Financial Planning Days!
Last weekend, I had the opportunity to volunteer at Denver's Financial Planning Day, sponsored by the Colorado FPA.
This was my first time at the event, and I was so happy that I jumped at the chance to be a part of it.
There were large workshops on everything from Estate Planning 101 to Helping Build Great Credit. Inside the main hall, there were a legion of CFPs®, including yours truly, where we sat at tables and gave 25 minute consultations to individuals and families that had secured a free ticket.
I met with a total of eight people that morning from a variety of backgrounds and with a variety of questions. While the questions varied in nature, there was most definitely a theme.
Will I have enough money to ...?
You can insert any topic after that first part of the question, and it would apply. Enough money to retire? Enough to travel? Enough to pay my bills? Enough to buy a house? Enough to pay for my kids' college?
Without fail, most of these folks had done their homework and had even worked with a financial advisor before. Unfortunately, the numbers that they were given as far as what would be considered enough scared the daylights out of them. The calculations just seemed so darned BIG. In fact, one person told me that the prospect of saving money for retirement seemed so futile, they just gave up.
Our industry does a great job of selling products on fear and greed. Are you afraid of taking care of your loved ones after you die? Don't worry! We have life insurance!
How about greed? Sure. That works, too. Is your mutual fund underperforming? We're better! Look at our 5-star fund and see how much money you're leaving on the table!
Some education is better than none, I suppose, but there is a huge gap in financial literacy that isn't being addressed properly with fear and greed. I hope I can help.
The first thing every client needs to understand before they do any calculations, however, is what is enough. Read more here on my thoughts on ENOUGH.
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