Lifestyle - One Size Does Not Fit All

By: Alexander Roig, January 27, 2017

Although retirement planning and saving for the future (for you and the coming generations) is a big part of what we do at Family Financial Partners, planning for life today is also a vital part of our philosophy. Much like a weight-loss diet, in our experience, a too-restricted budget is difficult to stick to, and often results in financial binges that can wreak long-term havoc. We always want our clients to work diligently toward long-term goals, but we also want them to enjoy their lifestyle today.
 
When people learn what I do for a living, questions about a person's daily financial lifestyle choices often come up in the small talk. For example, someone I've just met socially will ask something like, "I'm thinking about getting a new car. Should I buy, or lease instead?" Well, the answer isn't that simple - there's not a blanket response that can be given. 
 
When it comes to helping our client families make lifestyle decisions, there is no "one-size-fits-all" solution. There is, however, usually a right (and a wrong!) way to approach these decisions based on each client's unique, individual situation. When we sit down with a client and go over their entire financial picture, we can determine with a high degree of certainty the what and how that will work for that person or family - provided they stay accountable to the plan of course. 
 
The biggest lifestyle questions we encounter in our line of work revolve around cars and homes - how many to own and how to make the purchase. All of these decisions have to be made in the context of what else is going on in the person's life. Everything from income and number of years to retirement, to where a person is in a career, to how likely they are to move or have children in the next few years, will affect the course of action our team suggests. 
 
We strongly believe that an ongoing relationship with each of our client families is the key to successful financial planning. When we do encounter these types of lifestyle questions, we can then sit down with the client and make a recommendation that fits their needs. 
 
And even if now might not be the right time for your family to buy that beach house in Florida, we can develop a savings plan to help you work toward that goal - while enjoying yourself in the meantime. 
 
What lifestyle decisions are you and your family thinking about this year?  Let our team know so we can help you plan.

Family Financial Partners | Growing Wealth, For Generations ™