Nearly half of the investors in a survey said they had never worked up a comprehensive financial plan to build wealth with a professional – according to Opinion Research Corp, of Princeton, New Jersey which conducted the poll for MoneyTrack, a public television series. See if any of these 3 wealth building mistakes apply to you:
1. Fear of knowing- What you don’t know won’t harm you- so the saying goes. But it also will keep you poor. Those who know how much they are saving, spending and investing have the knowledge to build wealth and keep growing it.
2. Professional help is too expensive- Think it is too expensive to go to a fee-only planner? You are right. So don’t get the help you need and stay poor. Sometimes you have to spend money to make money.
If you can’t afford a Financial Planner, then use a Financial Coach and if you can’t afford a Financial Coach, then buy books or take a course in personal finance to get you going in the right direction. Think of it as an investment in yourself -not an expense.
3. Resistance to change- There are so many choices and options out there; so you freeze until you find time to figure them all out. No choice is a choice. By not changing your situation for the better you can stagnate in poverty consciousness for the rest of your life and then one day wonder why you never built up your net worth to enjoy the lifestyle you deserve. Learn how to constantly change your personal finances to build wealth for the long term.
Usually people wait to for a life changing event like a birth, death, career change, retirement, or inheritance to deal with their finances. But with the tools that are available on the internet you can make your own financial plan for very little cost. The trouble is that there is so much “noise” out there. How will you tell what’s a good resource and what’s not? That’s when a good Financial Advisor or a Financial Coach can help you plan your finances around the lifestyle you want and show you the right tools and resources specifically for your situation. Isn’t that valuable to you?
What makes working with a financial professional powerful is the financial knowledge that you can take with you. You are building on a money making relationship with your Financial Advisor. You work hard for your money. Isn’t it time to get your money working for you? Avoid these 3 mistakes and you can build wealth easily.
© Fern Alix-LaRocca CFP® All Rights Reserved