Most people don’t have a financial plan. Why is that? I’ve listed some of the more common reasons why people don’t have a plan and provided a solution to each below. There is a shift taking place in the financial planning world.
In the accompanying video I demonstrate the solutions.
1. It’s tedious, it’s onerous and it takes too much time.
Solution
What if we met on-line? That’s convenient and it could save time, couldn’t it?
2. It is boooring! It’s all based on taxes, investments, education savings, retirement plans, insurance and estate planning etc...
Solution
Let’s make it about you, lets talk about the homes you want to own, the lifestyle you’d like to have, the things you’d like to do with your family, and your career or business aspirations. Then let’s use video and software to make it come alive and be as life like as possible. Wouldn’t that be more interesting and more useful to you?
3. It’s about what I am doing wrong and using negative motivation to make me do something.
Solution
What do you really want to have and do in the future? Think of a time when you really wanted something. You found a solution to get it, and you did it. What was your motivation for taking action? I’ll bet it was different than if you were told to save a certain amount of money or there would be no retirement, or buy life insurance because if you don’t your family will be forced to sell the family home.
Create a life plan full of the things you want to have and do and then with laser focus let’s find the best solutions for you.
4. It’s manipulative! it’s about uncovering problems so I can be sold more stuff.
Solution
This is often a case of your advisor not knowing much about you. If your advisor doesn’t know much about you, then what can they base a plan on? It would have to be based on things advisors know, like taxes, investments, insurance... etc..., wouldn’t it? Boooring!! Let your planner in so your plan can be about you, and that makes sense, doesn’t it?
5. I don’t need a plan because I trust my financial planner and I just do what he says.
Solution
Do you really want to make decisions based only on your relationship with your advisor? Wouldn’t it be better if you could also see a simulation of what would happen if you did this or if you did that? For example, if were shown the financial difference between buying a new car or a used car it would be easier to make a good decision, wouldn’t it.
