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  • Marlon T. Wesh

How to Make a Financial Plan as a Travel Nurse

Updated: Nov 13, 2021


Don't you get tired of money gurus making you feel bad for not having a plan without telling you how to make a plan?

Travel Nurses, you probably hear the same thing about your finances over and over again. "You need to set goals" this or "You need to invest" that. YOU GET IT! Most of you know that your finances aren't where you want them to be. But no one is sharing any practical strategies that doesn't just sound like a copy and paste job from Google. Making a financial plan can feel overwhelming. Especially if you're only relying on setting personal financial goals. The truth is, financial goals by themselves aren't enough to ensure that you have a financial plan that has you covered. The reason being is, financial goals are only fueled by your "desire" But not necessarily what you NEED. So you end up having significant blindspots in your financial strategy because you never addressed the most important factor of all. The factor that also makes it incredibly simple to craft a solid financial plan. That factor is... RISK.


What could potentially keep you from living the type of life you want to live. Today, I want you to switch your focus from just goals and investing, to managing your financial risk and I promise you that it'll be the best financial gift you'll ever give yourself. As a "Financial Risk Manager" your job is to keep asking questions until there are no more answers. Here's what it looks like in practice:

  1. WHAT kind of lifestyle do I want? (Retirement etc)

  2. WHO is financially affected by my plan? (Family etc.)

  3. WHEN do I want to enjoy the various parts of that lifestyle? (Time Horizon)

  4. HOW much will that lifestyle cost me (Annually, Monthly, Weekly etc.)

  5. WHAT will be my primary income sources to fund that lifestyle? (Job/Business)

  6. HOW can I ensure that I'm still able to fund that lifestyle if I'm unable to derive income from my primary resources? (Emergency Fund/Disability/Life insurance needs)

  7. WHAT is the balance of the financial gap that would prevent me from fully funding my lifestyle?

  8. HOW can I increase the purchasing power of my primary income sources? (Investments)

  9. WHAT can I do to balance my risk of investment loss with investment gains? (Diversification/Discipline)

  10. WHAT would potentially prevent me from receiving 100% of my investment returns? (Fees/Taxes)

  11. HOW can I mitigate external claims on my investment income? (Tax Mitigation/Investment Fee Management)

  12. HOW can I eliminate the emotional and financial burden from my family in the event of my death? (Wills/Medical Directives etc.)

Those are only 12 questions, but you can start to see how each question uncovers a gap and forces you to fill it. Making a comprehensive financial plan is totally doable, even if it is time consuming. If you want to shift the responsibility of crafting and monitoring your plan, book a FREE breakthrough call with me now.

 

Marlon is a licensed financial advisor at weshfinancial.com and is known as "The Travel Nurse Financial Advisor". Marlon specializes in helping travel nurses crush their financial goals by helping them optimize taxes, accelerate retirement savings, and maximize their investments.





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