123: The Essentials of Financial Planning: A Comprehensive vs Modular Approach

Mindful Money

In this episode of Mindful Money, I'm introducing a new nine-part series about modular financial planning, and why I think it's the best approach for getting started. Specifically, we'll discuss the importance of having a financial plan, comparing the in-depth and all-encompassing nature of comprehensive plans to the simplified and focused approach of modular plans. A financial plan acts as a roadmap, helping to achieve long-term goals, optimize investments, manage debt, and even provide psychological benefits such as reduced anxiety. The next nine episodes will explore the modular financial planning process in detail, starting with understanding your values and priorities. Join me for this series as we aim to normalize the money conversation and use financial planning to build a life of stability, purpose, and joy.

In this episode:

• (00:00) - Intro
• (00:55) - Exploring financial planning approaches
• (01:50) - Why having a financial plan is essential
• (04:25) - Setting long-term financial goals
• (05:51) - Coping with the psychological impacts of managing money
• (07:04) - Two approaches to creating a financial plan
• (07:16) - Comprehensive financial planning
• (09:22) - Modular financial planning
• (12:41) - The steps of a modular financial plan
• (14:29) - Adopting a savings habit
• (16:38) - What’s in store for this series

Get full show notes and links at https://mindful.money.

Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.

This podcast uses the following third-party services for analysis:
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