Financial planning is not something we learn in school. Most have to figure things out for themselves. If you are lucky, perhaps you have parents or a loved one that gave you some good advice growing up. Unfortunately, that seems like the exception rather than the rule. Many end up seeking advice from friends, family, and coworkers.
If you want to go deeper, you are typically left to figure this out alone. Starting with an online search is one way to go. However, sometimes, you may not know where to start. Investing and financial planning are both very dense topics with many polarizing ideologies. Even then, the nuance, tax rules, and endless options add to the overwhelm.
What’s your objective?
It is almost impossible to be objective when it comes to your own money. The powerful emotions of fear and greed create a powerful dynamic that often leads to sub-optimal investment behavior. Even financial planners are best served by having someone else manage their money.
Often, I have clients and prospects say, “I didn’t know that existed.” The most dangerous quadrant of knowledge is when you don’t know what you don’t know. Financial planners have gained knowledge by providing ongoing financial planning for multiple households over many years. We cannot emphasize enough the value of this hands-on knowledge base.
An often overlooked, though most important trait, is accountability. There is a reason top performers across various industries have coaches. Financial planning is no different. A financial planner’s ongoing coaching and accountability can provide positive outcomes during some of the most challenging times. In these difficult times, you want someone in your corner to advise you so you aren’t potentially making life-altering decisions in a sub-optimal mindset with limited information.
When objectivity, knowledge, and accountability come together, the result should be that clients save time, reduce stress, and pursue their dreams.
Information in this material is for general information only and not intended as investment, tax, or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
10 Actions To Take 10 Years Before Retirement
In this paper we discuss 10 actions you should take to develop and deploy a successful long-term wealth plan. It will help you make decisions about your financial journey today and well into your retirement chapter.