Here’s How Financial Planning Relates to Weight Management

Financial planning is much more than just buying life insurance, or an annuity and calling it a day. Many people have a false perception of what financial planning really entails accompanied by a false sense of fear.

Financial planning is not just a singular action, the concept is a process to follow, much like a diet plan. If you wanted to lose weight, or live a more active lifestyle, would you just start by making random purchases of products you think can help? Most likely, you would not. One of the best examples I can think of to help explain the reality of financial planning is a weight management program, such as Weight Watchers or Jenny Craig. If you have ever been a part of these programs, then you know that they are more involved but generally lead to great results. When you join a program like these, you simply do not just try to eat better, workout more, and hope for the best.

When you are creating a financial plan, you follow a similar format to that of a weight management program, acknowledging that both plans are to make your life better from now on so you can live longer and enjoy life!


Financial Planning Weight Management
Step 1: Find your starting point Where do you currently stand financially? What assets and investments do you have? What are your measurements: weight, diet habits, exercise frequency, etc.
Step 2: Establish your goals What are your short, intermediate, and long term financial goals? What are your goals: lose weight? Build muscle? Eat healthier?
Step 3: Determine your path How far away is your goal from your current standing? Is it manageable in your time frames? Are you expecting to be a millionaire within the week? How far off from your goals do you currently stand? Are you setting reasonable goals for your time frames?
Step 4: Develop a plan Establish a plan on how to achieve your goals. What actions will generate results Establish a plan on how to achieve your goals. What actions will generate results
Step 5: Implement your plan If it’s opening a savings account, spending less on groceries, etc. here is where you put your plan to work Whether it is exercising more frequently, cooking more homemade meals, etc., this is where you put your plan into action.
Step 6: Consistent review of progress This is one of the biggest parts of financial planning—this is not a one-time process. It is important to measure your progress consistently—especially as the market and economy changes so rapidly. It is vitally important that you check in on your measurements to see if you are making progress.
Step 7: Adjustments made, if needed If after reviewing your progress, you find that you need to make adjustments to keep moving forward on your path, they should be made and continued to be monitored If you find that you are not happy with your progress, perhaps adjustments should be made to help you stay on path towards your goals.

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Financial Sisterhood TM, 2016