He knows about my housebound situation and has been sending me things to read.
‘Personal finance is never really about the money,’ says CFP Akeiva Ellis at The Bemused.
“I wish I had known sooner that while financial literacy and knowledge are important, personal finance is never really about the money. Though I had a lot to learn, not knowing was never my biggest obstacle to progress; doing was.
Real progress started when I finally asked myself, ‘Why am I like this?’ when it came to money management and began unpacking the hidden beliefs and narratives I carried about money. Those often unexamined stories act like a bossy backseat driver, influencing decisions without you even realizing it. Once you address that part, the tactics finally stick.”
Many successful dieters say that they cannot keep weight off until the understand and reconcile the relationship they have with food.
I am pretty sure it is the same thing with money.
Wonder how many of the financial advisors have ever gone through a Great Depression, or a hyper-inflationary event?
ReplyDeleteZero, of course.
DeleteThe value of a financial advisor is that they are cheerleaders who keep the players-on-the-field focused on the game, even when it is not going their way.
Josh and Caleb and Chad and Jake and Heather and Nancy sometimes need just a little bit of cheering on to not break into their savings and spending like drunken congressmen.
"Stay the course".
Practicing that discipline now means that more of it will be there when things REALLY go south.
My BIL is a CFP - Certified Financial Planner. I disagree with some of his advice, but I do like his vantage point about the field. This is apropos to all the other comments below, as well.
DeleteLook for a fee-only advisor you pay up-front for their service.
If you have a commission situation, the compensation is not in-line with your best interest. If you pay for the service the person provides, and feel that is a good cost-benefit, you both are happy. A good advisor _should_ be able to at least save you their fee, with changes and recommendations. If not, you're either already well set, or they're not a good advisor. Many of his clients only meet with my BIL (and pay) every 4-5 years.
That is a good point, also living 'within your means' is also a good mantra...
ReplyDeleteNFO: "living beneath your means" has it's own attractions. Seeing "the sock drawer" as a sort of financial battery, to be recharged when the opportunity presents, has made many problems into inconveniences.
ReplyDeleteThe emotional attachment to money and the things it buys makes it very difficult for most people to make consist good decisions about it.
ReplyDeleteLike a couple of drunks in a tippy boat, rushing first to one side, then the other.
DeleteFear then Greed. Greed then Fear...Until the gunwale plunges below the surface of the water.
Transferring in the military and then moving around for work after I retired, we’ve had over a dozen financial advisors. They all claim they are giving us advice using our financial risk tolerance. It sure seems to us that they all interpret our wishes differently and it ends up that we do a bulk of the research and interpretation while they get the commissions.
ReplyDeleteIdaho Bob
What's the best financial advice you ever got? Mine was from my father as I set off to university in Scotland.
ReplyDelete"Take out English girls - you can afford beer but you can't afford whisky."