Do You Have a Financial Planning Plan?

You already know how to save, invest, and track your expenses — but when did you last map your entire financial ecosystem? Most DIY investors in the FI community can name their portfolio allocation, but ask them about beneficiary designations, tax-efficient asset location, or whether their spending actually reflects their values, and the answers get fuzzy fast. Cody Garrett, CFP and founder of Measure Twice Money, helps FI-minded people fill those gaps without the traditional advisor fee structure. He walks through the critical documents, conversations, and strategies that often slip through the cracks — even for financially savvy people.

Key Topics Discussed

• Understanding Financial Advisors [00:02:30]

  • Common misconceptions about traditional financial advisors in the FI community.
  • Finding an advisor who understands financial independence.

• The DIY Investor Approach [00:21:00]

  • Proactive management of personal finance without solely relying on advisors.
  • Gathering critical financial documents for effective planning.

• Aligning Finances with Values [00:27:30]

  • Budgeting is about enhancing what truly matters and cutting down on less meaningful expenses.
  • Discussing and defining shared financial values with partners.

• Advice-Only Financial Planning [00:55:00]

  • Explanation of the advice-only model, which provides financial guidance without managing investments.
  • This model aligns with the philosophy of the FI community, focusing on education over management.

Action Items

• Create a Data Gathering Checklist [00:22:14]

  • Compiling all financial documents provides a holistic view of your financial landscape.

• Evaluate Your Expenses Against Your Values [00:40:11]

  • Periodically assess where your money goes in relation to what you value most.

• Engage in Open Conversations About Finances [00:15:05]

  • Discuss financial habits and goals with your partner to build a shared understanding.

• Review and Update Beneficiary Designations [00:49:40]

  • Ensure beneficiary designations reflect your current wishes and prevent issues in the event of your passing.

Notable Quotes

• "The product that I provide as a financial planner is actually clarity and confidence." — Cody Garrett [00:14:17]
• "If you don't tell your money what to do, it tells you what to do." [00:24:26]
• "Keep your focus on aligning your money with your values." [00:07:13]
• "Budgeting is about reducing expenses on things that don't provide value." [00:40:11]
• "Beneficiary designations supersede the will." [00:46:19]

Chapter Markers

• Introduction to Financial Ecosystem [00:00:00]
• Understanding Financial Advisors [00:02:30]
• Importance of Communication in Finance [00:14:00]
• The DIY Investor Approach [00:21:00]
• Data Gathering Checklist [00:22:30]
• Aligning Finances with Values [00:27:30]
• Advice-Only Financial Planning [00:55:00]
• Conclusion and Action Steps [01:07:00]

Key Questions Answered

• What is a DIY investor? [00:01:00]

  • A DIY investor takes charge of their own financial planning rather than relying solely on advisors. They proactively seek out knowledge and resources to manage their investments and financial strategies.

• How can I align my finances with my values? [00:40:11]

  • Start by evaluating your spending to identify what brings you joy and aligns with your values, then adjust your budget accordingly to favor those areas.

• What documents should I gather for financial planning? [00:22:14]

  • A comprehensive checklist includes investment statements, income statements, expense reports, and estate documents to provide a holistic view of your financial standing.

• What is advice-only financial planning? [00:53:20]

  • Advice-only financial planning is a model where the planner provides personalized financial guidance without the expectation or obligation to manage investments.

• How often should I review my beneficiary designations? [00:46:05]

  • You should review your beneficiary designations annually or after significant life events, like marriage or the birth of a child, to ensure they reflect your current wishes.

Key Terms

• DIY Investor [00:00:30]

  • An individual who manages their own investment choices and financial planning instead of relying solely on professional advisors.

• AUM (Assets Under Management) [00:09:02]

  • A fee structure under which financial advisors charge a percentage based on the assets they manage for clients.

• Advice-Only Financial Planning [00:53:04]

  • A service model where advisors do not manage investments but instead provide personalized financial education and strategies.

• Beneficiary Designations [00:46:15]

  • Legal designations indicating who will receive certain assets upon one's death, superseding wills in many cases.

Related Resources

• Measure Twice Money Website [01:03:10]

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