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The Importance of Financial Planning Beyond Wealth Accumulation

The Importance of Financial Planning Beyond Wealth Accumulation

February 01, 2024

Financial planning and wealth management often suffer from widespread misunderstanding, and it's understandable considering the various contributing factors. One major factor is the lack of financial education in our upbringing, whether it's the absence of teachings from our parents or the limited inclusion of financial courses in our formal education. Most degree programs do not require any financial courses, with only a few having minimal prerequisites. Even specialized fields like medicine typically only include a small number of business classes, which cover a wide range of topics beyond finance. However, as these individuals go on to establish their own practices, they will inevitably realize the importance of financial knowledge not only for personal matters but also for the success of their businesses.

Misinformation and misguided truths can be found even among celebrity financial gurus. They often promote the idea that financial well-being solely depends on saving every penny, accumulating vast amounts of wealth, and restricting spending to necessities rather than desires. These tactics are often accompanied by a sense of shame, aiming to manipulate their followers into strictly adhering to their advice without any room for deviation.

At Schmerling Financial Group, we believe that smart financial planning is about more than stashing away as much cash as possible and never enjoying all your hard work. The goal of financial planning is to be able to live the life you want and spend your time how you choose. There is no set of rules that will create success for each person who decides to adhere. Everyone has a unique set of values, goals, life experiences, and finances that have an important role in a holistic financial plan. 

 Part of our process is to carefully integrate your lifestyle into your financial strategy, recognizing that certain experiential assets hold greater significance than the financial returns obtained by retaining them in investments.

For example, using your money to buy a beach home because your family loves being together in warm weather, may be the best money you ever spend. While this may entail sacrificing financial assets, you will most likely get many enjoyable memories from it. Living out your values and gaining those experiences are why we are so passionate about helping our clients pursue their financial goals. 

Financial planning is all about spending your time how you wish with the people you care about most. We love getting to help you leave a lasting legacy you can pass on.