I am now an official member of the Sudden Money Institute, which is an organization that builds processes around successfully navigating through financial transitions. I spent last week at their annual conference, getting some basic training and learning about their processes and best practices. You’ll be hearing more about our new service offering, but we are pleased to introduce the concept to you today.
Financial transitions might be caused by loss of a spouse, divorce, inheritance, retirement, career change, insurance settlement or even signing a sports contract or cutting a record. Regardless of the reason, what all these have in common is that transitions begin with an ending of some sorts and end with a new beginning. In between is the transition. Transitions mean change and when life changes, money changes and when money changes, life changes.
During a financial transition, most people focus primarily on the money because it is quantifiable and is the elephant in the room. However, during transitions, physical, psychological and social realities change and these are the real challenges. Stress increases and can cause fatigue. People in transition often experience irrational or exaggerated thoughts. Our sense of who we are can change, either positively or negatively. Often, there is a loss of footing socially because the status quo is gone. Comfortable patterns disappear and the range of new possibilities is unclear. When you settle into your “new normal” after your transition you’ll either be in a financially and emotionally secure space or one fraught with obstacles, anxiety or possibly chronic physical and/or financial problems.
The Sudden Money Institute synthesizes decades of experience in financial planning with cutting-edge research in neurology, sociology and psychology. SMI has developed a process that transcends those fields of study by integrating the technical aspects of financial planning with the human experience of the person in transition. By understanding the art and science of transition, they have developed an optimal way to guide clients through turbulent and transformative times. These financial transition processes works very well with Bolen | Dodson & Associates’ already well developed Integrated Wealth Planning processes.
If you are presently experiencing a financial transition, or know of someone that is, please give us a call and let us help successfully navigate through the transition and arrive at the new normal in solid shape.
May you and your family be blessed this holiday season.
