanor Roosevelt said, “It takes as much energy to wish as it does to plan.”
Financial planning is one of the most important endeavors you can pursue, not only for your own sake, but also as a service to loved ones.
Don’t be reactive — take control
As a wife, parent and member of the sandwich generation, I can attest that the mental load, often an overload, is real. The constant struggle of daily life makes women default to a reactive stance. Some call it survival mode.
The downside is that taking a reactive approach to financial planning means goals and desires often get pushed to a rarely addressed to-do list.
Engaging a financial adviser early provides room to learn, consider advice or conduct research. That’s exponentially more difficult during a disaster or tragedy. In these moments, springboarding into a financial decision is rarely the right choice.
Take it from someone who was hunkered down as Hurricane Helene ripped through our Asheville, North Carolina, neighborhood. Financial planning is the last thing on your mind when faced with a disaster. This is a time for grieving, rebuilding, self-care and loving connections with those who are important.
Own your ‘one more thing’
Emergencies are not the ideal time to establish a new relationship either. They are times to leverage and lean on existing ones. Make time to engage a financial adviser sooner rather than later because having a long-term relationship can turn that “one more thing” into one less thing in times of crisis.
And having a trusted, familiar advisory team to guide and assist with critical financial decisions during these periods really takes more than one thing off your list.
Think of your experience with other personal and professional long-term relationships. There is a sense of ease and familiarity that only comes with time and energy spent together.
Once a relationship is established with a financial adviser, which includes a mutual understanding of your goals and values systems, that engagement can operate on autopilot for you, while your adviser does the work.
Create your support team
Developing the right advice team now makes everything easier, whether it’s navigating an unexpected medical situation or buying a car.
Importantly, you must allow that team to work for you and be something that enhances your life. If you have the best adviser, lawyer and accountant, but you don’t like them, it won’t matter much if they are good at what they do.
Find people who share your values, see you authentically, laugh at your jokes and understand your wishes well enough to tell you the hard truths. Finding these people — your people — will get you through the hard times.
Adding this task to your to-do list and crossing it off in the very near future will make your life better. And easier. Take it from someone who has seen the rewards of doing it sooner and the risks of engaging at an emotionally challenging time. Remember, “it takes as much energy to wish as it does to plan.”
