10 Most Common Events That Can Disrupt Your Financial Plan & Why Just in Time Financial Planning Can Help

What is just in time financial planning? If you are facing a financial decision it could be the solution you need.

It can be hard to know what kind of financial advice you’re going to need until you need it. Have you ever been faced with a financial decision and didn’t know what to do? When you’re doing something for the first time, it’s hard to know the best way to go about it.

What should you do if you get a bonus, a big tax bill, sudden layoff, you are having a baby, have an unexpected expenses, you are getting married, or getting divorced. Maybe you are suddenly living paycheck to paycheck or you have a new job. Each of these require a specific strategy.

Just in Time Financial Planning

When you learn to navigate financial events when they happen, I call it Just in Time Financial Planning. It’s a play on the well-known supply chain model, Just in Time supply, which cuts down costs by delivering finished goods “just in time” to be sold.

Here are the ten most common events that can disrupt or impact your financial plan.

1. A bonus. What should you do with it? Pay down debt, invest, or save?
2. A layoff. How do you prepare? If it already happened, how do you manage until you get a new job?
3. You want to buy a house
4. You are having a baby
5. You are going thru/have been thru a divorce
6. You want to go back to school
7. You want to start a business
8. You are living paycheck to paycheck
9. You are ready to invest but it’s your first time
10. You suddenly owe taxes

I have experienced nine out of ten of these events! How about you?

Not too long ago I left a warm, safe, and dry position in finance to build my own business. For the first time in many years I was solely on my own. I had no job to fall back on, and no significant other to support me through lean times. That meant that my personal finances had to be tight and I had to make it work.

I’d also need cash flow while I built out my new business model. I’d need savings in case I had repairs on my rental properties. And I’d need a plan to rebuild an income stream.

For all of these needs, and for all the financial events you will face in your life, go back to the basics. You can get them in my free mini-course Five Days to Financial Independence. Lock in those good money habits that set you up for wealth one day at a time.

As a new year approaches, remember that financial independence is a journey, and the trajectory is rarely straight. If your path hasn’t been either, that’s not only ok, that’s normal. What matters is where you are going. Take advantage of free online resources like Five Days to FI  or consider getting a coach.

When I wanted to take my life to the next level I hired a coach to expand my mind, help me see sub-conscious, self-created limitations, introduce new ideas, hold me accountable, and give me a blueprint for where I wanted to go so I could get there faster. Adding this ingredient sky rocketed my money, my business, and my mindset. How could a coach help you?

If you are facing a financial decision this year, you don’t have to do it alone. Check out my blog, or apply for coaching. Just in Time Financial Planning works best when paired with a solid financial foundation.

Holly Morphew, AFC® is personal finance expert, coach, writer, and speaker based in Denver, CO. She is the CEO + Founder of Financial Impact, a specialized financial coaching practice that helps career-driven entrepreneurs and professionals create personal wealth and financial independence. She is the author of Simple Wealth, a #1 best-seller in wealth management, personal transformation, real estate, and women & business. Holly began teaching personal finance in 2006 as a service project with Rotary International, and received the prestigious “Rotarian of the Year” award for her work in financial literacy. As an Accredited Financial Counselor® with the AFCPE, Holly has also been recognized for “Bridging the Gap” for outstanding work in private practice. Her philosophy, “abundance is our natural state” is the core of Financial Impact programs, which help clients bridge behavior and mindset to realize their potential. In addition to personal wealth building, Holly also helps clients start and scale businesses and create new streams of income.

Hi! I’m Holly, the founder of Financial Impact and an award-winning financial coach. I help career-driven leaders and entrepreneurs create wealth, take the stress out of managing money, and feel confident and powerful when it comes to their finances.

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