The first time I sat down with a financial "planner" (turns out he wasn't a fiduciary and simply wanted to sell me some high cost annuities) he asked, "what are your financial goals?" I was 30. I had no idea how to answer. After I hemmed and hawed for a few moments, he brushed the question aside and moved on with his presentation.
I didn't purchase an annuity that day (or any other day), but I did come away thinking about that question. I really wasn't sure how to answer it. A few years later, I met with a couples therapist who recognized that I was always stressed over personal financial matters. Though she wasn't a personal finance expert, she was the one who helped me understand what "financial goals" are, and how to set them.
TL;DR, personal financial advisement isn't just about the numbers. It's mostly about the people and helping them realize their priorities.
Very good advice. Especially from an economist! Many forget that all investment starts with savings and all savings starts with tracking consumption. Saving is such a great habit for significant wealth creation.
The first time I sat down with a financial "planner" (turns out he wasn't a fiduciary and simply wanted to sell me some high cost annuities) he asked, "what are your financial goals?" I was 30. I had no idea how to answer. After I hemmed and hawed for a few moments, he brushed the question aside and moved on with his presentation.
I didn't purchase an annuity that day (or any other day), but I did come away thinking about that question. I really wasn't sure how to answer it. A few years later, I met with a couples therapist who recognized that I was always stressed over personal financial matters. Though she wasn't a personal finance expert, she was the one who helped me understand what "financial goals" are, and how to set them.
TL;DR, personal financial advisement isn't just about the numbers. It's mostly about the people and helping them realize their priorities.
Love it, Michael. Thanks for sharing your experience.
Very good advice. Especially from an economist! Many forget that all investment starts with savings and all savings starts with tracking consumption. Saving is such a great habit for significant wealth creation.
Good point. I appreciate the input!
Sound adivce. These are great tips would guarantee push people foward. I will make sure to share this particular one.
Thanks, Antowan!