You have to be willing to have a serious conversation about money and investing. It is something that the great majority of people tend to avoid if it isn’t their strong suit. The majority of the people we work with fall into one of two camps. Prior to meeting us, half chose to blindly trust their financial advisor and nod at their every recommendation. The second camp meticulously avoided the conversation about finances entirely for as long as possible hoping that by burying their head in the sand the problem would resolve itself on its own.
The real danger with traditional financial advice is its not black and white. It would be great if it came with universal laws or rules but the truth is we are not statistics.
These products are created with an avatar in mind. They pick a pain point. They pick a problem to solve and they create a product to solve it. It happens every day in business. Rarely do we sit back and think whether we are the avatar for these financial products. We so easily to straight to finding a product to solve a problem and breeze right over a critical element to creating real lasting wealth. Putting your money in a 401k for the length of our career is a prison sentence for your earnings and eliminates any opportunity of using it strategically to KEEP your dollars.
In order to be an individual capable of amassing long-term wealth you have to have a strategy, not a product that is created for the masses. We are as unique as the fingerprints on our hands and to create wealth we need a strategy to specifically address our challenges, desires, wants and needs.
Let me clear the air on one thing. In the financial world there are plenty of honest and trustworthy financial advisors who genuinely care and are invested in the success of their clients. I will never doubt that but unfortunately that is not enough of a qualification. Your financial advisor can be giving it their best try while simultaneously serving you up a pre-packaged wall street solution that is either dangerous, misleading, or outright wrong.
They simply don’t have the tools in their tool-kit to do right by you no matter how good their intentions.
We have some great friends James Friel and Dean Holland with Just the Tips that were gracious enough to have me as a guest on their podcast recently where we dug into the specifics of these topics as they relate to entrepreneurs. As entrepreneurs there are huge disconnects between the Entrepreneurial Personality Type and the blind strategy of traditional finance that we are all too familiar with.
Listen to the Podcast HERE.
Regardless of you profession, you work hard to become the expert and gain control of as much as possible yet you are encouraged to put your earned money in a long-term plan where you have little to no knowledge and zero control. Rather than handing money over to the first available financial advisor you need to have a REAL conversation about money and figure out how to systematically keep more of the money that you make.