Even though the weather has only shown a few glimpses so far in Indiana, the first day of spring is only two days away. We all know what that means; time for spring cleaning. We’re going to get rid of the junk that we accumulated over the last year that we don’t use (and probably didn’t really needed in the first place) so that we have space for more stuff that we’re going to buy this year and we’ll do the process all over again next year.
Financial Planning
Details Matter
4 minute read
There’s no such things as a free lunch. If someone tells you that you’re getting something for free, then think again. They’re getting something out of it whether it’s monetary value or non-monetary value. I can’t think of a situation in which you should believe that a financial services professional is giving you something for free. Even if they simply buy you lunch, it’s because they want to get to know you better or they want you to become a client or some other reason. In exchange for a “free” lunch you gave them your time, energy, and conversation. That’s not free.
Daylight Saving(s) Time
3 minute read
This weekend, we sprang forward an hour in an attempt to have more daylight during the hours that most people are awake and active, However, as my friend Cody pointed out, some people seem to be having difficulty getting the name right. (Don’t worry about his Twitter name. I have no idea what it means, either.)
Work Together
3 minute read
I think that financial planning should be seen as a team sport rather than an individual sport. It’s less like swimming or running or bicycling and more like basketball (the best sport – you can quit reading now if you disagree). Yes, you can have a superstar like Michael Jordan or LeBron James who can do a ton and maybe even carry the team to the championship, but ultimately you need a team that works together towards achieving a common goal to make all of the right plays and all of the right moves at the right times to be successful. A superstar can do amazing things on the court, but they can’t even shoot the ball without someone there to pass it to them from out-of-bounds.
What’s Next?
2 minute read
Building your personal finances is sort of like building a house; without a strong foundation in place either is likely to crumbled when a storm comes along. Once a solid financial foundation is set, what are some other things that you can work on to further build out your financial house? No one wants a plain, bare house, right?
Update Often
3 minute read
You wouldn’t only exercise once per year if you had a goal to become healthier, you wouldn’t only read one article per year if you had a goal to learn about something, and you wouldn’t only write one day per year if you had a goal to finish a book. You shouldn’t only pay attention to your personal finances once per year if you have goals that require money to achieve them. Life is busy and can change quickly – the same can be said for your personal financial situation. Not being intentional with your resources on a consistent basis can lead to lost time, lost ability, and lost opportunity.
Why You Need A Financial Planner Who ALWAYS Acts As A Fiduciary
3 minute read
Did you know that anyone can call themselves a financial planner? Did you know that all “financial planners” aren’t required to always act in your best interest? Did you know that some financial services professionals are incentivized to not do what’s best for you? Those who do things the right way in the financial planning industry can receive a bad rap because of those who act unscrupulously and don’t treat clients how they should. However, there are many who ALWAYS put their clients’ best interests first.
Why Young Professionals Need A Financial Planner
5 minute read
You just graduated college and you want to have some fun and enjoy your new income. You just got married and you don’t want the stress of talking about how to combine your finances. You just had a kid and you don’t think you have the time figure it out. You don’t have enough money to work with a financial planner. There are so many excuses that young professionals make to avoid becoming financially responsible at an early stage in their careers, but you shouldn’t wait until your 30s or 40s or 50s to take responsibility and start being intentional about your financial life. Time is the biggest asset that young people have on their sides.
What Is Financial Planning?
4 minute read
I think that most people have a preconceived notion of what financial services professionals do and I think that the term “financial planning” usually gets lumped in with that idea. However, financial planning is probably far from what you think it is if you lump it in with the jobs of most other financial professionals. It isn’t managing someone’s portfolio through buying and selling stocks for them (although this can be part of a financial plan) and it isn’t selling someone a financial product. True financial planning involves taking a deep dive into every aspect of a client’s financial life, helping them to organize, set goals, and create a plan to reach those goals, and helping the client follow through on their plan. A financial plan should paint a picture of where you are, help you figure out where you want to go, and define the steps that you’ll need to take to get there. Succinctly, financial planning involves helping others allocate their money and other financial resources in a way that aligns with their goals and values.
Free Steak Dinner
3 minute read
A couple of days ago, The New York Times published a story about an insurance salesman who sent mailers to older people preying on fear of the stock market and advertising a free steak dinner if they attended his seminar. The insurance salesman made his pitch during the dinner using shady, outdated information that did not provide an accurate depiction of the product that he was selling to those in attendance. Unfortunately, this wasn’t the first time he’d done something sneaky and probably not the first time you’ve heard a story like this, but it may have been the first time a personal finance writer attended one of his dinners and called him out for it through a worldwide news outlet.
