Training and Planning for Your Future

Working out has never been my favorite pastime.  But like most of us, I find that it is a necessity.  There are many who do not like going to a gym, including me.  However, it can help me get motivated when I work-out with others who are enduring the same activity. Therefore,  I joined a gym. Not just any gym, but the king of all gyms. Lifetime Fitness  has every class and necessary piece of equipment to get my 50+-year-old self into the best shape ever!

With my membership, I received a two-week trial for team fitness. The concept is simple; there is one trainer in a group setting with the workout consisting of each participant on a treadmill using weights. Everyone works out together with intervals and elevation changing throughout the hour-long class.

Like physical training, financial planning should be tailored to the individual goals for the individual.The only problem is this workout assumes that everyone is at the same level, and has the same goals. This is similar to the way most financial advisers approach financial planning.

In financial planning, the goals for each person are unique and our age, family circumstances, jobs, attitude towards money and other factors are significant in putting a plan together.

One person may be focused on paying for a college education for their children or caring for aging parents. Another may be looking toward buying a home, paying for their daughter’s wedding, investing an inheritance or changing careers. While another is concerned with ensuring a family legacy.

The desired future is different for everyone, which means that the investment strategy or plan for everyone should be different as well.

So it is with physical training. The workouts for each individual will vary depending on the fitness level, age, goals and ability. The best way is to vary your workouts to get into your best shape for now and the future.

Jim Parker of Dimensional Fund Advisors has a great article which discussed the role of a qualified fee-only financial advisor – to help connect each individual’s circumstances and needs to their goals.

Click the silver button below to read Jim’s article.

Future Training

 

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About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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