How good is your financial planner?

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How good is your financial planner?

Encourager-In-Chief: August 14th, 2019

It's never too soon to find out the answer.

When I start working with new coaching clients, the first question I usually ask them is if they have a financial planner. Most of the time, they don’t. (This is usually one of the chief reasons why they need a coach.) One of my clients (in her mid-60’s) was proud to tell me that she had a financial planner. I told her my financial planner said my wife and I have a 100% likelihood of hitting our financial goals. My client didn’t know if she would, but she hoped she would. Hope is not a strategy for financial peace of mind. If your financial planner is not keeping you in the loop on your retirement goals, then you’re working with the wrong financial planner!

If you’re going to be in business, you need to think long term as well short term. It doesn’t make sense to work as hard as you have to in order to run your own business and not have anything to show for it when you sell it or retire. I recently reconnected with one of my fishing tournament contestants after 21 years. When I last saw him, he was living in New York and making great money as a door installer. Now, he and his wife need to squeak by on social security benefits because he said he never put anything away for his retirement.

Unfortunately, this happens far too often. I recently spoke with a woman who works in an assisted living facility, lifting, washing, and cleaning up elderly residents. She was at least in her mid-50s, making $10 an hour, and had no retirement benefits. She also had no retirement plan and no financial planner. Working with the right financial planner is supposed to prevent this situation from occurring.

I know many people think it’s too late to start saving, but anything you can save now will be better than not saving at all. Sure, it would be great if someone, like a grandparent, had the insight to start a $3,000 retirement plan for us when we were 15. Even if they funded it for five years and stopped after that, we would have over $1.6 million dollars by the time we turned 65 (assuming an interest rate of 10%).

Let’s face it: Most of us are not 15 years old, but we can still start today and make a difference for later. Better yet, we can be sure our grandchildren know now what we are just finding out. We need to break this cycle of retirement poverty and government dependence in our golden years. This is not taught in schools, so it’s up to us. The sooner we educate our youth, the sooner we will empower our elderly.
Don’t get a financial planner. Get a great financial planner!
- Dave Romeo

This excerpt is taken from my Survive and Thrive in Your Own Business seminar.

Survive And Thrive In Your Own Business


I also encourage you to order my Survive and Thrive in Your Own Business video program which covers this topic in much greater detail.

Survive and Thrive in Your Own Business


Let me hear from you!