Importance of a Written Financial Plan – by Lynn Whetham

A written financial plan is critical in today’s ever changing landscape.
I’ve heard it said that “the only constant is change.”
It’s clear that our world changes very quickly in the technology age.
At some point, you will find your life in transition, whether it be a change you plan for, dream about or something that hits you right out of the blue. Change can be unsettling financially. A written financial plan based on current realities will help you make informed choices when faced with change.

Time for Change

Gone are the days when a person began a career at age 20 and retired from the same company at age 65; career transitions are inevitable.

A person can face transitions with either apprehension or anticipation.


Apprehension arises when a person:

1. Has never had a plan and thus has no idea how the transition has changed the outcome of the trajectory he was on.

2. Has a plan that is not flexible or is based on a paradigm that has disappeared.

Anticipation arises when a person has a written plan that provides:

1. The steps they will take at each crossroad.

2. Flexibility to accommodate changes along the way

3. Reflects our current realities

Thumbs UpAs a financial planner of over 20 years one thing is very clear to me: decisions made from a place of fear are seldom good decisions. How much better to face your transition with confidence!

Statistics show us that people with written financial plans are more likely than those without written plans to achieve their goals with confidence. However, we also know that fewer than 40% of Canadians have a written financial plan.

On my radio show Stepright with Lynn, I recently chatted with Mike Kennedy from Your Future Reimagined. Mike works with folks who find that the company they work for is moving, restructuring or downsizing. Listen to what Mike says about transitions and opportunities. Mike says he loves to support people who feel that they are “too old to hire…too young to retire.”

If you haven’t taken the time to create a written financial plan, call your planner today. It can make all the difference in the world when you find yourself in transition. Even if you are already in transition, it will still give you peace of mind to start planning today.



About author

This article was written by Lynn Whetham

Lynn Whetham is a Certified Financial Planner with Assante Wealth Management and Assante Estate & Insurance Services Inc. Lynn believes in community involvement and enjoys sharing others' inspiring stories through her podcast Mindful Money Management. The podcast is dedicated to empowering socially conscious individuals to manage their financial resources for the benefit of themselves, their families, and the greater community.


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