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Quite often I run into people that say something like:
"When we have some money to manage, we'll call you!"
"The moment we get rich and famous we'll be in contact!"
The compliment is much appreciated. The lack of action, though, is not a good idea!
It's not wrong to let an event be a catalyst to take action and get and execute sound advice. However, you lost a lot not getting started sooner.
Financial advice is getting small details correct to avoid a major catastrophe. It's about getting better insurance coverage, matched to your situation, for less premium expense. By saving a little more each month and averaging 1% greater return each year, your nest egg may DOUBLE in 20 years. It's about the peace of mind knowing that if you die or become incapacitated that your wishes will be carried out. You may be executing some aspects of financial planning well - but to reach your goals, you need to plug all the gaps and do everything well. Concerned about cost? Don't be - good advice pays for itself - many times over!
The right time to acquire and implement prudent financial advice in the form of a written plan - is, well, NOW. In fact, you should never be without one, whether you're a 22 year old college graduate or 90 years old and about to begin receiving assistance with household chores. That plan should be created with a team of collaborating experts. Do not rely on one or more experts acting independently.
The key words: WRITTEN. A plan that is not written is not a plan. IMPLEMENT. A plan not executed is worthless. You don't have to do it all by noon tomorrow. Just make steady progress.
This really boils down to a fundamental flaw that is perpetuated in our national culture - that financial planning is 99% investing. That couldn't be further from the truth.
Most families have fundamental flaws and gaps in their approach. These flaws and gaps are spread across the five major disciplines: financial planning, investing, insurance, tax, estate planning. The 6th discipline is multi-disciplinary decisions that cut across one or more of the first five.
Another common misperception is that "it's too late". "My financial situation is a lost cause." Wrong! I don't gamble, but I am confident saying that you are making a key mistake(s) that has you in a susceptible position and the cost of correcting it is zero.
Please, I implore you, for your own sake and for those you love - get help now!
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