A Few Things I Have Learned Along the Way

When I began my journey as a financial planner nearly a decade and a half ago, the world economy was setting the stage for the financial meltdown of 2008/2009 and arguably the most severe financial storm since the Great Depression. As my own career struggled to take flight, people everywhere were losing jobs and retirement accounts were being halved. And amidst the increasingly ominous news reports, the mounting fear and panic added only more injury to personal circumstances as investors made devastating mistakes that placed their financial futures in even greater jeopardy.

It was in this chaos I felt it was my job, my duty even, to help people prevent financial mistakes and do everything in my power to ensure they did not run out of money in retirement. It was, and still is, a noble endeavor. But I have learned a few things along the way, and realize now, that mission was just the tip of the iceberg.

I have learned that managing money is the easy part and the more critical piece of the mission is managing fear and emotion. I cannot effectively manage investments if I am not also helping investors manage their own behavior.

I have learned people do not care as much about how much I know, but rather, want to know more about how much I care.

I have learned that when people ask about their financial plan and investments, what they are really asking is, “Will I be okay?” And when they are inquiring about my philosophy and experience, what they really want to know is, “Can I trust you. Will you always be there for me?”

I have learned that if someone’s security is completely dependent on wealth, and if their happiness is wrapped up in money, they will always be poor. Their bank account might show they are rich, but their mind will still be imprisoned by poverty.

And on this cold and rainy Monday morning, as I received word that one of my dear clients is now a widow after losing her husband and best friend of more than 40 years, I was reminded of one more lesson. Although my occupation is to ensure people never run out of money, my job – my calling rather – is to ensure they never run out of hope.

That is the true mission.

Comments

Toxic Humility

We have all seen false humility: the guy who tries to hide his arrogance with feigned modesty. It’s usually pretty obvious and always obnoxious. But there is also another variation of false humility out there: toxic humility. This is often displayed in self-deprecating talk and a lack of self-confidence, belittling or undermining one’s own talents and abilities. The danger in this kind of behavior is twofold: it is too often accepted as true humility and like a virus, it spreads doubt and disbelief. To clarify, it is not that the bearer of this toxic humility isn’t honest about his view of himself. That is the very issue: he absolutely believes he has little value or utility. He thinks downplaying his own worth is humility but I disagree. CS Lewis said it best when he wrote, “Humility is not thinking less of yourself, it's thinking about yourself less.” His point being, true humility is not an ever-present raincloud of self-doubt that follows you around. It’s a focus on

Primed for Progress

Just as some pumps need to be primed to work effectively, our lives need to be “primed” to flow efficiently. Good mornings and productive days don’t happen by accident, and by “priming” your day, you can set yourself up for better results. Does it mean you won’t have bad days? Of course not, but it’s making your day happen instead of just waiting for what happens. Once again, it’s a choice of being proactive rather than reactive. You will still have challenges and difficulties, but how you face those hurdles and respond to the struggles will be different with a primed mindset. I am sure there are many ways to prime your day and set the tone for the hours ahead, and what works for one won’t necessarily work for all. However, the process of creating a plan or a model of how things should unfold is a great place for anyone to start. Also, as I have mentioned before, how you actually start the morning is critical - the battle with the alarm clock is your first chance at victory for

Flower Among Thorns

About six or seven years ago, my wife was around three months pregnant as we eagerly anticipated the birth of another child. One night, as I lay sleeping, I had a dream that our baby was born. It was a beautiful little girl with thin, wispy hair and large, bright eyes punctuating her beautiful face. I held her proudly in my arms and stared down at this precious little creation. I carefully handed her off to her older brother, who was just a toddler himself, as he sat on the coach, arms outstretched, anxiously awaiting the chance to hold his baby sister. I helped him prop up a pillow underneath his little arms to help support my daughter and then stepped back to take in the amazing sight as he gazed down at her with both pride and amazement in his eyes. As I stood there watching them, the dream quickly faded. When I woke up, my eyes met the tearful glance of my wife. “I’m bleeding,” she said as she fought back the emotions, “I think I am miscarrying.” Those words sunk deeply i

Mindset Matters

Search This Blog