You're Not All Set and Taken Care Of

As someone who gives advice to people on how to manage their money

, I get a lot of satisfaction out of helping my clients work toward achieving their goals. These goals include saving for retirement, planning for the unexpected or helping people take care of their family. I'm in a noble profession.

However, I and many of my colleagues come across some resistance to some of the ideas we present. People who at first brush are not open to the strategies we propose. Here is some of what I hear people say.

"I'm not interested." "I'm all set." "I'm taken care of."

Many times all of these statements may be true. Many times however they're lies. In fact, clients may be very interested in what's being proposed but they're giving a knee jerk reaction.

What they really mean is, "I don't want to think about it now." "I don't know how much it's going to cost." "I don't feel like dealing with that right now."

Unfortunately, these knee jerk reactions hurt people and families in the short and long run. As advisors we all see it happening. Why? Saying, "I'm not interested," and not setting up enough for a child's education doesn't help your child get ahead in life.

Saying, "I'm all set," and not setting up life insurance for you and your children is absurd. And unfortunately, recent figures show that life insurance ownership is at its lowest level in decades.

Saying, "I'm taken care of," and not setting up savings inside and outside of your retirement is a recipe for disaster. Why do you think so many people are giving up on the idea of retirement? Because they aren't taken care of.

When talking with an advisor, people should listen very closely to and review the information they're given. And the review shouldn't continue until the child starts college. Then the parent goes scrabbling around for a solution. This is a severe case of procrastination or analysis paralysis.

It even makes sense to talk with people who have also followed through on similar financial planning. But again, this analysis shouldn't last forever and to the point that nothing happens.

What people also want to remember about the process is that once they learn what to do, they never have to relearn it. They can tweak it in the future.

In a client's life, advisors can play the same role fitness instructors and beauticians play. Only they can work as financial stylists.

"Not interested in taking care of my family if I pass away," "I'm all set not setting up for retirement," "I'm not taken care of saving for the future," are not financial plans. They are disaster plans. Don't let these knee jerk reactions hurt you and your family.

You're Not All Set and Taken Care Of

By: Kolonji Murray

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