Access to financial advice is more readily available than ever before- between the internet, various publications and talk shows, one can get advice on budgeting, saving for retirement, support for ageing parents and a host of other topics. This can be seen as a good thing as the mystery of the subject matter is lessened. It can also be a bad thing as the advice you see is general and presumed to apply to everyone equally. Problems abound with this general way of dispensing advice. Experience tells us that it is not just ones age, but time of life that dictate plans for saving. We are as likely to have a 50 year old new entrepreneur with toddlers as we are the corporate employed 35 year old with the same age children. Yet the advice for these families is the same.
The same would be true for retirement planning which is seen as a linear process – saving that occurs regularly over a period of years and then you retire. What about the sabbatical? Or ‘gig’ employment which is more and more common?
Do we have to wait until never-never to enjoy the benefits of our money? Our answer is no, we believe that the best approach is to save and then enjoy your savings along the way. It might be travel, an extended break from employment and then working longer, or downswing your job fairly early in life to pursue a passion in the form of work. Conventional financial planning advice in its generality does not account for these individual differences. We find it to be more realistic to explore these life events and desires and plan accordingly. A well thought out individualized plan can accomplish this and more.
It is a good idea to cover the absolutes in general – saving, protecting your family from risk and developing a plan for adverse events and then move on to a more customized plan for your personal future.
Elyse Foster, CFP® is the founding Principal of Harbor Financial Group, Inc., based in Boulder, CO. Long before it was fashionable or the preferred form of advisory business, Elyse created advisory services to center around the client by bringing together other professional disciplines for a more effective, coordinated approach to problem solving. All of a client’s needs, family, business and personal, are considered in developing the highly personal advisory for which the firm is well known. Her role includes client relationship management, strategic planning, and investment direction and selection for the firm. Elyse’s 30+ years’ experience helps her integrate world events and individual goals and needs into investment and planning advisory with exceptional results.
Elyse enjoys an active outdoor lifestyle, photography, dance and travel. Community involvement is important to Elyse and she is the Vice Chair of the board of directors for the Humane Society of Boulder Valley and is a board member for the Burridge Center for Finance at the University of Colorado Boulder. She also enjoys spending time with her friends and family.
Learn more about Elyse and Harbor Financial Group at www.harborfinancialgroup.com