Keep you on track and enable you to reach your financial destination on time
A recent holiday road trip reminded me of the need and value of consulting with a Certified Financial Planner (CFP®). Through a Christmas break trip driving from Chicago to Colorado the value of an “Outside Advisor” was impressed on me.
Think National Lampoon’s Christmas Vacation –
An Expedition stuffed to the max, car carrier on the top filled with presents and ski gear, Mom and Dad driving in the front and the four kids in the two rows of seats behind. We were driving ready – pillows, blankets, snacks, charger’s and media ready.
As road warriors, we drive most vacations, so this was routine for my family. We started early – way earlier than the sun rose -and the weather was dry and clear. My driving leg of the trip began in Grinnell, IA. I sat behind the wheel with confidence as this is not a new route for me.
As we approached Des Moines I asked my husband if Waze (map and traffic guidance app) had us driving through downtown or going around on I-80. It was early Saturday morning, so the need for route direction was not necessary so he simply replied: “Just go straight”. I did exactly what he said…I drove straight… on my way to Denver.
The inside of the car was abuzz with activity by this time because the kids were awake and everyone was talking. I was lost in my audible book “Good to Great” by James Collins, my co-pilot was busy proofreading a document for a friend on his computer.
Nebraska Sunshine
Life was good. Sunshine, clear skies and little traffic. I-80 through Iowa and Nebraska is completely straight – two straight lines right into the horizon. Just west of Des Moines the road to Denver veers left… did I mention that I kept driving straight? About 45 minutes passed and quietly my son from the backseat said to us, “How many miles to Kansas City?”…What?!…”My GPS says we are 108 miles from Kansas City”.
Irritated, I asked, “What are you talking about?” he replied, “We are on our way to Kansas City.” My first thought was, “Man, for the kid that set the curve in his college calculus class, he doesn’t even know his states – doesn’t he know we don’t go through Kansas when we drive from Chicago to Denver? What are they teaching these kids in school?!”
Because of his insistence, I took a gaze at my GPS on the car dashboard. The little red arrow was pointing downward and I stammered “My map..it just needs to be recalibrated.”
My husband and I in disbelief and still trying to convince him he doesn’t know what he is talking about, looked up only to see a blue I-35 South road sign pass us by.
Are you busy doing a lot of “good things?”
What?! How did this happen? I had just driven straight! How am I possibly headed south instead of west? We frantically turned Waze on, rerouted ourselves and headed West. Four thoughts on why our “Outside Advisor” is similar to financial planning:
1. Are you busy doing a lot of “good things” and not paying attention to your financial journey?
Everything we were doing was good – I was busy listening to a business book and brainstorming my 2019 BHAG’s (Big Hairy Audacious Goals – as defined by Jim Collins) and how to become a Level 5 leader.
My co-pilot husband was busy doing a favor for a co-worker and proof-reading a document. However, we had lost sight of our goal. We had taken a wrong turn and didn’t even realize it because we were so busy doing other “good” things.
2. Are your financial goals resilient?
We took a 45-mile wrong turn. For a roadworthy family like mine that is catastrophic. We time our trips and compare them by the minute and try to beat the last time each trip. Thankfully, we were able to change course and only delayed the trip for about 25 minutes.
We all had a good laugh at how this happened and rerouted. The new route, although, not as fast and definitely with more turns and hills, enabled us to see things we had never seen before. Deep in Iowa Amish country, we saw several Amish on their horse and buggy driving alongside the highway and abundant livestock: cattle, horses, sheep, and deer.
We took a new route and learned along the way. If your investments take a wrong turn is your portfolio resilient enough to make it back to the main highway to your goals and avoid catastrophe? Can you appreciate the learning experience and adjust accordingly?
3. What if you meet a fork in the road?
What if you have a decision to make between two good routes: Should I continue to save in my 401(k) or should I fund my child’s 529 plan? Should I pay down my mortgage or invest in the stock market? A CFP® can quantify those options leading to educated financial decisions that help you stay on the road to your destination.
4. A financial advisor is a lot like my son in the back seat
We are a voice of reason when you are too busy doing other “good things.” We take the financial journey with you and when you are headed off course we are the voice of reason giving you the facts of your drive.
“Yes, you are not in alignment with your financial goals. Did you want to switch your financial goal? No, you will not hit your intended financial goals if you continue on the route you are currently on.”
We are there with you on this long financial journey – be it retirement, college planning, investment or estate management – or making sure you are protected in the case of emergency.
I am thankful my son spoke up. I honestly don’t know how much further we would have driven south instead of west – south looked the same as west. I am afraid we may have gotten much closer to Kansas City than I would like to think.
Is your financial journey similar? Are you off-course and not sure how to get back to the road to your goals? Maybe not even know how far off course you are? Perhaps you have not even chosen the destination?
As a CFP®, I can speak up – help you choose your destination, keep you on track and enable you to reach your financial destination on time – or perhaps even sooner.
Contact me at cris@fortunefinancialgroup.com and subscribe to our blog: lifeplanningtoday.com
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