Just as your personal trainer will take the time to understand your lifestyle, workout habits, and fitness goals, your household CFO will take the time to understand your situation, your relationship with money, and your saving and lifestyle objectives.
Just what is a household CFO?
Simply put, a household CFO is your personal finance concierge, and if needed, your financial coach. This is the person who will help you quickly get control of your financial goals, just as your personal fitness coach will help you reach your fitness goals. Obtaining this level of accountability with an objective partner is a great opportunity to get a reality-check and and achieve results you couldn’t reach on your own.
The fact you may want to run a marathon next month may not be realistic, depending on your current fitness level, workout schedule, and eating habits. With the help of a personal fitness trainer, you’ll have a better chance of placing higher than you would otherwise. Similarly, if you want to begin saving for your 16-year old child's college education today, this may not be an attainable goal based on your current financial plan.
Your household CFO will pull the data together in a meaningful format and analyze your spending and saving habits in order to turn your primary goal into a reality. This level of commitment and accountability will improve your financial fitness goals just as a personal trainer will improve your physical fitness goals.
Like many, you may have a retirement goal that will allow you plenty of time to check off all of those bucket list items while you’re still young enough to enjoy them. You may be just a few years into saving for retirement or 10 years away from your goal date.
At the same time, you’re likely saving for your children’s college educations, and possibly even helping your parents out financially. Proper planning for these goals requires organization and diligence, and most of us need at least a little expert assistance with the process, and a lot of assistance with the execution!. Having a personal CFO to guide you can increase your savings by 113% per year.
Where is all the money going?
Your savings timeline for future goals is just one side of the coin. You may have heard that money issues are a leading cause of stress in relationships and divorce. Personal finances, budgeting, debt, investing, saving – these are emotional topics. An objective third party can help dissipate the stress of these conversations by helping your family create transparency around emotional financial decisions and stick to a plan. Whether it’s the daily trip to Starbucks or the dream vacation to Bora Bora, your household CFO will help you create an annual spending plan that outlines exactly where your money goes, and this process reduces credit card debt by an average of 34% in the first year.
Yet another stress-saver your household CFO can offer is handling the universally dreaded task of bill-paying. Most families are so busy these days between work, children’s activities, hobbies, fitness and the like, and paying the bills is often the household chore nobody wants. Your household CFO can take over this task, saving you not only valuable time, but interest and late fees as well. They’ll also find ways to decrease your monthly bills by researching lower-cost alternatives. In addition to improving your savings rate, paying your bills, and attacking debt this service can also improve your credit score by 10% in the first year.
Your personal CFO will help you to prioritize your goals, define the steps needed to reach those goals, and regularly review progress toward attaining those goals. They will encourage you to get organized by helping you gather all of your financial documents together before they begin providing services. Future planning & review meetings, will then have an agenda with a list of clearly defined goals. Like a personal trainer will keep you focused on your marathon goals, your personal CFO will help you follow through on your financial commitments.
Ready to take control of your financial life?
Levanto Financial is a next-generation personal financial planner for sophisticated consumers. Our household CFO services combine cutting-edge technology with a trusted personal relationship, helping clients save money, time, and relationships. Our typical client saves $12K and 180 hours per year. To arrange your free phone consultation, call 1-844-LEVANTO (1-844-538-2686) or contact us here.