259: The Linchpin of Your Financial Success (7 Steps to Wealth, Step 2: Plan)

Love, your Money - Wealth, Money, and Financial Advisor for Women

If you're going to be financially free, you need a plan for your wealth that doesn't require you to tick and tie and count and measure and categorize every single day.
You need a plan for savings. You need a plan for spending. You need a plan that will ride the ups and downs without tanking your goals. And you need that plan to be as elegant and easy to execute as possible.
Today we’re getting into step two of our series on The 7 Steps to Wealth: Plan. This episode is going to walk you through exactly what you need to do to create a financial plan that will help you accomplish your goals–without sacrificing your comfort, sanity, or enjoyment along the way.
I want you to live a life you like, and even a life you love, but we have to make the numbers work. So I’m going to share the exact system that helped me dig myself out of multiple six-figures of debt and achieve financial freedom for our family.
This cashflow management plan is so effective that I still use it to run a multi-seven figure business, and help my clients manage their wealth so they can accomplish their financial goals in a values-aligned way.
The best part? You can automate all of it. 🪄You just have to start. I’ll tell you how.
Here’s what you’ll learn in this week’s episode of Love, your Money:

• 04:09 Why budgets suck, and what I do instead of budgeting
• 09:33 The biggest struggle people have with the Plan step
• 11:26 The difference between what’s necessary spending, what’s not, and how that distinction can make or break your financial plans
• 13:40 The linchpin for successful financial planning (Spoiler: it’s automation)
• 16:00 Figuring out how much you need to live a life you love–a.k.a. Your financial independence number–and how to reverse engineer your net worth
• 19:34 My tried and true method for cashflow planning and automation, with a step-by-step guide to help you implement if in your life

Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/linchpin-of-financial-success
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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. Prior to implementing concepts discussed in this episode, you should discuss them in detail with an advisor, accountant, insurance broker or legal counsel. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.