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Why do you need a financial plan? Everyone basically knows they do, but what’s the real value of having a sound financial plan in place?

The short answer is having a proper, well-designed financial plan can literally change your life for the better, and in ways you may not even realize.

In this episode of the Science of Economic Freedom, “The Power of the Plan,” I speak with Laura Combs, Certified Financial Planner, Mercer Advisors client advisor and Boulder, CO, office manager. Laura is a 10-year veteran of the business, and she’s also a member of the Mercer Advisors investment committee.

More importantly, Laura is one of the most passionate advocates for individuals having a financial plan in place that reflects their personal “mission, vision and values.” Laura’s passionate advocacy for developing client financial plans with an eye toward what’s really important is truly infectious.

Topics cover include:

• The key elements of a good financial plan
• The importance of defining goals and customizing a plan
• How a financial plan helps determine investment strategy
• Defining a personal timeline, risk tolerance and asset allocation
• The evolution and guiding principles of Mercer Advisors’ investment committee
• Reducing bad behavior and avoiding emotion-based financial decisions
• The best practices you can implement now to help achieve economic freedom

I really enjoyed my discussion with Laura, because her passion for planning is both heartfelt and highly informative. If you don’t have a financial plan in place, I suspect this episode will make you think again about why having one is so important.