We believe that every aspect of your financial life plan should be focused on improving your overall financial health. The LIVE PLAN THRIVE project acknowledges that financial wellness is more than just a buzzword. Helping clients achieve true financial wellness is part of our mission.
What is Financial Wellness?
Defining How We Measure the Overall Financial Health of Individuals and Families
In the past, finding a definition for financial wellness was a challenge and many different descriptions of our overall financial health still exist today. Fortunately, the growing body of financial planning research supports a multi-dimensional approach to assessing and monitoring financial well-being.
We understand that your success is defined by the progress you make towards reaching important financial life goals. Part of our ongoing mission is to help everyone strive to maintain a healthy state of financial wellness.– The LIVE PLAN THRIVE Project
The concept of authentic financial wellness is measured by a combination of factors including the overall satisfaction with our current financial situation, actual financial behaviors (i.e., budgeting, saving, debt reduction), financial attitudes, financial knowledge, and objective financial status.
Finding A Better Way to Track Your Financial Health
The LIVE PLAN THRIVE Project was designed with the understanding that helping others reach their most important life goals is the right approach to financial planning. Income, net worth, and rate of return on investments are important things to track but they are NOT the best ways to track the success of our clients. The financial services industry has traditionally done a poor job encouraging individuals to assess, track, and improve their financial wellness.
Authentic financial wellness is a better indicator of how clients are actually doing and how we are working to change lives in a positive way. This is why we view “financial wellness” as a more genuine measure of overall financial health.
Your money attitudes and beliefs are associated with how satisfied you are with your financial situation.
Financial wellness requires action. Some best next action steps include budgeting, avoiding debt, and protecting wealth.
Your savings rate, emergency funds, debt ratio, and retirement savings are just a few examples of the objective financial data needed to track your financial health.
An ongoing financial life plan to help guide you closer to achieving short and long-term life goals.