Episode 7
The financial plan is only the first step. Today’s show discusses what happens after you define where you are and what’s your destination. The reality is that even though you’ve made a plan and you’ve set your goals, things change. You’re rate of return was less; your daughter wants to go out-of-state for college; you get a bigger than expected bonus.
For each of these events, you’ll have to adjust your plan, in the same way that an airplane pilot makes adjustments to his route during the flight. You both want to reach your destination, which requires a willingness to fix things as you go along. So why even set goals or make a plan if things will change? Because you have to start somewhere. Starting is half the battle.
While some individuals feel comfortable doing the planning and changing themselves, you’re not alone if you want help. Despite everything you hear about the bad apples, there are plenty of good financial planners out there. We refer to them as members of the Secret Society of Real Financial Planners (SSofRFP). Finding them is a challenge. If you’re interested, please contact either Bill or myself to help you connect with a good financial planner.
Final note: The process of planning shouldn’t be confused with the product of planning.
We’re also pleased to announce that J.D. Roth of getrichslowly.org will join us on a future show. He’ll discuss how he got started and what financial planning means now after he achieved his goal of getting out of debt.
You can find Carl’s guest post, Investment Risk and the Growth of Wealth: The Importance of Course Corrections, at getrichslowly.org.
Bill’s book, The New Coffeehouse Investor, is also available for purchase.
