| Where do you go for financial advice? Do you plan | | | | when you have the expertise, knowledge, or skills, it |
| your own finances or work with a financial planner? | | | | is still important to have a sounding board to bounce |
| Many investors choose to handle their own finances. | | | | ideas off of and receive wise counsel from. |
| Typical reasons why people choose to invest on their | | | | A prospective client, Bill, was a middle-aged CFO with |
| own include, but are not limited to:o Lack of trust in | | | | more than twenty-five years of financial experience, |
| financial professionals.o Cost issues-don't want or | | | | an MBA from a good school, and decades of |
| cannot afford to pay for advice.o Expertise in the | | | | investment experience. The thorn in his side was his |
| area of finance.o They enjoy and have time to do | | | | investment portfolio! Despite the schooling and book |
| the proper research. | | | | knowledge, Bill's portfolio was a mess and nearly |
| LIFT THE FOG | | | | impossible to keep track of. Like the weeds that |
| Money can be a form of power, but the ultimate | | | | took over the garden, Bill left his portfolio untamed. |
| financial power is education. With the proper | | | | Bill had "overdiversified" his holdings. He owned |
| knowledge of how money works, you will enable | | | | hundreds of stocks, mutual funds, and bonds. |
| yourself to make wiser financial decisions that foster | | | | Tracking, analyzing, and monitoring all of his positions |
| a greater financial well-being. You have already | | | | would make a full-time job. Bill thought he knew what |
| committed to learning more about money. How? You | | | | he was doing, but his results confirmed otherwise. Bill |
| made a smart decision to read this article. One giant | | | | should have sought wise counsel. |
| step forward! Don't stop here. Commit to learning | | | | BE A TIGER |
| more about stocks, bonds, mutual funds, and other | | | | What about hiring a professional? There is a great |
| financial topics. You can either continue working for | | | | saying, ""A fool and his money are soon parted." |
| money or find a way to make it work for you. | | | | Tiger Woods is arguably one of the best golfers of |
| Develop a financial aptitude. | | | | all time. One of the greatest observations that stand |
| One of the most important things to learn is not how | | | | out for me is that no matter what level of success |
| to make money, but rather what to do after you | | | | he has achieved, he has always used a coach, from |
| make it. Always evaluate your decisions by asking, | | | | the early days with his dad to the coach he has |
| "Does what I'm doing make financial sense?" Keeping | | | | today. The names may change from time to time, |
| up with the Joneses and following the crowd is like a | | | | but he always has one. Ponder this: Tiger Woods is |
| sheep being led to the slaughter. Dare to be | | | | taking constructive feedback from a golfer who is |
| different. Learn what it really takes to build wealth. | | | | less skilled than he is. Imagine for a moment what it |
| Money may come and go, but if you have an | | | | would be like if you were one of the best in the |
| education in how money works, you gain power over | | | | world at what you do for a living. Would you be |
| money and can continue building or rebuilding wealth if | | | | humble enough to admit that you can improve? |
| necessary. | | | | Hiring a financial "coach" (planner, advisor, etc.) allows |
| KNOW WHEN YOUR ARE IN OVER YOUR HEAD | | | | an unbiased individual to point out mistakes that you |
| It is wise to use your gifts to the best of your ability. | | | | may never see and help you potentially improve upon |
| It also makes sense to seek help when your abilities | | | | your results. As technology, research, and the |
| are limited. Take me, for example. I have discovered | | | | financial world become more complex, the need for a |
| what I am good at and what requires professional | | | | professional advisor increases. |
| assistance. Household improvements and repairs are | | | | Wherever you are in your financial life (success or |
| not my strong suit. I learned very early on that this is | | | | failure or in be¬tween), you can always do |
| an area that requires help immediately. After several | | | | better than where you are today. If you are |
| "experiences" of making bigger problems out of small | | | | committed to integrating your personal faith into your |
| routine repairs, it has become quite obvious this is an | | | | financial plan and are in it for the long haul, you should |
| area where I lack gifts. I can make a mountain out | | | | get a personal coach. You need feedback on your |
| of a molehill! Simple tasks for most people turn into a | | | | progress toward getting better. Successful people |
| big mess for me. Believe me, it is not fun paying | | | | and those who want to be are usually the type of |
| someone to fix not only the original problem, but also | | | | people who hire a financial planner. |
| the new problems I have created. Sometimes, even | | | | |