What Dangers Are Road-Blocking Your Financial Progress?

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What Dangers Are Road-Blocking Your Financial Progress?

by | Mar 8, 2016

As we meet with prospective clients, we like to start with a simple but provocative question, “Suppose we’re meeting here three years from today, what has to have happened in your life personally or professionally for you to be happy with your progress?”  This could be anything generically related to financial, health, spiritual, professional development or family matters.  For example, common answers are: “Retirement income, Growth in liquid assets, Maintain health, Debt reduction or more family travel” to name a few.  

Once we list these items, we organize them 1-5 to capture levels of priority for each. Undoubtedly, there are usually impediments or dangers lurking that could prevent them from achieving these key areas of progress.  A few most noted are: Lack of a coordinated strategy, health concerns, unprepared for death of spouse, out of date estate plan, disorganized financial matters, higher income taxes or running out of money.  

How those dangers are addressed is where the rubber meets the road.  Why is it that many people don’t take the “bull by the horns” and take appropriate action?  In our 27 years of helping clients take action, we’ve seen these most commonly: 

  1. Pride- Not willing to admit they need help
  2. Ignorance- Many people just don’t know what they don’t know 
  3. Inertia- They’re not willing to take appropriate steps to get professional assistance
  4. Avoidance and Procrastination – Too busy and focused on the “tyranny of the urgent”
  5. Apathy- “It will all work out in the end”

If there is a commitment to address these dangers head on and they’re serious about making smart choices with their money, we can set specific plans to gain clarity on their future goals with names, specific dates and amounts.  Then, we can begin to put action plans and strategies in place to address the dangers and improve the odds that their goals can become a reality.  I hope you’re taking all the steps to honestly confront your financial dangers…

Any opinions are those of Thomas Fleishel and not necessarily those of RJFS or Raymond James.


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