Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.
(Click the featured times below to jump forward in the episode)
Like getting a personal trainer at the gym, getting in shape with your financial planning is vital to your well-being. Let’s talk about the many parallels between getting into physical and financial shape.
When you are learning what to do to improve your fitness, you may turn to several sources of information. The knowledge from a book might help, but it’s not going to give you everything. Having a trainer can make a significant difference when it comes to your health, just like having a financial advisor may help you overcome the hurdles toward financial success.
If you do something incorrectly you could exasperate problems instead of helping yourself. Things like a wrong yoga move or an error on your taxes could come back to hurt you later on.
If you sit down with a trainer, the first thing you’ll do is outline your goals. Do you want to lose weight or build muscle? Likewise, with a financial advisor, do you want to travel in retirement or leave more of a legacy? Knowing your goals helps the trainer or advisor craft a plan that works for you.
Ever hear the expression, “abs are made in the kitchen, not the gym”? It means you need to have both the physical regiment and the discipline to do the right things with your nutrition. Likewise, in your retirement plan you need the discipline to stay on track, even when your investments don’t look great. Markets are always up and down, but over the long-term, these things tend to work themselves out. Advisors can help provide the strength and support you need to keep your behavior in check when it comes to making financial decisions, which can really pay off in the long run.
Are you ready to hit the gym and tighten up your core? How about meeting with an advisor and refining your retirement plan?
Listen to the full episode to hear a financial pep talk from an advisor or click on the timestamps below for a specific segment.
[2:05] – You can’t just read a book and know all there is to know.
[4:04] – Doing it on your own and doing it poorly could make things worse.
[5:04] – Start with some goals.
[6:56] – Don’t counteract your progress with bad habits.
[8:35] – Think about the long-term and the value an advisor may bring.
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