Therapy For Your Money

Episode 19: Life Planning (with David Frank)

February 05, 2021 Julie Herres Season 1 Episode 19
Therapy For Your Money
Episode 19: Life Planning (with David Frank)
Chapters
Therapy For Your Money
Episode 19: Life Planning (with David Frank)
Feb 05, 2021 Season 1 Episode 19
Julie Herres

Financial planning and life planning go hand in hand, which is why we wanted to break down the basics of life planning with our guest, David Frank! Lining up your life values with a financial plan can set you up for a successful future and give you peace of mind.

Today, we are joined by financial life planner David Frank! David is the owner of Turning Point Financial Life Planning located in California and works specifically with therapists in private practice. He strives to bring therapists and private practice owners a plan of action to meet their goals and help them lead more authentic lives.

Episode Highlights:

  • Life planning = Financial planning
    • Life planners help make sure you are spending/saving money based on your values
    • They also help you adjust over time as your values may change or your focus may shift from spending to saving depending on your business stage
  • How Life Planning Works
    • First, you have a discussion about what you value and create an emotional map of what matters
    • Then, you take that emotional map and plan to reach an overall financial goal
    • Once you have your goal set, you then take the numbers and metrics you need to track in order to reach that goal
  • David's 3 Phases
    • Exploration - This is an open discussion about what is important to the client. He will provide some exercises to dive deeper into the client's overall values and what path they would like to take.
    • Vision - David will review the exercises and focus on a more specific vision of the future and plan out in detail how to get there.
    • Obstacles - After making a plan on how to reach the client's future vision, he sits down with them and assess the obstacles they may run into in order to prepare the client to encounter them and solidify a plan of action.
  • There is a difference between an Accountant and a Financial Planner. They do work closely together, but an Accountant focuses more on the immediate financial health of the business, while a Financial Planner handles the long-term goals and health of your finances.

  • 4 Components of Financial Life
    • Business Cash Flow
    • Personal Cash Flow
    • Investments & Savings / Retirement
    • Risk Management & Estate Planning / Insurance


Links & Resources:
Turning Point Financial Life Planning
Big Magic by Elizabeth Gilbert
The Tim Ferriss Show - Episode #430
GreenOak Accounting
Therapy For Your Money Podcast

Show Notes

Financial planning and life planning go hand in hand, which is why we wanted to break down the basics of life planning with our guest, David Frank! Lining up your life values with a financial plan can set you up for a successful future and give you peace of mind.

Today, we are joined by financial life planner David Frank! David is the owner of Turning Point Financial Life Planning located in California and works specifically with therapists in private practice. He strives to bring therapists and private practice owners a plan of action to meet their goals and help them lead more authentic lives.

Episode Highlights:

  • Life planning = Financial planning
    • Life planners help make sure you are spending/saving money based on your values
    • They also help you adjust over time as your values may change or your focus may shift from spending to saving depending on your business stage
  • How Life Planning Works
    • First, you have a discussion about what you value and create an emotional map of what matters
    • Then, you take that emotional map and plan to reach an overall financial goal
    • Once you have your goal set, you then take the numbers and metrics you need to track in order to reach that goal
  • David's 3 Phases
    • Exploration - This is an open discussion about what is important to the client. He will provide some exercises to dive deeper into the client's overall values and what path they would like to take.
    • Vision - David will review the exercises and focus on a more specific vision of the future and plan out in detail how to get there.
    • Obstacles - After making a plan on how to reach the client's future vision, he sits down with them and assess the obstacles they may run into in order to prepare the client to encounter them and solidify a plan of action.
  • There is a difference between an Accountant and a Financial Planner. They do work closely together, but an Accountant focuses more on the immediate financial health of the business, while a Financial Planner handles the long-term goals and health of your finances.

  • 4 Components of Financial Life
    • Business Cash Flow
    • Personal Cash Flow
    • Investments & Savings / Retirement
    • Risk Management & Estate Planning / Insurance


Links & Resources:
Turning Point Financial Life Planning
Big Magic by Elizabeth Gilbert
The Tim Ferriss Show - Episode #430
GreenOak Accounting
Therapy For Your Money Podcast