As Financial Professionals, our families deserve our attention to our own financial plans.
Check out the most overlooked areas and how to better manage your own plans!
Transcription:
The tip that I have for you today is really about not being the cobbler's children. And obviously, you're not the cobbler's children but we also don't want to become like the cobbler.
One of the main reasons I want to talk about this is that, obviously, a lot of you who follow me are financial advisors and, obviously, business owners.
We want to make sure that we're taking care of the whole reason why we go to work, why we have this occupation, and why we have a job.
And that is our finances, right? Our personal finances.
A lot of you in the industry as financial advisors, tend to think, "Well, yeah, I've got it all taken care of."
So one thing I would suggest is to spend a little bit of time every week reviewing your own finances with your spouse, and discussing your spending plan and your financial plan. And, as needed, consider outsourcing your financial plan.
In the past, I've talked with my coaching clients about being able to discuss financial plans and outsourcing their plans to other financial advisors, even if they are an advisor.
That might be something that you need to do, but you also need to spend time discussing this with your spouse.
The other day, my wife and I were discussing our financial plan. Every quarter I give her a report on how the business is doing.
I said, "I'm the CEO, you're the CFO". She gets to know where the money is spent and how everything is run because I need to report back to her.
However you have this set up, and whatever your goals are, make sure that you are spending some time looking at your business finances and personal finances on a regular basis so that you know where your inflows and outflows are.
This prevents you from becoming like the cobbler's children. As a business owner or financial advisor, I think that all of you understand these concepts and that you should be putting them into place.
I'd love to know what you're doing right now to do that.
3 Main Points:
Review your finances each week (business and personal)
Discuss your financial plans with your spouse
Consider outsourcing your plan to another financial advisor
Live Life on Purpose,
Travis Parry
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