Phoebe Venable

How much is enough?

People of all ages and from all walks of life eventually pose a question of themselves: “Do I have enough?” Which, of course, is a question that gives rise to countless more, the Pandora’s box of questions. Enough for what? To survive, to thrive, to experience all of life’s pleasures? Enough to take care of myself and my spouse alone or also my children, my grandchildren and chosen philanthropies?

Enough wealth — or enough spiritual contentment, wisdom, friendship and love? These are questions that, from a philosophical or theoretical point of view, could occupy many lifetimes. But an approaching retiree has no such luxury. Facing the end of paychecks, he or she asks in the most practical of all terms, “Do I have enough?”

The honest answer is this: We can’t know for sure. Change is life’s only constant, and that truth applies to our own circumstances, to our national economy and to geopolitical conditions. There is simply no way to predict the future, so we make an educated guess and stack the odds of success in our favor.

Planning never ends

One way to do this is through financial planning. Financial planning is an ongoing process of developing strategies to help you manage your financial affairs and meet your life goals. It’s ongoing because it’s never really finished. Once you draft a financial plan, you’ve got a dependable work in progress that is consulted, modified and updated according to the inevitable changes in your life’s circumstances and goals.

Not knowing if you’ll have enough money for the things you want in life is certainly stressful, and today’s dizzying array of options for saving and investing can be anxiety-inducing as well. A financial plan can dispel much of that confusion and diminish the feelings of being overwhelmed, too. That’s because its formulation typically entails looking at the many possibilities and choosing only those tools and strategies that make the most sense for you.

Ultimately, for many people, a financial plan is like a soft pillow to lay their head on each night. There’s comfort and peace of mind in knowing they’ve looked at the big picture — from budgeting, retirement planning and saving for education to tax management, insurance and even suggestions for the crafting of wills and trusts (though the actual work should be completed with a lawyer) — and now have a plan for acquiring and safeguarding the resources they need for their life’s goals.

Don’t be afraid to seek help

Some people will decide to do their own financial planning, choosing to rely upon their own research and knowledge, and perhaps the expertise and experience of family and friends. But if you don’t have the time to do it yourself or the confidence in your own investment, tax and insurance wherewithal, you should consider seeking help from a professional. The CFP or Certified Financial Planner certification is the most recognized and respected credential for financial planners in the United States. Knowing your financial plan has been created with the help of a CFP might make that pillow feel even softer.

If the professional you’re considering claims to be a CFP certificant, visit the Certified Financial Planner Board of Standards website at www.cfp.net. The board is an independent regulatory organization that licenses financial planners as CFP professionals. Check to see if the professional is certified as a CFP professional and whether his or her certification has been suspended or revoked by the board. You can also call the board at 1-800-487-1497 to obtain additional disciplinary information about the professional.

Get a financial plan and put to rest — on a soft, fluffy pillow — those nagging questions about whether or not you have enough resources for your retirement and other life goals. And even if the questions persist, at least you’ll know that you have the practical answers you need and can turn your full attention to more philosophical musings.

Phoebe Venable, chartered financial analyst, is President & COO of CapWealth Advisors, LLC. Her column on women, families and building wealth appears each Saturday in The Tennessean.