You work hard to keep your body fit and healthy. Regular exercise, dieting, annual physicals, doctors visits and perhaps even taking supplements are all a part of your physical fitness plan. But are you giving the same attention to your financial fitness? For many people, personal savings and retirement planning are not made a priority like they should be. I could argue that your finances are just as important as your physical health. Here are some things to consider about your financial fitness:
Your Financial Adviser is your “Financial Personal Trainer”
Hiring a financial adviser is much like hiring a personal trainer. While there are a few people who have the “do-it-yourself” mentality, others thrive when working with a trained professional like a personal trainer. The accountability, education and support makes all the difference. The same applies when it comes to your financial wellbeing. It is important to hire a financial adviser who is a “Fiduciary”. A Fiduciary is bound ethically, by the highest legal standard, to act in your best interest, similar to that of a personal trainer. You would judge your personal trainer by your own progress physically. The same would apply with a Fiduciary Financial Adviser. A fiduciary adviser’s success and motivation is defined by helping their clients accomplish their personal financial goals.
Efficient and Repetitive
When you’re at the gym, you don’t just wander around aimlessly staring at different machines and pick one that happens to strike you at the moment. No, you have a plan; an organized, repetitive process that has been proven to get you into shape and reach your goals. You have goals that are measurable and attainable. So, why wouldn’t your financial fitness be the same? Your money should be organized and invested in a way that lines up with a proven process that has clear, measurable and attainable goals and a plan to help you reach them.
The Hard Truth
The fact of the matter is we all inherently know a few things when it comes to physical fitness and nutrition. No one will do the work for you, and fad diets/exercise are simply that-fads. They seemingly come and go and we eventually learn that there is no replacement for hard work, consistency, educated advice and direction. The same can be said for your financial fitness. You work hard on your physical fitness to ensure you will have a longer and better quality of life. Shouldn’t you pay the same respect to your financial fitness?
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This commentary on this website reflects the personal opinions, viewpoints and analyses of the Financial Strategies Group, Inc employees providing such comments, and should not be regarded as a description of advisory services provided by Financial Strategies Group, Inc or performance returns of any Financial Strategies Group, Inc Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Strategies Group, Inc manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Written by Kyle Cooper