Matt Doran, a certified fee-only financial planner from Sage Wealth Plans talks with Laura Coleman on the Adoption and Fertility Finance Show about the importance of saving for today and tomorrow, and how to spend with intention on the things you want the most.
Reconciling different money priorities in a marriage
Matt shares the five ways people think about their goals to support the things they care most about. They are:
● Family and Relationships
● Spirit, or the things that fill your soul and make you feel abundant and alive
● Creative pursuits, or how unique talents and experiences impact others in a positive way
● Giving of one’s time
● A place or setting with strong memories attached to it
Matt talks about how his work as a financial planner impacts families and helps them spend money in a healthy way.
How can you end up with guilt-free spending in your family?
Spend aligned with your values. This simple idea requires a lot of communication to make sure you’re on the same page with your spouse. Laura and Matt discuss how grief and sorrow can affect our spending. They discuss the difficulty of shifting from saving money to spending money on expensive but important things like adoption and fertility.
Matt says, “When your spending is aligned with your values, you will have greater satisfaction when you spend.”
Balancing long-term financial goals with adoption and fertility
Using his perspective as a long-term financial planner, Matt talks about the saving necessary to prepare for retirement and adoption and fertility. Where can one make adjustments that won’t harm the family’s long term goals? Where can one double down to accelerate progress on savings?
Matt warns that relying heavily on borrowing for adoption and fertility is not a sustainable financial plan for a family. He describes the need for cash flow planning, which is a living breathing document that provides the vision for decision making while also creating the flex that’s needed to accommodate for change.
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Links Mentioned in this Podcast:
Simple Wealth, Inevitable Wealth by Nick Murray
Sage Wealth Plans, Matt’s company
Sage Wealth Planning LLC on Facebook
Today’s episode was sponsored by the Adoption and Fertility Grant Success Course.
With knowledge comes power. At Family Money Coaching, we believe in Debt-Free Adoption. That’s why we created the Grant Success Course, to help you find, apply, and obtain FREE money. It’ll take some work, but you can do it. The worksheets, excel downloads, checklists, and videos in the Grant Success Course will help guide you on what to put in your grant applications. Ideas will be sparked by the questions in the downloadable PDF, success tips with what to look for to find the ideal grant for you, a list of 80 grants for adoption and 20 grants for fertility, a checklist to help you stay on task, and a list of documents needed for application.
There’s a bonus Adoption Financial Planner that will provide tracking for your Adoption Budget, the ICPC travel budget, Spending Plan which is needed for the home study and grant, tracking income sources, calendar to help with due dates, budget estimator, and a place for all contacts during the adoption process.