This is the next installment from my Wealth Management Journal. If you missed the previous post, then read it here.
“Please take this Financial Planning Test,” I said to my client. He picked up the pencil and set out responding to questions such as:
He dropped the pencil. Not only could he not give satisfactory answers to many of the questions, but he also didn’t even understand some of them.
“It’s not that I want to be a multimillionaire, although like everyone else, I do. I’ll settle for being comfortable – very comfortable. I’d like to own a nice home and vacation property, help my children get an education, and retire in relative affluence at a reasonable age. And I want to accomplish all this without substantially sacrificing my present standard of living. I think these goals are shared by most Americans. Are they realistic? Can they be realized on my average salary? If so, how?”
Within an hour, my client was committed to learning the basics of personal financial planning. He had no desire to learn the intricacies of the stock market, nor was it his goal to be able to recite mortgage tables from memory. “All I want,” he said, “is to know how best to get where I want to be from where I am now.” This seemed as good a place as any to start.
Chris Bryant, MBA, RFC® is founder & CEO of Bryant Wealth Management, Inc. Bryant provides independent, fee-only, financial planning services for individuals. Since 1999, Chris has devoted himself to helping people make money, save money, protect money, have convenience and peace of mind. He is the author of the new book, Personal Financial Planning. Connect with Chris by E-mail or call toll-free 1-800-980-3048.
Chris Bryant is an American financial advisor.