subject: Times Have Changed - Is Your Family Financially Secure? [print this page] Times Have Changed - Is Your Family Financially Secure?
I have met some very affluent people who are worried about outliving their money. They're afraid that when they're 70 or 75, they won't have financial security. That fear is justified. Even with the positive returns we saw in 2009, and early 2010 it does nothing to ease the fear, pain, and loss most investors experienced in 2008.
That means it may be time to adjust financially I believe it is extremely important that you take a hard look at your risk tolerance and financial situation. Now may be the time to create a personally customized investment, insurance protection and tax reduction strategy based on your goals, dreams and objectives
The Mistake
The mistake I have seen some dentists make is focusing on investment returns. They watch their money go down in bad markets and then become paralyzed in deciding to invest. This sets the stage for stress by focusing on things you can't control, like rates of return. To make matters worse they often ignore what they should care about most: their life goals.
In my opinion, financial professionals don't help if they take the "get out of debt and invest a big pile of money for retirement" approach to financial planning without talking to you about your real life goals and dreams. As a dentist, it's like you telling a patient they need a root canal knowing only that they have pain in their tooth. Without an underlying, values based plan, you certainly won't put in the effort to achieve it, whether you are striving for healthy teeth or lifelong financial security.
Pursuing your dreams, especially in the midst of this financial crisis requires hard work. The market environment is constantly changing, and with some of the events that have occurred over the past few years its understandable why dentists are more skeptical than ever before. Let's face it; the affluent investor is worried about their family's financial health.
