There are some rules attached to better money control. Following the rules will lead to more stability in your clients’ lives, and eventually will affect other areas of their life such as mental health, physical, spiritual and socio-emotional well being. Financial well being will help people strengthen their coping ability and resiliency, and will reinforce their mental health. The basic principle behind each rule is the same: your clients need to have a plan for how they spend their money.
The life of a human being is about balance. It’s not about taking it all or you get nothing. And of course, it’s not about spending your life in constant care of healthy credit identity, insurance or saving money for an emergency. It doesn’t take that much time for people to manage their money, but it requires some discipline to it, and some good advice from you as a trusted advisor.
The evolving social and economic climate makes people realize the relevance and importance of financial literacy nowadays more than ever. More importantly, recent financial literacy studies uncover a tremendous need for more financial knowledge. A good example of such study was recently conveyed by Prudential Financial and published on PlanSponsor. It reveals “a layered portrait of the financial lives of Americans”, giving advisors an insight for more precise financial education and practice to a targeted audience. Keep encouraging your peers in creating financial education opportunities in their own lives and take advantage of those that already exist.