Yet another cut back, save more money, wait a long time to be independent article
I am currently facilitating a discussion forum for Certified Financial Planners and thought I'd share my comments in response to yet another article that simply looks at the vertical, narrow focus of saving money for some time in the future as you wait to become wealthy. The topic of the forum is called 'How we can help clients fulfill their dreams through education and empowerment'. If you are a MoneyMinding Member or have participated in MoneyMinding programs, you will know that I am a huge believer in building a propoer foundation of financial planning concepts, yet beyond that, there is no limit to what you can achieve except by what your mind can create. If you truly want something in your life, then make it happen - just make sure you do it with the proper structure so you're not at risk of falling flat on your face along the way. And, always... start where you are and enjoy the process!!!
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I just finished reading yet another article that re-iterates a study saying how boomers aren't prepared for retirement. And yet again the problem is always stated as a lack of savings, and the solutions are always to work longer or cut back on lifestyle - either now or in retirement. And, yet again the whole retirement concept is discussed as something that happens much later in life after you have been able to save enough money to be able to leave work.
Is that all we as an industry can come up with to help people become financially independent - which is what needs to happen if you want to leave the workforce, right?
This discussion topic is on education of clients, and it seems that one way we can educate is on creating options, opening up possiblities, and empowering positve movement towards reaching goals. Cutting back and saving more money alone is not the only answer. We, as CFP's, are trained on different types of business structures, different tax treatments, different insurance strategies and legal issues, which are all important factors to share with clients. Perhaps they aren't part of an initial plan, but this knowledge builds confidence and when understood in the context of personal, written lifestyle goals, we can go a long way in improving the financial results of our clients.
Cutting back and saving more money is simply not enough. The study today, quoted in advisor.ca, is still another example of that narrow, vertical thinking that we can help change. We are a very educated and experienced profession. It seems that we need to be louder and bolder in sharing this knowledge in order to help this bleek picture. Not by overwhelming people with the depth of technical details, but by simply encouraging clients to look at a much bigger picture and more creative options to reaching their goals.
Comments???
Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com
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I just finished reading yet another article that re-iterates a study saying how boomers aren't prepared for retirement. And yet again the problem is always stated as a lack of savings, and the solutions are always to work longer or cut back on lifestyle - either now or in retirement. And, yet again the whole retirement concept is discussed as something that happens much later in life after you have been able to save enough money to be able to leave work.
Is that all we as an industry can come up with to help people become financially independent - which is what needs to happen if you want to leave the workforce, right?
This discussion topic is on education of clients, and it seems that one way we can educate is on creating options, opening up possiblities, and empowering positve movement towards reaching goals. Cutting back and saving more money alone is not the only answer. We, as CFP's, are trained on different types of business structures, different tax treatments, different insurance strategies and legal issues, which are all important factors to share with clients. Perhaps they aren't part of an initial plan, but this knowledge builds confidence and when understood in the context of personal, written lifestyle goals, we can go a long way in improving the financial results of our clients.
Cutting back and saving more money is simply not enough. The study today, quoted in advisor.ca, is still another example of that narrow, vertical thinking that we can help change. We are a very educated and experienced profession. It seems that we need to be louder and bolder in sharing this knowledge in order to help this bleek picture. Not by overwhelming people with the depth of technical details, but by simply encouraging clients to look at a much bigger picture and more creative options to reaching their goals.
Comments???
Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com
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posted by Tracy Piercy at 12:47 PM
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