Life as an upper-level executive is certainly busy. Just when you think your day is over, a client calls with an urgent situation. You have meetings across town well into the evening, conferences to attend on the weekend, and countless employees to supervise. Unfortunately, many busy executives end up sacrificing family time for their careers. Before you know it, you’ve gone weeks without a family dinner, or you’ve missed yet another soccer game.
Family is everything. Family should be everything. If you’re tired of having limited family time as a busy executive, there is a solution: hire a financial planner. It may sound too simple at first, but hiring a financial planner can free up more time than you realize, allowing you to connect with your family again. Here’s how.
You Spend Less Time Budgeting and Investing
Assuming you’re a financially responsible individual, as most high-level executives are, you probably spend a good deal of time budgeting, tracking your purchases, researching investments, and so forth. These tasks often get spread out throughout the day. You might spend your lunch hour researching new investments, then spend a little time in the evening reviewing your budget. It’s a few minutes here and there, but they add up.
If you hire a financial planner, you can cut way back on the time you spend researching, making financial plans, and wondering if this month’s budget is on-point. Instead, you can spend your lunch hour visiting your kids at school, grabbing a sandwich with your partner, or calling your child who’s away at college.
A Lighter Mental Load
Do you feel like, even when you do have some time to spend with family, you’re not fully present, mentally? You might be stressed out by the latest trends in the stock market or worried about whether you’re investing enough into your retirement accounts. It’s not easy to relax when you’re always worried about finances.
When you hire a financial planner, you can relax and know that your finances are in good hands. You’ll know that a trained, experienced professional has helped you choose investments that are well suited to your goals. You’ll know that the overall financial plan you’re following is designed to set you up for success. This can go a long way towards easing anxiety and worries so you can be fully present during family time. You’ll be able to cheer and feel excitement when your son or daughter scores a goal, rather than crunching numbers in the back of your mind.
This isn’t true in every work situation, but it is true for some executives. You may be working more than you need to work just because you’re not sure how much money you really need to achieve your goals. When you sit down with a financial planner, they can help you examine how much you really need to earn in order to achieve your long-term and short-term financial goals.
With the right spending strategies, insurance, and investments, you might be able to reach your goals with less income than you assumed you’d need.
If you find out you can afford to earn a little less, you may be able to cut back on your working hours a bit without feeling too guilty. Working just two fewer hours each week frees up time for an extra family dinner, a walk in the park, or a fun evening baking cookies with the kids.
More, Better-Planned Vacations
With a solid financial plan, you’ll know just how much you can afford to spend on vacations each year. With the right budget and investment strategy, it may be more than you think. Even a one-week vacation each year can be a wonderful opportunity to bond more deeply with your family members.
Sometimes, busy professionals avoid vacations simply because they’re not sure they can afford them. In other words, they develop a “better safe than sorry” mentality and figure saving money is simply smarter. Having a financial planner tell you that you can, in fact, afford a vacation can give you the mental permission to book and enjoy one. Once you’re on the beach or exploring a new city with your family, you’ll be really glad you took the time off.
Improved Financial Organization
Disorganized finances can eat up more of your time than you realize. Maybe you haven’t updated your budget in years, so every month, you spend more than you planned on groceries and end up having to move extra money into your checking account. Perhaps you have investments with three different brokers, and checking on them all takes 15 minutes each morning. Or, maybe you’re always having to research and tweak your retirement contributions because you don’t have a clear, defined investment strategy.
When you work with a financial planner to create an organized financial plan, you can help save yourself from all these little hassles. You’ll know just what you need to do, financially, every day, week, and month. When you’re organized, you can do what you need to do more efficiently, leaving more time for family every day.
An organized, professional, financial plan is also easier for your partner and the rest of your family to follow. You’ll waste less time trying to keep each other up-to-date on any changes you’ve made to budgets, bank accounts, and investment plans.
Earlier and Better-Planned Retirement
Working with a financial planner doesn’t just free up time to spend with family right now; it can also free up more family time down the road when you reach retirement age.
As you begin working with a financial planner, you’ll talk about your retirement goals. Your wealth manager will help you refine those goals and decide what you want your life to look like in retirement. Perhaps you want to be able to afford to move to a different state, where you can live closer to your grandchildren and spend more time with them. Maybe you want to be able to afford twice-a-year vacations with your extended family. With a solid financial plan and the right investments, you can reach these retirement goals.
Creating a solid plan for retirement may also mean you’re able to retire sooner than you thought. Your wealth manager can make sure you have the right types of retirement accounts for your needs, and they can make sure you’re contributing the appropriate amounts to those accounts. Even a few dollars a month can make a big difference in your projected retirement age, especially when you’re young. Retiring one year sooner gives you one more year to focus on family.
As a busy executive, you do deserve to spend time with your family. Sometimes, that means hiring professionals to handle some of your obligations, like financial planning. Remember, too, that a financial planner should not just take the reins and leave you with a plan you don’t understand or don’t feel involved with. Instead, your planner will work with you to understand your life, your goals, and your priorities so they can develop a financial plan that feels comfortable to you.
Do you wish you could free up a few hours and spend more time with family, both now and in retirement? Contact RLJ Wealth Management to schedule a consultation. With more than 20 years of experience, we’ve helped countless families walk the path to greater financial independence and a brighter future together.