Today's Hack

What does it take to build a strong financial plan? Let’s consider what goes into building a house and how this analogy may relate to financial planning.

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Show Notes For This Episode

Today’s Hack:

What does it take to build a strong financial plan? Let’s consider what goes into building a house and how this analogy may relate to financial planning.

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

For some people, the idea of putting together a financial plan is pretty daunting. For others, the idea of building and designing a house is a lot more exciting. On today’s podcast, we consider what kind of building would go into creating a financial house.

The foundation of your financial house is income. Once you retire, where do you get the income after no longer getting it from a job? Do you know how much you need? What does your retirement lifestyle include? Do you know how to budget your monthly withdrawals or pension that now serve as your income?

Next, when building a house, are the walls. After establishing your foundation, you need a framework to create the house. Your investments serve as your financial walls. How do your investments support your plan and financial goals?

The roof protects you and your home. What offers that level of protection in your financial house? Insurance. From life insurance to long-term care insurance, what kind of protection do you need? Has your plan been stress-tested to see if it can survive without certain types of insurance? What’s the risk?

Finally, the finishing touches are what make this a home. Your estate plan puts together the pieces in a way that helps others to understand how the plan works. Put it in writing to be sure the details are clear. Make sure you update and remodel these things as needed. Is your will from way back when your now-adult kids were born? Keep these documents up-to-date.

Building a house is a lot like building a financial plan. You’ve got to start with the basics and work your way up to the fine details. Where are you in the financial house building process?

1:11 – Did you ever build structures as a kid?

1:55 – What does it mean to build a financial house?

3:17 – What is the foundation of a financial plan?

6:38 – What are the walls of financial plan?

8:30 – The roof provides protection.

11:43 – What are the finishing touches?

Thanks for listening! We’ll be back with another episode next week.


A Quotable Moment:

Make sure there’s flexibility. Sometimes that’s people’s hesitation to start down this planning process is they think it is too rigid.

-Phil Putney

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