I’m a Financial Planning Expert: Here’s Why I Don’t Believe in Money ‘Rules of Thumb’
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Gabrielle Olya
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Ashleigh Ray
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Jill Schlesinger, certified financial planner (CFP) and host of the “Jill on Money” podcast, is known for dispensing financial advice, but doesn’t believe that this advice should be one-size-fits-all.
Here’s why the financial planning expert and one of GOBankingRates’ Money’s Most Influential Women doesn’t believe in “rules of thumb” when it comes to money matters.
Flexibility Is Key
Schlesinger believes that when it comes to financial planning, it’s important to be nimble and shift your actions as your priorities and circumstances change.
“Ignore ‘rules of thumb’ and create a flexible financial plan that puts you on track to reach your identified goals,” she told GOBankingRates. “You can do this on your own or work with a CFP who can guide you through the process.”
Setting Financial Goals
If you are unsure where to start when it comes to setting financial goals, Schlesinger recommends focusing on three key areas she calls the “big three.”
- Accumulate six to 12 months of living expenses in an emergency reserve fund
- Pay down consumer debt
- Maximize contributions to a retirement plan
“Focusing on these three goals will help you build your financial foundation,” she said.
If you currently need to work on step one — building an emergency fund — Schlesinger suggests starting small and being consistent.
“Start early by automatically contributing small amounts of money each pay period,” she said, “and then incrementally increase the amount to reach your savings target.”
Jaime Catmull contributed to the reporting for this article.
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