Holistic Financial Planning



Luis is the featured guest of the Young Money Podcast – where money and motivation meets.  During this podcast, Luis addresses the topic of holistic financial planning.


A holistic approach to financial planning involves understanding the person as a whole, not just the numbers.  Income, investments, taxes – they don’t give the full story.  You need to understand your client’s goals, values, even culture – in order to put together a comprehensive financial plan.  For example, in my culture it is very common to give money to your parents.  On paper it may not make sense financially for someone to give away money to their parents, siblings, etc, but to a client it may be a non-negotiable and needs to be worked into their financial plan accordingly.  As a Certified Financial Planner™ professional, it’s my job to help develop financial roadmaps for my clients to provide solutions and help them achieve their goals.  In order to do this, it is imperative that I get to know them beyond just their financials.  Also, I find that this makes clients more comfortable engaging with and opening up to me about their concerns, and what they’re really trying to achieve.


I often find that people overlook the importance of an emergency savings when they are planning out their finances.  While having an emergency savings is always important, it is even more imperative during times of economic crisis, as we’re currently experiencing due to the COVID-19 pandemic.  I talk about this topic a lot, and will continue to do so, as everyone should have at least 3-6 months of expenses saved up.

You likely didn’t prepare for a job loss, taking a pay cut, or any of the other economic burdens that have fallen upon so many people due to the pandemic.  However, by having things like a financial plan and emergency savings in place, it allows you to more easily adjust and adapt when unforeseen issues arise.  Thankfully there have been some programs implemented to help people with economic hardships due to the pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is an economic stimulus bill passed to provide economic assistance for American workers, families, and small businesses.  There are also mortgage and student loan forbearance options if needed.


People often overlook just how much money they’re paying in credit card interest.  Many people are paying upwards of 24% interest on a credit card.  I’ve seen some people who focus on putting their money more towards investments, rather than their debt.  Now, you don’t have to be debt free to start saving, quite the contrary.  However, it’s unlikely you’re going to get a 24% rate of return on your investment, and you sure won’t get rich paying 24% in interest fees.  So while you save and invest, be sure you’re also working on paying down those high interest credit cards asap.


Use the tax code to your advantage!  There are a variety of ways to legally lower your tax bill.  Consult with an Enrolled Agent, CPA, or CFP® professional to learn more.


Now!  Some people are under the assumption that you have to be rich to have a financial planner.  There are others who believe they only need to speak with a financial planner if they’re having a serious financial issue.  Neither is true.  Regardless of your economic situation, a financial planner can help you in truly significant ways.  Whether you have a lot of money, a little bit of money, a lot of debt, no debt, unsure about your employer’s 401K options, or any other money related issue, a financial planner can help you navigate through all of these things and put you on the road to achieving your financial goals.  Even if you feel very stable with your finances, a financial planner can help you sustain the progress you’ve already made.


First things first, PAY YOURSELF FIRST!  In the words of Warren Buffet, don’t save what’s left after spending, spend what’s left after saving.

Give every dollar a destination!  This is another way of saying the “B” word…budget (which so many dislike).  But think about it, the government has a budget, businesses have a budget, and you as an individual should also have a budget.  Determine where your money will go.  You can have one bucket for savings, one for vacation, one for paying off debt, etc.

Automate your savings!  So many of us have subscriptions where the money is taken out of our accounts automatically.  Why not have your savings automated as well?!  This will help to ensure that you stick to your savings goals and pay yourself first.


Listen to the On My Way To Wealth Podcast for additional information and specific examples.  Consult with a Certified Financial Planner™ professional as he/she can provide you with the knowledge and expertise critical to help you Build A Better Financial Future!


As always, thank you for checking out my podcast and blog post!  If there are any topics you would like to learn more about, or if you would like to schedule a free financial consultation with me, please email me at Luis@onmywaytowealth.com!  All of my podcast episodes can be found at www.onmywaytowealth.com and on all major podcasting platforms.  For my business site, please be sure to check out www.buildabetterfinancialfuture.com.  I look forward to helping you Build A Better Financial Future!