Visiting the Financial Doctor

Today’s Prep:

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Equipping Points:

We all want to maintain and protect our health. One way to do that is by getting regular checkups with the doctor, especially as you get older. Likewise, you want to have at least annual checkups with your financial advisor to have a good financial health. As things change, you’ll want to make sure everything is on track and prevent any major problems that could pop up otherwise.

When you are fighting a cold or allergies, it’s normal to get something over-the-counter to treat it. But when there are bigger risks involved, it’s important to meet with a professional and get a proper prescription. In the financial world, there are products you can get without working with a financial advisor, but if you are facing a bigger problem or a risk, you might want someone to guide you through it.

Different doctors have different specialties. If you have a particular issue, you don’t go to a general practice practitioner. Sometimes you need a second opinion or just someone else who is a better fit for you. When you work with a financial advisor, you need to work with the person who specializes in what you need and is the right person to work with on your goals. That might even mean switching advisors if you don’t feel comfortable with the one you have.

Is your financial health where it should be? Are you getting the help and guidance from a qualified advisor you trust?

Listen to the entire episode or click on the timestamps below to skip ahead.

0:50 – What lessons can you learn from a visit to the doctor?

1:04 – It’s important to get a checkup, especially as you’re aging.

2:44 – Are you trying to deal with it yourself or getting a prescription for help?

5:20 – Different doctors have different specialties. 

7:42 – Make sure you have the right fit for you.

Today’s Takeaway:

“You need to adjust and look at your plan at least every year, minimum, because things change. Your cash flow changes, your spending habits change, those types of things. Update it, review it, and make sure it’s still working for you.“

-Eric Peterson

Related Resources:

Financial Lessons Learned from the Farm

Finding Predictable Income Sources in Retirement

Social Distancing For Your Finances

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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