Benjamin Franklin once said that if you are failing to plan, you are planning to fail.  This makes sense in all aspects of life.  Would you start a business without a plan? Would you build a house without a plan? Would you host wedding without a plan? If you are like me, the answer to all these questions is absolutely not.

A recent CNBC study suggested that 75% of Americans are “winging it” when it comes to their financial future.  According to Charles Schwab, only 25% of Americans have a written financial plan.  Countless studies continue to verify the unfortunate facts that MOST Americans are ill-prepared for their futures.  I find this remarkable.

After speaking with many individuals and families, I have found that people do not have a financial plan for 1 of 3 reasons.

  • They believe they do not have enough money to work with a financial planner
  • They struggle to understand the value and have read somewhere that they should not pay fees
  • They are in denial and continue to procrastinate

Individuals really ought to think of a financial plan as another life insurance policy.  I am pleased to see that as of 2019, 59% of Americans own a life insurance policy, a better number than those with financial plans.  What baffles me is how people can wake up every morning and continue to work hard to earn a living without goals, objectives and long-term family plans.  We are willing to insure our lives against premature death, but we are not willing to ensure that the result of a long career is sailing off into the sunset.  What about a family legacy?  Is your goal not to make every generation better off than before?

Besides the fact that you can be fined for not owning car insurance, we are trained to buy car insurance.  We buy home insurance and health insurance.  What good is all of this if you do not have an overall financial life plan to make sure you are making the best decisions day in and day out for your partner and family?

The average car insurance policy in Phoenix, Arizona was $1100 per vehicle.  This means that a household is spending at a minimum $2200 per year to protect their vehicles and any liability in a car accident.  Would you spend an additional $2200 per year to get professional financial advice?

I think this idea of paying for professional advice from a Certified Financial Planner for a fee that is comparable to your auto insurance, regardless of your net worth, should be very appealing.

Do you stress about money? Do you ever feel burnt out at work? Do you know exactly how many dollars you need to earn, save, and the required rate of return to replicate your current lifestyle at a future date?

Do you know that you do not know this number? Do you keep telling yourself that you are too busy right now? Stop procrastinating.  Stop being cheap.  Find professional guidance if you don’t want to be another statistic.  Book a 15-minute phone call today.

*Athanassios Panagiotakopoulos is an Investment Advisor Representative with Dynamic Wealth Advisors dba Life Managed. All investment advisory services are offered through Dynamic Wealth Advisors.

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