Meeting with a CFP® - Goal Setting and Budgeting

Jay Zigmont, PhD, MBA, CFP®


Anna (from We're Not Kidding) and her husband, Grant agreed to have their financial planning process recorded and shared. Get a rare look behind the scenes of what it is like to work with a CFP® professional.  This is the second session we held, the first one is here.

In this session, we dive deeper into their goals and start working on a budget.  Goals help people to stick to their budget, and Anna and Grant have great goals to work towards.
A bit of background to this video...  As part of their homework, Anna and Grant filled out the Childfree Wealth annual assessment.  The assessment is a deep dive into everything financial.  We start off the meeting with a review of the assessment, and then pick up our work on their goals.  

For budgeting, we use a structure called the Money Management System.  In this system, expenses are separated into Musts, Shoulds, Coulds, and Won'ts.  Musts are everything that keeps the roof over your head (or you are required to spend).  Shoulds are things that you should pay each month (doing the right thing).  Coulds reflect truly discretionary spending.  
A disclaimer to the above video: Anna and Grant have agreed to have their financial planning sessions recorded and shared. They are not being paid for this session or paying for financial planning with me. If you are watching this session, remember that the advice I am giving to Anna and Grant is for them only, and should be considered education or entertainment for your purposes.