Whoa Nellie - my response to an industry article - FYI

The part of the article that started this discussion:

(October 2006) Your client wants to retire next year and you have the unfortunate task of having to tell her that it's not going to happen, at least not this year, and certainly not next year either if she keeps dipping into that calfskin Prada.

According to the Advisor's Edge 2006 Dollars and Sense Survey, 78% of advisors say their clients aren't saving enough for retirement - a fact with alarming implications, especially for boomers who have become used to a particular lifestyle of pleasure pursuits and everyday responsibilities. What can advisors do to prevent these folks from galloping off into the wild, wild pursuit of debt and misery down the road?

...it all boils down to clients revamping their retirement goals. And in doing so they really have three options: spend less, save more and make more returns on the money they have, or simply work longer. "You can do any one of those things to make your plan work. You just need to decide which one is the least painful for you."

My Response:
Your article ‘Whoa Nellie’ was very well presented and personal and certainly supported with some creative thoughts. Unfortunately, my experience over 15 years with hundreds of clients shows that this narrow, vertical only, focus of financial planning has got to be expanded. There are so many options we can provide to our clients that will not force them to sacrifice, to give up their lifestyle or to take extra risks to get that every elusive and growing pool of savings so that one day, just maybe they’ll be able to give up their day job and enter this new fantasy life of retirement. I’m sorry if this comment is so blunt.

I am a certified financial planner and lifestyle financial planning expert. My business is now entirely dedicated to helping advisors help clients gain more control over their life by empowering them with financial possibilities. The ‘Whoa Nellie’ article is the exact reason why people are still struggling. Yes, taking some funds and putting them into savings or applying them to debt will work, but we have to stop looking at there being only 3 options as the final sentence of the article so nicely sums up. This is what makes me crazy. I have been teaching in the industry for years and have become an expert on the psychology of success as it relates to financial planning principles and strategies. This very narrow view of options will virtually guarantee that people fail, and as an industry we have an obligation to offer clients far better solutions and options than that.

I have some very specific strategies on how we can help people to see possibilities for realizing financial success beyond these 3 options. If you would like to talk to me about them, I can be reached at 250-592-0457, or by email at tracy@moneyminding.com

I received one comment immediately saying they would have someone contact me and I have not heard as of today, nor have I followed up yet, but intend to pursue this.

You do not have to cut back your lifestyle or your goals - rather you need to look at options for having them both - and settle for nothing less!!!

Copyright© 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

The Marathon

It was dark, cold and very rainy at 6:30 this morning, yet a few hundred of the 9000 participants started their 42 km trek for the Royal Victoria Marathon. About an hour into the race, I parked my car and started walking towards the oncoming runners. My very good friend was power walking the full marathon and I was there for support, to take or bring extra clothes and other necessary things that might come up over the next 5.5 hours.

A few months ago she had asked me to do it with her, but as life sometimes happens, I had other priorities and very quickly fell off any sort of training schedule. My friend, however, had a goal and wasn’t going to wait for me or anyone else to see it through.

When I first saw her, she was in good spirits despite spending 6 hours the day before preparing a selection of music on a new MP3 player only to find it would only play the radio today. I ran beside her (because she walks as fast as I run) for about 20 – 30 minutes then turned back towards my car. I took one soaking wet jacket of hers with me and headed home to change into new dry clothes before meeting her again. She continued – sometimes in a group, but often on her own along the course that wove alongside the ocean.

At our next rendezvous, I ran beside her for quite some time in heavy rains, only to find her GPS device that was helping her track her time, her pace and distance stop working just before we parted ways again. I took another jacket, and left her alone to carry on past an area where her family and others were to be cheering on the sidelines.

An hour or so later, at our next meeting, the main pack of runners was heading out, and my friend was on her way back to the finish. There were only a couple of the early starters heading in the home direction – and the few marathoners who run the race to win and almost defy physics at their stamina.

She had had cramps in her foot and her knee and quad on the one side were giving her a lot of pain. Her pace was slower, but her focus not deterred. I kept her company until I was close to my car again and sprinted back to get her some anti-inflammatories for her pain.

