Real Financial Advice.
Carl Richards describes it as where values and money overlap.
Real Financial Advice is learning the values of the clients. For instance, do you want the historical grind-it-out career at a big corporation until you retire and do nothing at age 65? Or have you considered wanting a more flexible schedule a little earlier? Maybe you want to grind-it-out until 55, building up your nest egg and paying off debt so you can retire early and work part-time as a teacher. While you may be earning less as a part-time teacher, you would have an income and be spending less because you now have no debt. Maybe you love certain aspects of your job and do them part-time well into your 70’s to keep your mind sharp! The point is, have you really thought about what is important to you and your family? Sure, we’re all going to have to do certain things or have certain jobs that we may not prefer but use them to get to what’s truly important. Try to make the process the destination…
Life is much more than what we put down on paper. Do you want better relationships, to be CEO, to build a house, to leave a million dollars to your kids, to do charity work or golf 18 holes every day?
Yes, portfolio construction, asset allocation, insurance protection, tax planning, etc… are important, but not near so without knowing where you want to go, where you want to be.
Real Financial Advice is understanding this and that these things change throughout life. It’s an on-going, living process that evolves and changes as we do. Our job is to help you define your values and help keep you on track with your goals.
Personally, I want to build a massive value-added business for great people while still having the time and means to take care of my family and travel!
Prediction vs. Preparation This is a great article from Ben Carlson on you guessed it, prediction vs. preparation. The main takeaway is setting reasonable expectations.
Markets are tough so having reasonable expectations and being aware of what may happen, both good and bad is one of the most important concepts of investing.
Prediction: This will be the most challenging market environment investors have ever lived through.
Preparation: I’ve created a portfolio that is durable enough to handle a variety of market environments without having to guess the exact outcomes in advance.
What goals or ideas do you have? What is your plan?
Hit reply and let me know.
- Tim
PS – If you’ve noticed (or will notice) some pithy titles or wording that may not sound quite like me, you can probably thank my editor, helper, guide, marketing guru, and founder of Nifty Advisor Support, Michelle. Her and Christina are ERWA virtual assistants and if you are a client, you have already received info from them, or you will in the future. They help keep me in-line and if it weren’t for them, you probably wouldn’t be receiving this email right now because I don’t speak Mailchimp (software that helps send this out!) They’re great and we’re working together to serve you and create massive value!
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