You have likely never once had visions of sugar plums dancing in your head but you may have tossed and turned with visions of credit card debt, uncertain retirement or dream trips not taken. The financial Grinch can steal the fun out of the holiday season and every day by sowing fear where proactive steps could help ensure a sound future. Acting with intention now will enable you to march into 2021 with a new attitude toward money and a game plan that may even grow your investments three sizes next year.
There’s a new kind of financial planner in town and she’s on a mission to help you manage the foibles of human nature to improve your relationship with money and drive stronger financial results. Behavioral financial planners combine money advice with a deeper look into a client’s habits and decision-making practices to help you overcome financial weaknesses, make realistic plans and gain the confidence and motivation to carry them out.
“As a behavioral financial planner, I offer specific money strategies combined with a range of sound options that empower clients to select those that will work best for them,” says Natalie Taylor, Certified Financial Planner and Behavioral Financial Advisor. “We focus on personal goals, habit change and the client’s decision-making processes rather than one right or wrong answer.”
You can take charge of your financial decision making with Taylor when you REGISTER
for the complimentary WFF Connect event Financial Wellness: Managing Your Finances in Real Life,
Wednesday, December 16.
Women and money: a strong combination
Many people avoid financial planning because they think it will be time-consuming, confusing, overwhelming, or even painful. Many women have also been exposed to conditioning that suggests money is a man’s domain.
“We tend not to talk about finances with one another as freely as men do,” Taylor says. “It’s quite common to overhear men talking about mutual funds or buying certain cars, but far less common to hear those conversations among women. I’ve been asked for stock tips by men hundreds of times but a woman has never asked me what the hot stock is today.”
Instead, what women want to know, Taylor says, is how to do money management right. “Women tend to seek understanding around financial concepts before taking action. Much of my role is to come alongside my clients to help them understand what they need to know to move forward with confidence.”
Throughout her practice, Taylor has often observed that women tend to have natural inclinations that make them phenomenal investors, such as a focus on long-term thinking and the ability to connect investing to reaching life goals. In addition, where men have sometimes been conditioned to act with greater financial boldness than they are ready to handle and bring a more competitive spirit to investing, Taylor sees women investors with a strong desire to be well prepared.
Easier than you think
“The expectation is often that budgeting and financial planning will be severely limiting and feel like a crash diet that is not sustainable,” Taylor says. “I find women are often very pleasantly surprised when we get the conversation going and we talk about balance,” she adds. “We talk about enjoying life today and finding money for the future. We emphasize the peace and empowerment that comes from freedom within boundaries as opposed to constant limitation.”
Taylor starts that conversation by helping clients identify what is most important to them. Because our core values impact every decision about how we spend our time, energy and money, she says they are the best filter for evaluating financial decisions. “I help clients realign their spending and goals with what matters to them most. That’s where sustainable change happens.”
Accounting for fun
In addition to big-picture goals like buying a home, sending kids to college and saving for retirement, Taylor advocates budgeting for fun. She recognizes that fun might not make it into the budget every month, but encourages creating an account earmarked for guilt-free spending. “A fun account provides a way to incorporate balance into your budget and the confidence of knowing those indulgences won’t interfere with your overall goals.”
“Financial wellbeing is about a much larger conversation than whether to get the latte or not,” Taylor says. “I like to help clients put a price tag on their goals and then we go shopping and compare various versions of those goals. We are looking for a balance between the long-term and how you want to live every day.”
Open the dialogue
Whatever biases or fears you may carry about money, taking charge of your financial future is likely to be easier and more enjoyable than you might expect. “There is an opportunity here for a fresh conversation and fresh view of money that is empowering and confidence building,” Taylor says. “My mission is to help people discover that.”
to learn more with Taylor at this complimentary WFF Connect Event Financial Wellness – Managing Your Finances in Real Life,
Wednesday December 16, 2020.