Take on One Project at a Time
Photo by Andrea Piacquadio via Pexels
Feeling stuck getting something done that you know will help your financial life? Here are some tips.
The Project of “Life”
The other day, I was meeting with some clients. They have a busy life – full-time job; parenting a young child who is very high energy and wants a lot of social interaction; home improvement project; out-of-town family on a long visit; jury duty. My client said to me, “We’re ready to tackle the project of working on our estate plan. We’ve learned that we can only take on one “project” at a time, on top of life. We just finished the potty training project so we’re ready for our next project.”
At first, I was confused by the idea of an estate plan and potty training both being the same type of project. But then I realized so much of what they have in common: they both take time and energy, attention to details that are hard to anticipate, and they are both definitely "extra" in addition to regular life.
The Project of a Personal Financial Plan
I was intrigued by this idea of having only one project at a time for a family.
When I work with first-time clients who have never had a financial plan or worked with a financial advisor, they have often already decided that they are ready to get started on the "project" of getting their personal finances in order. Often, there is some precipitating event that made them feel like, ok now, we really need to get our financial sh*t together. This precipitating event can be the birth or death of a loved one; starting a business; a major compensation change like equity vesting or a large bonus; or kids starting school and no more daycare expenses.
It’s a “project” to prepare for our getting organized meeting – supplying documents, linking accounts through my account aggregator, providing details about their specific financial situation. Granted, this may not take too much time, but it does take some amount of effort.
Once we actually begin the planning work, there are tasks to complete and meetings to schedule. This all sounds like a lot of work, and that's true, but it is also a lot of fun and very rewarding (as compared to potty training which is potentially not a lot of fun but also very rewarding long term!).
I act as a cheerleader, project manager, and task-assigner, but most of all I'm here to provide support and confidence to help you get clarity around your financial situation and financial goals.
Follow Through Can Be Difficult
Sometimes, however, it’s hard to complete tasks that require a larger amount of follow through.
If clients have opted for an ongoing engagement with me, I can act as a project manager or accountability partner to help them get tasks done that have multiple steps, like consolidating old 401ks or opening new investment accounts and setting up automatic contributions.
When a client does these things on their own, there are frequently issues that arise which can derail them from completing the task. For example, consolidating old 401ks usually requires a dance between the old provider and new provider, often multiple phone calls to get the items needed on both sides of the transfer.
People have a tendency to lose momentum if they have to make a decision or answer a question that they are unsure of. And sometimes these small interruptions to the process can be enough to stop the process altogether.
Sales people know this firsthand – if a decision-point arises in the process, humans have a tendency to stop, and the sale falls apart. It makes sense – the easiest choice is to do nothing. And when emotions are involved, making decisions can become even more complicated.
So what to do? How can you keep yourself moving forward on completing a complicated task?
Tips for Completing Complicated Projects
In my experience, clients successfully complete more complicated “projects” related to their financial situation when:
They have the mental and emotional capacity to address a specific area (like my clients above choosing their one “project”).
They already completed other, easier tasks, which built up their confidence and momentum to handle more.
The steps are very clear and defined so the process is easy to follow.
They have a trusted resource for advice, support and accountability when things get tough.
When I work with clients on a financial plan, they willingly schedule meetings and supply materials because they have decided that now is the right time for them to work on the project of their financial health. They are making a monetary and time investment so they have motivation to get it done right. It can feel overwhelming and a bit scary talking to a financial advisor, and I do my best to help clients work through those feelings and build up a safe space in which we can work.
Next, I help clients build up skill and confidence by completing smaller tasks before moving on to more complicated ones. I'm there for support each step of the way to help them address a question or something that might otherwise have derailed them. I'll jump on a quick Zoom screen-share, or join in on a call to a 401k provider, if that's what is needed.
I also provide clients very specific instructions for handling more complicated tasks - and sometimes I break it down to just a few steps at a time so it doesn't feel too overwhelming. We also meet annually to define the financial "projects" to address for the coming year.
What comes to mind for you?
As you’re reading this, is there a specific personal financial "project" that comes to mind for you? What is one thing that, if you took care of it, you know you'd feel better?
If you have a project you have delayed taking on for some reason, try following these steps.
First, imagine the emotions you’ll feel once the project is complete – proud, confident, relieved, accomplished.
Next, think of one small task you can do to start the process.
Then, while you still feel the momentum built up, take the next step. You got this!
Do you have a financial project you need help with? Or, maybe you feel a sense of overwhelm when it comes thinking about your finances? If so, reach out to see if we might be a fit for working together.