It’s no secret that having a lot of money helps when it comes to financial planning. But what about people who don’t have a million dollars in the bank? As it turns out, there’s an option to get excited about and explore here, so be open-minded!
Financial planners who work on a subscription basis can help individuals and families without one million in assets make the most of their money. The tricky part is finding one that resonates with you. If you’re looking for some help getting your finances in order, be sure to check out our affordable solution, which may not be common for most independent financial advisor firms.
It’s no wonder why most people don’t have basic financial literacy—they weren’t taught about it in the mainstream school system. This includes aspects like:
- How to build and use credit
- How to avoid debt
- The power of compound interest
If you’re like many Americans who seek a more promising future, use this quick guide to help you plan and act according to your financial goals. No need to worry about being turned away because you don’t reach a minimum requirement. At Humanity Wealth Advisors, we have a solution for every individual and family.
The basics of financial planning
If you have established your life goals, financial planning can help increase your chances of reaching them. Because life can throw you curveballs, craft a master plan to help you embody better spending and savings habits, stay on track, avoid pitfalls, set a good example for your kids, and stay prepared for unforeseen circumstances like pandemics war, and times of inflation. Financial planning can kickstart healthy savings, even with a small amount of money, which can result in rewarding investments and a prosperous portfolio.
Ten fundamentals of financial planning include:
- Setting financial goals
- Tracking your money and redirecting it toward your goals
- Cutting back on unnecessary spending
- Utilizing your 401(k) employer match (if applicable)
- Making sure you have an emergency fund as a safety net
- Ridding yourself of high-interest debt
- Getting set up with good life insurance
- Investing in building your savings for significant life events and retirement
- Hedging your wealth and assets from volatile markets
- Understanding your risk tolerance and time horizon that support your financial well-being
We don’t want you to feel lost in the financial fog of not knowing who to turn to when the going gets tough. That’s why it’s essential to have a financial plan in place before it’s too late. At Humanity Wealth, we are committed to providing you with personalized financial planning support, no matter how much money you have.
We will go to bat for you as your financial coach, operating on a playing field of equality and inclusion. The future of personal finance points to subscription-based financial planning!
People with less than $1M in assets can still benefit from financial planning
If you are seeking financial advisors without a minimum asset requirement, chances are there are slim pickings. Since most financial planners and firms only work with high-net-worth individuals, a huge population is left unserved. Well, that’s not the case here at Humanity—in fact, that’s who we are most excited to work with.
If your net worth is less than $100,000, chances are you won’t make the cut to work with a vast majority of advisors. $500,000 to $1 million is a typical minimum, so consider this when doing your research. This required amount is commonly referred to as assets under management (AUM).
At Humanity, we don’t feel this should be the case, which is why we provide subscription-based financial planning. It’s our mission to make the world a better place through affordable financial planning without a minimum requirement.
What Is Subscription-Based Financial Planning?
Since a large portion of our day-to-day activities and purchases are done via subscription, doesn’t it make sense to offer convenient financial planning for all ages? Within a subscription, the financial topics to cover are the same.
The difference from traditional financial planning is that a subscription allows you to dictate what you focus on, *where, and when. Having this kind of access to affordable financial planning support gives you full control. This allows you time to collaborate with your advisor, see if you enjoy working with them, and how they deliver on their promise.
This can include specific sessions on:
- Crafting a monthly budget that accounts for rising inflation and interest rates
- Tax planning to help you stay within a certain tax bracket
- Reviewing allocations in your 401(k) plan
- Planning for your children’s college fund or wedding
- Going over your investment risk tolerances (based on current market conditions)
- Planning for a big sale or purchase of a home
- Pivoting into your golden years
- Understand the strategies of tax mitigation in retirement planning
With subscription-based financial planning, you tell us where to begin. By paying a fixed monthly fee, you can rest assured knowing that your financial advisor is on your side to help guide you through any phase of your financial journey.
It may help to know that monthly financial planning subscription fees vary based on the amount of time devoted to you. Prices tend to range between $50 to $500 per month.
For $50 a month, you can receive financial help at your own pace with Humanity Wealth Advisors! Since you are the heartbeat of our economy, it’s time to build wealth on your watch and budget.
*Humanity Wealth Advisors and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
How to save money and invest in your future
Many people reach a point where they stop and ask themselves, “how much money do I need to have?” No matter your age, finding this out is essential. Saving and investing for your future should be just as important as tending to your mental or physical health.
After all, these are the two major components that can afford you a higher quality of life and confidence, so make a plan and stick to it. There are various ways to save your income and cut back on expenses to cover your needs and meet your goals. Some examples include:
- Start small by saving change
- Use coupons
- Create an automatic savings plan
- Set up an emergency fund
- Don’t spend money gifted to you
- Define your short and long-term goals
- Build your financial literacy
- Consider investment options appropriate for your goals and risk tolerance
- Invest in a financial planner to serve as your guide
Why a subscription-based financial planner may be the right choice for you
Whether you are graduating high school or college, just launching your career, saving for your first home, getting married, or starting a family, a financial planner can help you set out on the right foot. You need to learn sooner than later about the pitfalls that can lead to deep debt. Through financial planning efforts via subscription, you tell us what you need, and we will focus solely on that until you feel confident in that area and want to move to the next.
If you’re nearing retirement, a monthly financial planning fee may be a refreshing alternative if you need consistent help navigating through things like savings, budgeting, and tax planning. No matter your age or how much wealth you build over time, you still pay $50 per month; there’s no catch or gimmick, and it’s not too good to be true.
How to find a financial planner to fit your needs
Convenience is key these days, which is why location becomes a big factor when looking for a local advisor that’s right for you. Aside from assessing the firm size, expertise, credentials, and possible specializations, make sure they are willing and able to meet with you how you prefer. Since Covid-19, many offer options to meet online, over the phone, or in person.
Feel free to use a pre-made list of questions to ask advisors you are interested in working with. Remember, they are the candidate being interviewed by you with the potential job of helping to manage your wealth, so don’t settle.
Just like you pay for Hulu or Netflix, you can finally feel prepared by hiring your own financial advisor. So yes to subscription-based financial planning for ongoing planning support in:
- Social Security
- Reducing debt
- Building credit
- Emergency funds
- Life events
- Employee benefits
- Charitable giving
The benefits of working with a professional financial planner
Navigating your wealth over time will determine your financial well-being and quality of life. Hiring a professional financial guide may turn out to be the best financial decision you make. What do you have to lose by trying it out, right? You don’t have to be rich to begin, but it’s a fun thought to keep in mind for the future.
As a financial advisor with humble beginnings, I love working with diverse people who have felt like the underdog. Now is your chance to get ahead. Finding good financial planning can be hard if you don’t have a million dollars.
That’s where we come in – we offer subscription-based financial planning so everyone can get the help they need. Schedule a meeting today, and let us show you how we can help you puruse your long-term financial goals!