Financial Planning for Families
August 09, 2022
By Krista McBeath, McBeath Financial
I hate to admit it, but I was a financial advisor for years before I finally realized the driving purpose behind my career choice. I knew I had a calling to the financial services industry to help families. It was a result of seeing the hardship faced by my parents when my dad had health issues. I didn’t want other families to face the same thing. So, I made a choice during college to pursue a career in insurance.
When I first began my own company, I focused on financial services such as life insurance, annuities, and tax preparation. I felt it was important to protect people from financial difficulties, and I put my insurance degree to good use. I also knew that helping people manage and grow their investments could give them greater freedom of choice and help protect their families. So, shortly after, I became an Investment Advisory Representative.
Then it evolved into helping my clients make sure that they would not outlive their retirement funds, giving them a sense of security. I could now help my clients with comprehensive financial planning. Along the way, I found I had a soft spot for helping widows when they needed financial guidance the most. Then, when it happened to my own mom, I realized first-hand the importance of having someone there when you lose a spouse.
But it wasn’t until I became a mother that I understood the full magnitude of financial planning for families. My scope of concern had once consisted of merely being adequately insured and allocated appropriately for goals and time horizon. Suddenly, my perspective shifted, and I had a nagging feeling that insurance products and investment portfolios alone inadequately served my clients’ needs!
My wake-up moment occurred the first trip my husband and I took without our baby. Jillian was about six months old, and as we prepared to fly out to Las Vegas for an industry conference, I became stricken by panic. What if we didn’t make it back?
We were financially comfortable and we each had life insurance and a will. The basics were covered, but if something should happen, how would we really know our daughter was taken care of? And as my mind raced, I reached an epiphany regarding my higher purpose. It’s about our children. It always has been; I just didn’t realize it.
From that moment, I knew I had to do better for her. I not only wanted to provide a secure life while we were here with her, but I also wanted to help prepare for a time—hopefully far in the future—when we wouldn’t be here. As I pondered this, I knew that it went even beyond financial and legal preparations. We needed a financial strategy and mentoring for that part of her life. We knew that a well-fleshed-out contingency plan was vital while she was young, but I felt it was also important to protect her from financial hardships later in life. If I could find a way to help her avoid the financial trials I had faced, why wouldn’t I?
Now, I know some would say facing financial challenges is important so that kids understand the value of money and don’t become spoiled brats. Of course, we must educate our children about money to help them not make mistakes when they are older, regardless of how many zeroes are in the bank account. But what better lessons can we teach than stewardship and strong values for mastering money for ourselves, our family, and for the causes we believe in?
Others might say that by struggling financially, there’s a growth process that builds character. But there are plenty of examples of poor people that never experience such maturity. Likewise, there are endless examples of self-made millionaires with little integrity.
Finally, you may have your doubts because it’s common for each new generation to want to provide for themselves and make their own way in the world. But why? Does it really make sense that every generation must start over from square one? Doesn’t that say more about the choices the parents and grandparents have made than it being a correct path? Why shouldn’t each new generation build on the predecessor’s successes?
I had gone about the growth in my business completely backward. And then I realized that’s how our industry is set up and how most people approach their finances. I knew that I wanted to provide better for my family first, then my clients and their families. This is the reason that I decided to write a book called The Generational Wealth System. There is a lot more to retirement planning than merely the goal of not outliving your savings. If you’ve spent years saving for retirement, you deserve to also have a plan for how to spend it. A plan that will bring you joy, peace, and satisfaction for yourself as well as future generations.
To learn more about a holistic approach to preserving your wealth and legacy, you may purchase Krista’s book at www.wealth-book.com or on Amazon, or contact Krista at 09-808-2224 or visit www.mcbeathfinancial.com for appointment information. Krista McBeath is an Investment Advisor, Chartered Financial Consultant, a Licensed Insurance Advisor, and a Fiduciary. As an experienced tax advisor, she specializes in financial planning, investments and insurance.
Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC. are affiliated.
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