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The Importance of a Financial Meeting

The Importance of a Financial Meeting

Meetings, meetings, meetings.  All we have are meetings!  Ever feel like your life is nothing but a meeting?  I know I have.  Often times, meetings can feel like a complete waste of time.  The truth is, while they can be a waste of time, they can also be incredibly beneficial when done right.  Meetings allow for clarity, understanding, and alignment.  Without this, how would everyone ever get on the same page?  Communication is vital for anything to succeed.  Your finances are no different.

Financial meetings allow you to measure your "financial pulse".  Is it a calm resting heart rate or a heart attack?  Just like your heart, you need to be able to recognize danger symptoms as soon as possible to increase your chances of survival.  If you are married, meetings create a great framework to ensure a constant conversation to talk about your goals and plans as they change.  It has been said, "for where your treasure is, there your heart will be also."

We recommend scheduling financial meetings twice a month.  One at the beginning and the other in the middle.  They do not have to be long.  The purpose is to see how well you are doing compared to your budget (No budget?  We have a budgeting service that you could use.  Just contact us to find out more).  If you notice that you are overspending in certain areas, you now have the ability to make adjustments to stay on track.  Use the meetings at the beginning of the month to assess how you did the month before.  The meeting in the middle of the month is to gauge how the current month is going.  Neglect can be devastating.  Just like a neglected heart could lead to a heart attack, neglected finances could lead to bankruptcy.  Who knows what could come from the stress of that.  What I do know is, it will not be good.

It's your meeting and you control the agenda, better make it count.