EP02: What's Stopping You From Creating A Financial Plan?

We've all heard of scary stories of how athletes were declaring bankruptcy after retiring from the sport. It can be mind-boggling to think that they clearly make a huge fortune through multiple resources but can still lose all the money after. Why? Because they didn't have a solid financial plan in place that could have saved them from ruin. 

In this episode, let me walk you through the top reasons why people fail to create their own plans and how you can overcome them to get started in taking charge of your future. 

Key points covered in this episode: 

✔️  Hurdle #1: "Implementing a financial plan is too darn expensive." The amount of money you need to save can appear overwhelming, especially when you're just starting compared to someone who got started 20 years before. But the truth is, a financial plan in the hands of a motivated woman with some resources to invest can get you much closer to financial independence than a professional athlete making and spending a million dollars a year.

✔️ Hurdle #2: "I don't have time to create a financial plan because I'm too busy." When it comes to your finances, you need to make the time. Why? Because we always make time for the stuff that's important in our lives. And your finances need to be a priority. However, as you dive deeper into this training series, you'll discover that it can save you tons of waste of time and energy when you create a financial plan. I've got some efficient strategies for building a financial plan. 

✔️ Hurdle #3: "I hate numbers, and I hate complexity." The complexity of financial planning seems to be the bottleneck that slows everyone down. If you follow the Five-Ring Financial Plan, I'll prove to you if you set it up properly in the beginning, monitor it as your finances change and set up automation — it can literally save you hundreds of hours in the future. 

 Hurdle #4: "I'm not a financial person." Here's the good news, you don't have to be! In fact, with the tools and technology we have today, it's never been easier to get started. We have spreadsheets and apps, and software that can make a financial plan a reality. So if you can commit to a set dollar amount, you're well on your way. 

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About Felicia Gopaul, CFP

Ms Gopaul is a Money Confidence Catalyst and author of an Amazon best-selling books "Preparing for the Five Ds: Divorce, Disability, Downsizing, Disasters, and Death" and "Local Business Mavericks - Volume 20: Insights & Innovation From Top Local Business Owners, Professionals & Community Leaders."

 She is also a speaker and Certified Financial Planner Ambassador (only one of 50 people in the United States). She teaches accomplished, successful and educated women to heal their money mistakes, rebuild their wealth, and ultimately reclaim their power. Her business, Financial Control Mastery, teaches women to honor themselves through their money and actions. Know more and visit www.FinancialControlMastery.com