One Size Fits One
We each see something different when we visualize our unique versions of what “living a plenteous life” means. While there are basic commonalities, so much is one size fits one, like the right pair of jeans or shoes. As the author of your story, you have the greatest influence on how your unique narrative plays out. Whether the way you manage money and life was derived from family dinner table conversations, watching others’ experiences, a class you took in school, or through life’s “school of hard knocks”, you have something to share and something to learn. Plenteous Financial Forum is a place where we hope you will do both.
The Power of Planning
Planning is THE BEST insurance in your quest to get the most out of life. After all, what good author launches into writing a book without some research and outlining? Plenteous living takes purpose, intention and consistency. Planning is where you bring everything financial in your life together in one place to:
- Define and prioritize life goals.
- Determine what’s working, what’s not and how to get back on track.
- Confirm you are on a path to build or maintain financial independence, consider inflation, taxes and market volatility.
- Look at other paths you might consider or hands you might be dealt (opportunities and risks) and their potential outcomes. This could be a debilitating health event, missing investment opportunities, purchasing a second home, saving more/less, a job change, a marriage, retirement, divorce, loss of spouse and endless other scenarios.
Learn. Grow. SHARE.
So many people are suffering in silence from financial insecurity. Likely some of those closest to you could benefit from some encouragement and shared wisdom. In a culture where more time is often spent annually on summer vacation planning than financial planning, we see the results of only 10% of people having documented financial life plans play out before us:
- Four in 10 adults would either borrow, sell something, or not be able pay if faced with a $400 emergency expense.
- The average middle-class family has only three weeks of reserves.
- One in five adults cannot cover their current month’s bills, and one in four skipped a medical treatment in the past year due to an inability to pay.
Often difficulty getting through today can make it hard to think ahead to saving for retirement. In fact, people have been struggling with retirement savings since the early 80s, when responsibility shifted from the employer to the employee without the education and transition efforts to make the individual successful. Consider this:
- About 30% of seniors 55 and older don’t have a retirement account or a pension.
- Even seniors age 55 to 64 with retirement savings, only have average savings of $104,000.
- Seniors age 62 to 69 only have average assets of around $39,000.
Adding to the savings gap challenges, average life expectancy has increased a decade since the 1960s – particularly challenging for women who, on average, earn less, invest less and save less, while needing to provide for that longer life.
If you’re a person who wants to best control the narrative of your unique story, or want to help others change theirs, join us! All things are possible (Matthew 19:26; Phillippians 4:13; Luke 1:37; Mark 9:23; Mark 10:27; Matthew 17:20; Romans 8:31).