I raced back and found the front of the pack of runners well on their way towards the finish line now, but also at a point in the race where each step, each corner, each hill, each movement would be felt – in running language – this would be where people were likely to ‘hit the wall’.

In my own little race I had developed a small blister on my one foot, but had changed my socks and treated it with a bandage. When I saw my friend, she was bleeding. Apparently the dampness wasn’t helping the constant movement and rubbing of body against clothes. She took the anti-inflammatories and reasoned she would likely feel their comfort within a short while because her body was metabolizing so quickly.

We parted ways again and I drove to where I could get close the finish line (well I tried). I ran towards the finishing runners for what seemed a long way before seeing her again. When she finally rounded the corner, I choked back tears, I was so excited. Her stride was noticeably weaker, her pace considerably slower, yet she was very focused. She didn’t say much – she didn’t have to. I told her there were 3 more turns and she would see the crowds by the finish line. I didn’t want to run beside her this time – this was her race, she had just 1 km to go and was doing it as fast as she could. I knew she hurt, and I knew she would make it. I also knew that the excitement of the finish line was just ahead for her final steps.

I moved aside and watched her cross the finish line. At that point everything calmed (or so it seemed). The noise of the crowd stopped, my friend walked in slow motion to receive her medal and her recognition. She had completed in almost 15 minutes less time than expected.

I didn’t run the marathon today, but I sure got to share in what it means to finish the race; the hours of practice alone; the disappointments and frustrations of things not going as planned; the pain; the importance of positive encouragement; the focus – one step at a time, again and again and again – even when it hurts, even when you’re alone and others don’t join in, even when people pass you.

The marathon doesn’t have to be a road race and it doesn’t have to be anything physical. It’s something we decide to do, then stay focused through the other life events that come up, through the disappointments, the frustrations, the pain, the bad weather, and all the other challenges that work to steal our focus.

“Success is not judged by what you start, but by what you finish,” is a quote that sits on my desk as a constant reminder of the journey. Thank you my friend for finishing your race and for inspiring me and many others with your perseverance and amazing role model. You win the race, because you finished what you started!!

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

Constant and Never Ending Improvement

As some of you know, but many don't, I invest many thousand of dollars in personal development. My library alone, is worth insuring separately. In addition to reading I attend seminars and study and mentor wtih successful people who are phenomenaly good at what at what they. I love people who have a vision and are encouraging and supportive of my big vision. One of those people, whom I've had the opportunity to work personally with over the last few months is Michael Gerber of the emyth. This is my story of that experience that I wrote to him and thought I'd share with you. If you would like to talk to me about this further, please send me an email at tracy@moneyminding.com. It's all part of why I'm more and more passionate about making a difference in your life through MoneyMinding. Thank you.

Dear Michael,

This is my dreaming room story so far. It really is a daunting task to sit a write about all that has happened since the dreaming room only a few short months ago. I had put this task on my ever growing list of things to do, when I finally read your blog, and while writing for my own blog was on the agenda for this evening, I realized that the process is what is so valuable and is one of those values I include in my teaching – it’s the process of getting from where you are to where you want to go – awakening so to speak.

I have had a big vision for years abut making a difference in the type of financial education available to people, and as you know from my story, I’ve also had my opportunity to go backwards so that I could truly apply the concepts of my business to my own life. Then when the dream needed to be turned into a business, I was tripping over myself with the incredible number of opportunities to pursue.

The easiest thing for me to say, is that the Dreaming Room gave me confidence first, clarity second, and simplicity third.

So much has happened in the past couple months, I can hardly even think it, let alone document it, but the key is that I know I have a great business model, a fabulous product and can make that vision a reality. I also know the structure of the business when it’s done and even what needs to be done first, second, third, etc.

It’s all happening and unfolding just like you said. It’s not done, it’s still a lot of work, it’s just much clearer and simpler and without a doubt it’s happening as a result of what was awakened at the Dreaming Room. Thank you, Michael for sharing your vision and your passion and for following through with your vision – again. What an amazing gift you make available to everyone who experiences the Dreaming Room.

Love Tracy