Was told 2 statistics today: 78% of Americans are within one missed paycheck of a financial disaster. Almost 20% of Americans have NO retirement savings. 58% are saving less than 10% (also 78%).
A financial disaster is like a hurricane or tornado. It’s not a total take down. It’s a major event that if not properly prepared for, you won’t recover to prior life style levels.
Do you have a plan?
If you are thinking about the future and are working towards your Big 3 concepts (Quality of Life, Sustainability and Financial Independence) then most of us are somewhere along the spectrum of baby steps.
- $1000 in Beginner Emergency Fund
- Pay off ALL non mortgage debt
- Grow Emergency fund to 3-6 months expenses
- Begin Saving 15% of your income for retirement
- Address College planning
- Pay down your mortgage early
- Grow Wealthy and Give!
Bottom line, no matter where you are you need a true advisor.
Not a wolf in advisors clothing.
Now not everyone who dons the title “financial advisor” is a wolf, but it’s not easy to get into a mess.
You are still going to need a “broker,” and an “insurance agent,” and “CPA,” or any other advisor.
But like the Rocket Mortgage Super Bowl Commercial that illustrated how complicate the mortgage process is, you still need a independent fiduciary advisor.
Enter the “Fee Only Financial Coach” – these are professionals that work for you, and help you understand the complex financial issues that come up when you
Work on living on a budget
Invest Money in “the market”
Buy Home Insurance
Buy Auto Insurance
Select options for your employee benefits, retirement options
Buy Life or Disability Insurance
Plan for College
Buy major things like a car, home improvement, vacation planning, etc
Real Estate
Taxes
You wouldn’t just walk into a gym? You wouldn’t show up at a gun fight without the proper fire power. No team would play without a coach!
You shouldn’t be navigating he mess of financial services without a loyal and fiduciary guide.