Have You Fixed Your Nagging, Unfinished Tasks (NUTS)?

by Fern Alix LaRocca CFP® EA · 0 comments

Have you fixed all your Nagging, Unfinished, Tasks, (NUTS) that keep you from building wealth?

Most people don’t move until the last minute to finish their NUTS especially when they come to see me, a Wealth Coach. Time and money are the biggest obstacles that keep people from getting their finances in order. But not addressing your NUTS can drive you into the poor house.

Take for example, Mr A & Mrs. B, they couldn’t agree on what to do with their money and so did nothing . Mrs. B is worried that that they won’t have enough for retirement and Mr. A might lose his job and both worry about the rising costs of college tuition. They worried about their assets declining in value and talked about it and still did nothing. . Both have no idea of how much they spend annually and both haven’t had decent raises in years . They came to me wanting to fix their Nagging, Unfinished, Tasks. It took hourly phone calls every other week for nearly a year at a cost of $6,500 to take eliminate their financial N.U.T.s.. What happened over that time?

I started with a financial foundation-I got them an emergency savings account, updated estate plan, and a detailed review of all of their insurance. I taught them how to continually get the ideal rates on their cash and even with the cost of an estate planning attorney, they saved over $1500 .

I got them to blend their accounts together and specify them for goals; IRAs,  Roth IRAs, pensions, 529 college plans, 401ks,  brokerage statement, etc. I helped them prioritize their goals and agree on what they wanted to do with their money as far as inheritances. Aligning money with values and goals is just as important as investing. They now know how to manage their own portfolio as a unit for the purposes they intended. They also agreed on what they strategy they would use when things go south.

Mr. A understood that he couldn’t contribute to retirement and college education if he was out of a job for a long time and Mrs. B understood that she would need to cut back on expenses if she still wanted the family to take vacations every year. Both knew what each had to do to meet their goals.

How much did they save? Hard to say,  but at least $15,000, and the peace of mind- priceless.  But both are extremely pleased that they have a plan and they know how to implement it on their own . Waiting so long to fix their Nagging Unfinished Tasks is their only regret .

If this couple went to a financial advisor, they would have easily paid $10,000 or more and had ongoing fees and expenses and still worried about if they were doing the right thing. Now they are armed with the education, tools, and resources to stay on track. They took the time and actually saved money,saved on taxes, and decreased their stress. Can you place a price on that?

{ 0 comments… add one now }

Previous post:

Next post: