by Whitney Hufnagel, Investment Analyst
While mostly enjoyable, the wedding planning came with some challenges. We knew sticking to our budget would be difficult to accomplish a traditional Catholic wedding ceremony followed by a reception with dinner, drinks, and dancing with a large guest list. Therefore, we started by prioritizing what was most important to us which helped us define our wishes and compromise where needed.
Adequate time allowed us to carefully plan every detail at the best possible price. Planning also helped us identify and calmly navigate minor obstacles which included finding the perfect baker upon learning our original choice was already booked as well as finding a more suitable photographer after receiving lackluster engagement photos. However, neither of us truly realized the complete value of all the planning until our wedding day arrived. Our blueprint provided organization, a sense of security, and allowed us to achieve our goal of having a stress-free wedding day where we could focus on one another and our journey all while being able to fully engage in celebration with family & friends.
Just like the time spent planning a wedding can help pull off a successful wedding day, creating a comprehensive financial plan can help pull off a successful financial future. While the size of your wealth helps determine the time and resources required to build and update a comprehensive financial plan, it is never too early to start and no asset size is too small to benefit. As with wedding planning, financial planning helps couples and families prioritize how to allocate money to achieve dreams and goals. Planning also helps make sure all involved are on the same page and compromise when necessary.
Being proactive with planning and making appropriate updates creates an opportunity to identify warning signs and make corrections before it’s too late and
provides ample time to make better informed decisions. A financial plan can help ease concern when it comes to investment returns and taxes and has the power to put all the pieces of your financial puzzle together to help build and ensure sustainability. Like planning a wedding, the value in a comprehensive financial plan is often seen in hindsight, but you will be pleased you invested your time and money on your financial blueprint.
Photo courtesy Horton Studios