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MONEY matters

Mark Zaifman's thoughts on money, global economic trends and politics

Guessing About Your Future vs. Financially Planning For It

Mark Zaifman   |    Fri, Jan 21, 2011 @ 03:00 PM

 time to start financial planning

January is perhaps my favorite month of the year when it comes to running my financial planning practice. That’s because January is when I reconnect with my clients to review and update their financial plans. I also measure their progress in reaching their financial goals. To all my clients that have honored me over these many years with the privilege of guiding them on their journey to financial independence, I commend you. You have done the heavy lifting necessary to get your financial house in order and plan for the future you intend to manifest.

It’s unfortunate that more people haven’t followed your lead.

Planning Ahead

The latest survey I read showed that over 50% of people in their 40’s and 50’s have no clear idea of how much they will need to have saved up by the time they’re ready to retire. That boggles my mind. Maybe because I’ve been a planner for what feels like my whole life, I can’t imagine not knowing ‘my number’.

My guess is that the majority of money stress that people feel, comes from not knowing how much they need to have saved up for their retirement. Too many people stay at jobs that they can’t stand or as Thoreau said, live lives of quiet desperation due to worrying about money. And that worry is not based on facts or reality, but rather, the unknown.

Ball of Confusion

I’m still amazed how many consumers are confused about what a comprehensive financial planner actually does and the benefits and values of a financial plan. It’s not accidental that this confusion is widespread as Wall Street and the banksters who run the financial system remain houses of smoke and mirrors. And the more confused the consumer remains, the easier it is to sell financial products or highly loaded commission based mutual funds.

In contrast, my practice is operated as a fee-only financial planning firm, which means our income is derived purely from an hourly or pre-determined flat fee rather than from commissions. This assures that the advice you receive is independent, objective and always in your best interest.

The Spiritus Difference

As a client of Spiritus, you’ll know exactly how much you need to save in order to reach financial independence (FI). As my long time clients know all too well, one of my favorite parts of the financial planning process is developing and creating what-if scenarios. Going from full time work to retirement in a straight line is no longer that simple.

I use state of the art financial planning software to model and simulate the financial life planning possibilities you’re able to imagine and visualize. The feelings you receive from this professional financial guidance is liberation from worry as well as financial empowerment.

Having already connected with the majority of my clients on the road to FI, I am proud to say, 100% of them have met or exceeded their 2010 financial goals. You read that right, 100% are on or exceeding their goals!

Planning for Success

Knowing where you’re headed financially and having a strategic as well as tactical plan on how you’re going to get there is as good as it gets, in my opinion. Of course, there will be times when your financial plan will need be to be revised or totally reworked. That’s ok - that’s what an annual financial check- up is all about. A time to measure progress, course correct and set sail for the New Year with confidence.


successful retirement planning