Tag Archives: a competent and trustworthy adviser

Is Financial Planning really for wealthier?

Some people have misconception that financial advice is only for wealthy people. They feel that there is no need for them to consult a financial adviser.

However, we know that we all need shelter, butter and bread on the table and much more; we all have dreams and goals. We also know that there is scarcity with financial resources. It means we must use our resources more effectively and efficiently by employing appropriate strategies and monitoring their performance to make sure that results match our plans.

It is true that financially wealthy people have financial advisers as they have the mindset to clearly define set of goals and act upon them. They value the professional advice and guidance in order to achieve their goals more effectively.

Failing to plan is the same as planning to fail. Unfortunately, many individuals do not plan. Rather, they just let their financial life happen to them.

Although it is very crucial to step back periodically and set realistic goals for how we want to manage our money and resources, most do not take the time to look ahead and make plans for the future. As a result, we focus on paying monthly bills, rather than planning to achieve a desired goal.

There might be lots of reason behind this attitude, and I believe the most important one is our mindset.

People in general have

  • Fear of making wrong decision. This shows up especially if we do not have enough information or lack of understanding of something in order to make informative decisions.
  • Fear of something being sold to us that we might not need it at all
  • Fear of changing existing habit over a new one and not sure if the new one is good for us.

All is coming from lack of clarity, understanding and therefore of low self-esteem.

However, we all know that

  • economic environment continuously changes
  • our age, social status and life cycle change
  • regulations in each industry , country and at global level change
  • our goals and dreams change
  • the risk tolerance level of each of us changes

In this continuously changing social -economic environment if we want to improve and sustain our financial lives we need to keep ourselves up to date, and if necessary make some adjustments with our options.

No matter what the size of the problem or issue is, consulting to a competent and trustworthy adviser or expert saves you time, money and improve your financial situation significantly. Even if you don’t need an ongoing relationship with an adviser or consultant, there are times when you have financial questions or just want someone you trust to assure you that you’re on the right track is priceless experience .