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PLAN FOR YOUR FINANCIAL YEAR

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Finances touch just about every aspect of your life. Your personal life and your financial life are not separate — they mingle and dance a complicated dance. While it’s important to have the right amount of money in emergency savings, retirement savings, and insurance coverage, it’s also just as important to live a full, rich life. Your money should not only provide a safety net but also a means to reach goals and accomplish great things.

Thankfully, there are financial planners who focus on helping clients effectively manage their finances while also reaching personal goals, as opposed to just focusing on the numbers. This approach, called financial life planning, makes a conscious effort to keep clients’ life goals in mind throughout the planning process.

The Cheat Sheet chatted with Michael Kay, certified financial planner, financial life planner, and president of Financial Life Focus, to learn more about how financial life planning works.

“Financial life planning is an approach to financial planning that brings together quantitative data with qualitative information. The quantitative side is the normal numbers side. The qualitative is the deep understanding of what people care most about, their values, their money mindset (how they approach money), and their fears. We understand that the emotional/behavioral side of money can lead people to great success or massive problems. Financial life planning helps people and the planner understand how to best help a client live their values,” said Kay.

He warns that only focusing on the numbers is not sufficient. Clients need to have balanced advice in order to realize their full potential. “Anyone who is a true practitioner cannot ignore the qualitative aspects of the clients. To rely solely on the numbers is to reduce people’s lives to numbers on a page,” said Kay.

During the process of exploring your goals, values, fears, and desires, you may have an emotional reaction, says Kay. It can be difficult to uncover dreams and wishes that may have been pushed aside for years. Know that emotions may run high during your meeting with a financial life planner.

“Clients can experience emotional reactions and tend to talk about issues they might not have thought about or considered before the conversations around money began.  Advisors need to ‘be with’ the client on their journey and not try and sweep real emotions under the rug or toss out unwanted platitudes because they are feeling uncomfortable.  Financial life planning connects life and money and that combination can be tumultuous. Our job as planners is to help, advise, and support our clients through their journey. It requires intelligence, empathy and patience.  It is the most meaningful work I can imagine,” said Kay.

PLAN FOR YOUR INVESTMENT MANAGEMENT
services-tab-3So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that. times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that.termined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way.
PLAN FOR YOUR TAXES

services-tab-4So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that. times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that.termined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way.

PLAN FOR YOUR BUSINESS LOAN
services-tab-5So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that. times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that.termined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way.
PLAN FOR YOUR INSURANCE

services-tab-1So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that. times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that.termined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way.

PLAN FOR YOUR RETIREMENT

services-tab-6So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that. times, people told me I can't do this or can't do that. in my way.So many times, people told me I can't do this or can't do that.termined, and I believe in myself. My parents brought me up that way. Thank God for that. I don't let anything stand in my way.So many times, people told me I can't do this or can't do that. So many times, people told me I can't do this or can't do that. My nature is that I don't listen very well. I'm very determined, and I believe in myself. My parents brought me up that way.

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