Dealing With Change

How Financial Advice Can Help You Deal With Life’s Changes

People frequently have a very different understanding of financial advice than what it actually entails. There’s a widespread belief that advice is simply concerned with selecting sound investments which is comparable to the belief that a doctor’s job is solely to write prescriptions for medications.

The truth is that sound financial finance takes on a holistic approach and offers direction through all of life’s unexpected turns.

Embracing the Winds of Change

As many of us have learned through experience, our journey in life is rarely a straight one. Our lives are typically filled with twists and turns and it often surprises us with unforeseen changes. It may begin with a subtle shift—an unexpected encounter, an inspiring idea, or a heart-wrenching loss—that alters the very fabric of our existence. Our priorities realign, and what was once of little significance becomes paramount. 

In the face of fundamental change, every aspect of our lives feels its impact. From career transitions to marriage, illness to retirement, these pivotal moments demand our attention because they rarely affect just one area of our lives. For example, a promotion might involve a higher compensation and more discretionary income. A divorce with children might entail supporting two households and higher expenses. An extended leave of absence from a paid job may be required due to illness. The list goes on.

Even a change that seems to be a clear step up, such as moving to a position with a greater salary, might go wrong when we learn that we’ve struck the wrong balance between money and other areas of our life.

The point is that our life’s financial issues are inextricably linked to our emotional, physical, mental, and spiritual well-being. Reevaluating our assets and obligations could result from anything, even a philosophical realignment. Everything is interconnected, and without a comprehensive strategy that offers structure, managing change can be challenging.

Given how interconnected everything is, this shouldn’t really come as a surprise, but it still amazes us how many people assume they can isolate one aspect of their lives from a larger change and continue living their lives as usual.

The Power of Financial Advice: Holistic Guidance and Structure

Amidst life’s unpredictable nature, financial planners offer an invaluable gift: structure. Few of us can dwell amidst the chaos of life’s turning points whilst properly managing short-term changes and staying committed to long-term goals. 

We require someone to help us understand our present circumstances, how we arrived here, where we aspire to be, and the path we must tread to reach our destination. When we find ourselves in uncharted territory, we require a guiding hand to anticipate what lies beyond the horizon.

Individuals who have experienced a transformative life event can attest to the moving parts involved. Existing commitments and obligations mingle with new aspirations, leading to potential clashes. Whilst the financial challenges might be the most visible aspects of this turmoil, an intriguing paradox emerges. By gaining a comprehensive understanding of the financial aspects surrounding life’s changes and exploring available options, the emotional burden often becomes more manageable.

Consider the wrenching experience of divorce, particularly when children are involved. Simultaneously, a new relationship with its own responsibilities may emerge, further intensifying the complexity. Emotional crises intertwine with financial turmoil.

Creating Space for Personal Growth

Whilst financial planners may not be psychological counsellors, they can provide invaluable headspace during moments of mental transition. By facilitating the physical and financial aspects of change, they alleviate some of the burden, enabling individuals to focus on their personal growth. Switching careers, although less emotionally taxing than divorce, presents its own set of challenges. 

Familiar certainties crumble, leaving individuals questioning their place and value. Embracing change may come at the cost of a significant decrease in compensation. Once again, the emotional and financial aspects intertwine. Yet, by aligning the underlying material structures, we discover the space necessary for non-material aspects of transformation to flourish.

Conclusion: Embracing the Journey with a Financial Planner

Change is an inescapable part of life. None of us can avoid its arrival. However, we possess the power to navigate these transition periods with grace and resilience. By seeking the help of a financial planner—a reliable companion who stands beside us on our journey—we scale through and avoid the possible financial challenges that may come with transition periods.