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Financial Planning Do's and Don’ts: Making Your Money Work For You

Zoe Team

Mar 7, 2018

5 min read

A financial advisor reviewing a plan with two clients at a table

Key Takeaways

Financial planning should deliver immediate and long-term benefits.
Effective planning covers both current goals and retirement security.
Financial wellness requires actionable strategies that work for you.

Frequently Asked Questions

Why should I prioritize financial planning now?

Effective planning ensures you meet your current needs while securing your future lifestyle and retirement.

How can I make my money work for me?

Focus on aligning your investments and habits with your unique financial objectives and goals.

Is financial planning only for the future?

No. True financial planning provides value today by helping you manage cash flow and reach near-term targets.

Financial planning should pay off now, not just in 10 years. Learn how you can achieve your current goals and ensure that you are covered when you retire.

Tim Ferriss, the no. 1 New York Times bestselling author of The 4-Hour Work Week: Escape 9-5, Work Anywhere, and Join the New Rich, gave a name to the general evolution of behavior that is taking place in America’s corporate world. In his book, he discusses the advantages of shifting both your mindset and behavior from the traditional “macro” retirement to more frequent “mini-retirements” throughout one’s career.

You may be familiar with his book and his financial planning ideas. However, for those of you who are not, Tim discusses the historic behavior of corporate Americans, in short, as involving tireless work throughout one’s career, saving all one can, and spending it post-retirement around age 60. This behavior and general thought process was the foundation on which our parents and grandparents planned their finances. Once they’d retired and received their watch for 25 years of service, they kicked their feet up and finally spent their hard-earned money on boats, cars, and trips that they had been dreaming about for decades.

But times have changed, and fortunately for those of us who are still grinding away, general thought processes and behaviors have changed substantially too. The current workforce has shifted its objectives to those that are more closely aligned to the idea of mini-retirements i.e. spending your money NOW and ticking off bucket list items before you are too old to climb Macchu Picchu or go skydiving.

Although wants, needs and how we spend our money have all changed, the shift in financial planning to achieve this has been slower to evolve, and we have unfortunately found ourselves in a situation where credit has become more dangerous than ever before and the cause of many economic problems in the US (as we are all well aware!). With this in mind, we at Zoe Financial have come up with a list of dos and don’ts that will help you to achieve both your goals – to enjoy your money now and to be financially secure when you too decide to kick up your feet and hang up your suits.

1. DO decide what you want and set money goals

Before you go about designing a financial plan, you need to be clear on what you are planning for. Make a list of all the things that you currently spend your money on and all of those that you would like to spend your money on. Once you have a clear objective it will be much easier to outline the steps to get you there.

2. DON’T put (all) your wants ahead of (all) your needs

As much as you are entitled to enjoy your hard earned cash on holidays and designer threads, you need to be realistic about what you want versus what you need. Make sure that your financial plan is balanced in this regard. Prioritize your wants and needs according to the order in which you value them, this will help you to adequately allocate resources to each.

3. DO think wisely about credit

Credit can be both a blessing and a curse. Make sure you make conscious credit decisions that can give you the hand you need without taking the whole arm as well.

4. DO set up a rainy day fund

As sure as the sun will rise in the east and set in the west, life will throw you a few curve balls. Be financially ready for them! Make sure you have an emergency fund for life’s unexpected expenses.

5. DON’T forget about the now but DO plan for the end

As mentioned before, the way our parents and grandparents lived and saved is no longer our only option. Make sure you plan to have money to spend now, on the things you enjoy or need, but don’t totally ignore the end. When a monthly salary suddenly stops it can really affect the way you have to live. You don’t want this! Make sure you have enough of a nest egg to continue living the way you want to, long after you leave the boardroom.

6. DO monitor your plan: DON’T invest and forget

Once you have decided on a plan, don’t forget about it until you are 6 months from retirement. This may sound ridiculous but time flies and lots of people spend their last year of employment worrying about how their “perfect plan” has failed them. Revisit your plan annually. Consider both changes to the world economy as well as changes to your personal goals and objectives. Do your best to make sure that your plan is always aligned with YOUR money goals, which will change as much as you will throughout your life.

7. DON’T forget to ask for help

As a successful professional, one can fall into the trap of attempting to do it all yourself. Just as you wouldn’t diagnose your dog’s medical condition without consulting a vet, you shouldn’t plan your finances without professional advice. And even if you are a financial professional, it is impossible to be objective when it comes to your own life and your own financial plan. Hire someone that can guide you and advise you without letting emotion or ambition get in the way.

Financial planning is not an easy task but knowing what your current situation is, is the first step to being in total control of your financial life going forward. And that is what Zoe Financial is all about: making sure that our clients have the ability to see their financial big picture, all of the time. And that can ultimately ensure that you make your working years count and live the life that you desire! Because financial planning should pay off now, not only in ten years time.

Financial planning should pay off now, not just in 10 years. Learn how you can achieve your current goals and ensure that you are covered when you retire.

1. DO decide what you want and set money goals

2. DON’T put (all) your wants ahead of (all) your needs

3. DO think wisely about credit

Credit can be both a blessing and a curse. Make sure you make conscious credit decisions that can give you the hand you need without taking the whole arm as well.

4. DO set up a rainy day fund

5. DON’T forget about the now but DO plan for the end

6. DO monitor your plan: DON’T invest and forget

7. DON’T forget to ask for help

Disclosures: Zoe Financial, Inc. ("Zoe Financial") is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Zoe Financial provides investment advisory services and access to independent registered investment advisers through its platform. The information provided by Zoe Financial is for educational and informational purposes only and should not be construed as personalized investment advice or as an offer to buy or sell any security. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results. Clients should consult with their own financial, tax, or legal professionals before making any investment decisions. The material presented by Zoe Financial is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. Material presented has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Past performance is no guarantee of future results. Zoe Financial does not provide legal or tax advice, and nothing contained in these materials should be taken as legal or tax advice. SEC Registration does not constitute an endorsement of Zoe Financial by the SEC nor does it indicate that Zoe Financial has attained a particular level of skill or ability. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Lower expenses do not guarantee better investment performance. Certain information contained herein may constitute forward-looking statements. Due to various risks and uncertainties, actual events, results or the performance of a fund may differ materially from those reflected or contemplated in such forward-looking statements.

Disclosure: This page is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

Investment advisory services are provided by Zoe Financial, Inc. (Zoe Financial), an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Learn more about Zoe Financial on the SEC’s Investment Adviser Public Disclosure website. Brokerage services are provided by Zoe Securities LLC and Apex Clearing Corporation, members of the Financial Industry Regulatory Authority Inc. (FINRA) and Securities Investor Protection Corporation (SIPC). Learn more about Zoe Securities and Apex on FINRA’s BrokerCheck website.

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