The Trusted Advisor - Tony King

Personal Financial Strategy the podcast

Welcome to personal financial strategy the podcast, a podcast wholly devoted to you and your money bringing expertise to bear on how you earn, invest and spend your hard earned cash.

I am your host,... Tony King,... and Today I would like to spend a few minutes discussing why it is important to have a “trusted advisor” (or two or three) and pull together your own financial strategy team.

In conversation, when appropriate, I like to ask people the question: How did you learn personal financial management?

#1 answer,...I DIDN’T ! … I’m winging it !

#2 answer,... my parents got me started and I took it from there.

Here’s the thing,.. I believe the majority of us are really just winging it.

This is not an accusatory statement, it is a statement based on observations, my most intimate observations are my personal experience with managing our own finances.

Confession: for a large part of my adult life, I have been winging it! not blindly winging it, I mean I had some sound but vague advice given to me as a young man, things like:

• Spend less than you earn
• Save/Invest 10% of what you earn
• Avoid debt (unless you have to)
• Give away 10% of what you earn

These are all good tenants of a sound financial strategy, however,.. They lack a couple of qualities that would be really helpful,.. Like “HOW” and “WHY” and TACTICALLY how do I go about this?

Why all the vagueness and mystery? Here is a strange thing about personal finance,.... NOBODY WANTS TO TALK ABOUT IT!

For reasons never openly discussed, the topic of personal finance has this cultural fence around it,.. for many people its on the same level as talking about your sex life.

Though I no longer hold this view,.. I did in the past. And, there has been a price to pay.

I have been deprived of the valuable input of others, friends, even family. People that in this life “are on my side”.

I know that had I been more willing to talk personal finance with others, even partner with others along the way, I would be miles ahead of where I am today.

When I say miles ahead, I am not saying I would have more money…. I mean I would have helped more people, experienced more joy and avoided some financial mis-steps along the way.

Seems like a BIG ...NO DUH,.. doesn’t it? But just look:

Remember when you graduated from High School,.. Before you launched out into Career or College,.. That very helpful personal financial management course that was mandatory or no diploma for you?

You know the seminar/right of passage thing where you were taught the tactics of setting up your financial independence so that you not only ended your dependence upon your parents but were taught how to financially thrive in this world! Even to the point of not just covering yourself but helping others.

No, of course you don’t remember this EVENT/COURSE because it never happened, it doesn’t exist! ISN’T THAT AMAZING!

Think about it,.. An indispensable right of passage in life, (instruction on personal finance) ….

WE DON’T EVEN TALK ABOUT IT.

The question is ,... why? Why do we not talk about our personal finances with friends and why do we not teach personal finance, in detail, to our kids?

I think I know why personal finance is a no fly zone in our culture,.... Fear

More specifically …. fear of being judged by others.

More specific still,.. The judgement of choices I have made

And you know what,... I get that. I feel that. It's one of the worst feelings I can think of and I don't think it is an irrational fear. It is a legit fear.

The culture we live in is rife with people who are constantly on the lookout for opportunities to judge others, take people down a notch or two. I don’t pretend to know why,.. I just file this under the “Sad but True” category.

Something to think about:

I believe we all need a “team” behind us, people who want nothing but the best for us in this life. People who will help protect us from our weaknesses and encourage us in our strengths.

It has taken a lifetime for me to gather my team and everyone on my team has a role or position.

Can I be so bold as to encourage you to have a Team or at least a couple Trusted Advisors that you allow into your personal financial life?

You discuss with them: financial decisions, goals, plans and dreams. Not once, but create a conversation that has regular check-ins and lasts all of your days!

Remember the criteria for Team members,..

1. They want nothing but the best for you in this life
2. They help protect you from your weaknesses
3. They encourage you in your strengths,...............................always

Doesn’t that sound splendid? Fair warning,.. #2 the whole “protect you from your weaknesses” thing, well,.. that can get pretty uncomfortable. Being informed of a personal weakness is never a good time.

When someone on your team informs you of an opportunity to improve,... remember #1 - they want nothing but the best for you in this life. This is the guiding principle for team members.

My final call to action:

Start talking about your finances to someone,... not anyone,.. But seek out a team members who can play the position of:

• Wanting only the best for you in life
• Who Will protect you from your weaknesses
• Who Will encourage your strengths
• And is willing and worthy to wear the “Trusted Advisor” hat.

YOU DO NOT NEED TO DO THE PERSONAL FINANCE THING ALONE!

What's that? Say it stronger you say? OK

YOU SHOULD NOT DO PERSONAL FINANCE ALONE!

Find that trusted advisor (or advisors), who will assist you to help more people, experience more joy in life and avoid financial mis-steps,...open that conversation and get to strategizing ,.... Today!

Shameless plug: This is all we do at PERSONAL FINANCIAL STRATEGY,.. The fastest way to connect with us is @ our webpage: www.personalfinancialstrategy.com , Sit in on one of our Thursday evening webinars or set up a free 15 minute consultation. We would love the opportunity to help you in any way we can.

Thanks for listening