I'm a "pretty-much-retired" CFP(R). Most of my clients now are pro-bono, many coming into money for the first time or newly widowed and now have to handle all the finances. So, what do I tell them when they ask what they should do? I tell them that we will work together to make a plan. What kind of plan? The one that will achieve your goals and you can stick to when things go wrong. It's easy when the stock market is going up and the sky is blue. The value of a plan really shows itself when the market goes down, you are hit with an unexpected expense, you have to retire early because of health issues and so on. No matter how elegant or brilliant a plan may be, if it sits on a shelf, is too much work, too complicated, or dropped when things go wrong, it is worthless. Last and most important: Discipline beats brains. The key to financial success is discipline, not an MBA. Just my two cents. Jonathan, thanks. Humble Dollar is great.
Comments
I'm a "pretty-much-retired" CFP(R). Most of my clients now are pro-bono, many coming into money for the first time or newly widowed and now have to handle all the finances. So, what do I tell them when they ask what they should do? I tell them that we will work together to make a plan. What kind of plan? The one that will achieve your goals and you can stick to when things go wrong. It's easy when the stock market is going up and the sky is blue. The value of a plan really shows itself when the market goes down, you are hit with an unexpected expense, you have to retire early because of health issues and so on. No matter how elegant or brilliant a plan may be, if it sits on a shelf, is too much work, too complicated, or dropped when things go wrong, it is worthless. Last and most important: Discipline beats brains. The key to financial success is discipline, not an MBA. Just my two cents. Jonathan, thanks. Humble Dollar is great.
Post: Begging to Differ
Link to comment from June 10, 2023