When training for a marathon, runners usually set up certain schedules to ensure they’ll finish the race within a desired time. They train for the outcome they want. Why, then, don’t people set up similar schedules when training for the financial marathon of life?
Unfortunately, most individuals don’t set these benchmarks, partly because they’re unsure of the best financial decisions to make. The most they can do is to look at how much they have in the bank or their investment accounts or if their investments did better than the S&P 500 for the last quarter or year. It’s difficult to bring it all together, and without a road map that highlights where you’ve been and where you should be going on your journey, it will be difficult to assess success.
When you make uninformed financial decisions, whether it’s because you’re in a hurry or you don’t really understand the ramifications, you can wind up creating a sort of financial domino effect that affects you in ways you don’t foresee and eventually leads to having less cash flow than needed.
It’s why I chose to be a wealth advisor. I wanted to empower people to transform lives in the way that having this knowledge transformed mine. It comes from a personal experience. As a baker’s son, I’d grown up in a profession in which most people worked until they were 70 or older. I saw that I could help other people make better financial choices so they could have the same thing that I eventually achieved: to be financially independent by age 48 and able to do whatever I wished in life.
Just like runners in a race, I know how to create a training schedule to help you finish the race in the timeframe you want. And I do so by examining every decision you make in your financial life—whether it’s going out to dinner, deciding to buy an insurance policy, buying or leasing a car, paying down a mortgage faster, hiring more employees, expanding your operation, buying another business, or buying more equipment. All of these decisions affect your long-term goal. But with benchmarks and a plan, we can see their impact and if the detours are worth it.
For more information in scheduling your financial marathon training, visit tswealth.com.
