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March 2023 | Issue No. 24

Financial Planning on the Way to Homeownership

For more than a century, real estate as a profession has focused on helping people buy and sell homes without necessarily looking at their purchase or sale in the context of their larger life vision. In other words, the process of buying and selling real estate hasn’t typically been associated with being particularly holistic or comprehensive. By holistic I mean emphasizing the functional relationship between individual disciplines associated with owning real estate (financial planning, tax mitigation, estate planning, insurance, etc) and the whole. Its focus is on the ways in which these disciplines interact and affect each other. With a holistic approach, a client’s real estate needs are integrated into a robust, long-term financial plan that takes all of this into consideration and informs the client about their real estate spending options.

26 years ago, when I first discovered life coaching, I was profoundly moved by the realization that people are not only endowed with the answers to all of their personal needs and life dreams and desires, but they are also intrinsically empowered to achieve them. And as I progressed on my own personal growth path, I discovered that one significant reason why some people succeed where others fail has a lot to do with the amount and quality of support they have in their lives.

Over time, in an effort to provide more meaningful service to my clients, I started experimenting with coordinating and facilitating my client’s interactions with various advisors as a way of helping them better understand how all these pieces fit together so that they could make more informed choices. In the course of doing this, I started to acquire a deeper understanding of these different disciplines and a greater appreciation for how they all work or should work together. It was from this perspective that the Total Real Estate Experience was born.

After 32 years of working in the real estate industry, I am now a firm believer in the power of clients doing long-term financial planning before they set out to buy or sell a home. A best-in-class advisor provides comprehensive financial, budget and legacy planning, investment management, and tax, insurance and real estate strategies to support a client’s values, life vision, goals and legacy.

This professional should be someone you like and trust so much that you look forward to having them around for a long time as your CFO. Together, you, as the CEO of your life, and your CFO can confidently create the life you have always wanted for yourself, your family, your community and, in some cases, beyond, like Yvon Chouinard and his commitment to our planet.

So what exactly does financial planning have to do with buying or selling a home? Everything! You have likely worked hard over your lifetime in one capacity or another, either as a business owner, a dedicated full-time parent, or a passionate philanthropist to name a few. In either case, with the right financial advisor at the helm of your financial life, effective collaboration will empower you to make confident choices that are in alignment with what matters to you most.

Too often when there isn’t a thoughtful, strategic financial plan in place, especially in times of volatility, fear can easily creep in and take over the decision-making process, leaving you with unanticipated challenges and/or hardships that can be very difficult to recover from.

Whether you are an individual or multi-generational family looking to create a legacy, a business owner in need of a succession plan, an executive planning for retirement, a couple considering separation or someone thinking about buying or selling a home, a skilled and attuned financial advisor can be priceless during these times.

When you have a financial advisor who recognizes the importance of both having a vision and leaving a legacy, there’s a really good chance you’re on the right track. It is this type of professional who will understand how best to advise you when it comes to buying and selling real estate. One of the many invaluable services a stellar financial advisor can offer is to stress test various scenarios around optimal times to buy and upper limits around how much to spend, always keeping in mind your lifestyle and legacy goals. The outcome of this process is a learned ability to confidently make clear and informed choices.

This is how the real estate experience can be optimized without compromising your near and long-term goals. Without a financial plan, there’s a greater probability of overspending on a new home or selling without the proper tax strategies in place which can jeopardize the realization of other important goals that require financial resources.

If you would like to explore how financial planning can support your real estate goals, please feel free to reach out to me. I can be reached at 805.689.1300.

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Buying and selling a home is more than just a transaction. It is a process that involves identifying your dreams, goals and objectives, creating a plan and rallying a team of best-in-class advisors to support you along your path from vision to reality.

I look forward to supporting you in this exciting dream-building journey and earning your trust and friendship for years to come.

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