Apr 13, 2018
Learn why the customer is always right isn’t always true in the
financial world. Along with an opportunity to grade yourself on
your financial life.
Main Questions Asked:
- How am I doing on my finances?
- Will another opinion help me avoid financial mistakes?
When the Customer Isn’t Always Right in the Financial
- Now is the time to get into or get out of the market. Instincts
are almost always wrong especially for the individual investor.
Most people want to get into the market when it’s already gone up
or sell when it’s at an all-time low.
- I don’t really need to spend money on that will, or trust, or
whatever it may be. You need to spend money today to be better off
in the long run. You are investing in yourself by doing the proper
estate planning or the proper tax planning.
- It’s fine that the returns aren’t good because the fees are
really low. The important thing is what are you netting after the
fees? When you net out after expenses is what you should focus
- My accounts are down right now. I don’t think things are
working. It’s time to change things up. The individual investor is
usually wrong when they make changes to their portfolio. Have a
plan so that you are tempted to make changes when things go
Grade Yourself on Your Financial Life:
- Do you know how much money you have? People often lose track
when they have so many pieces spread out all over the place. Get
all of your retirement savings in one place so you can account for
- Do you know how much you spend? This also ties into how much
taxes you pay, because sometimes people don’t know how much they
spend, so they take too much money in. Know how much you spend and
know how much you need.
- Do you know how much risk you have? People often are taking
more risk than they should be. We have a money map system that can
show you your risk profile.
- Do you know what you are paying in fees? It’s important that
you pay attention to fees, but make sure you get value that serves
you. The lowest fee may not be best if the return is also low.
- Do you know what your retirement income streams are going to
look like? Knowing where your guaranteed income streams are coming
from and when to trigger them is very important. You also need to
maximize these income streams. A good plan is required.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!