Why You Should Embrace Change

Life is full of change, it is a constant. Some of these changes are expected and planned for and others are unexpected, and sometimes come out of the blue. When you read the true definition of change there is no mention as to whether change is bad or good, so why do many link change with a negative connotation?

We would argue that change is not necessarily good or bad but is something we have to acknowledge and be prepared to encounter.  Having a financial plan is a great tool to enable your family to have an idea of what you will need to do to work towards your goals.  In addition, having this plan will allow you to evaluate how changes, when they arise, will potentially impact your plan.  Based upon the effect you can then make adjustments to the plan to course correct and keep your plan on the path of working towards your goals.  It may also require changing your goals, and adjusting them, to increase your probability of success.

Always Have a Plan

Financial plans simply cannot be documents that you create, print out, put on a shelf, and hope for the best never to look at them again.  The plan needs to be and act like a living breathing document.  Changes that come up, whether in your personal life, goals or even tax updates (or potential tax bills), should prompt you to take a look at your current plan to see how these changes may impact your overall plan.

The important takeaway is that change is inevitable.  Some of the changes you encounter will have the potential to impact your plan in a positive way, such as a new job with a much higher salary, your child receiving a full or partial scholarship, an inheritance, a business exit, or paying off debt.  Other changes may have the potential to impact your plan negatively, such as a health issue, disability, divorce, or even the death of a loved one.

Not having a plan leaves you and your family in a precarious place to simply react to the changes as they occur without a real understanding of the financial impact they will have, positively or negatively.  This does not put you in a place to address these events in an ideal fashion.

Make Fact-Based Decisions

Whether the changes you encounter are positive or negative it is important to have the framework of a plan in place to see how this potential change will impact you and your family and then plan on how you will address this change and continue to work towards the goals of you and your family.  This allows you to make an informed fact-based decision, rather than an emotional one based upon the feelings derived from the change you encountered.

Change can be uncomfortable, but having a plan in many ways can relieve you of some of the discomforts.  We would be happy to schedule a time to discuss how we can help you and your family to get a plan in place and be ready to embrace change.  Feel free to schedule a 30 Minute Zoom Meeting for us to discuss what may be right for you.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.

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