Hate financial planning? Get help.
Recently I was talking with聽a friend about how much I like running. It鈥檚 simple, you can just lace up and go. It鈥檚 meditative, allowing for introspection and mind-wandering. And it鈥檚 great cardiovascular exercise. I looked at my friend expectantly.
鈥淚 hate running,鈥� he said.
鈥淏ut why?鈥� I was at a loss that he couldn鈥檛 comprehend my passion.
鈥淏ecause it鈥檚 boring 鈥� and hard.鈥�
Boring and hard
You might just say, 鈥淒ifferent strokes for different folks.鈥� But I found the conversation enlightening. It essentially summarizes the need for the financial-planning profession. Many people feel the same way about managing their money as my friend does about running.聽And just like knowing that you need to exercise to stay healthy, people know that they need to pay attention to their finances to prepare for the future 鈥斅燽ut they still hate it.
On the other hand, I find聽听补苍诲听聽endlessly fascinating. I love the constant learning; helping clients understand the various puzzle pieces they can use to put a plan together; and the psychology involved in constructively managing money. All of that is work, but it appeals to me. Yet for many people, perhaps most people, it鈥檚 just boring. And hard. As my wife would say, 鈥淓very pot has a lid.鈥�
With running, or at least exercise in general, just because you don鈥檛 like doing it doesn鈥檛 mean it鈥檚 not important. If you don鈥檛 like running, you can try a different sport or a class to make sure you still get exercise and stay active.
Similarly, with personal finance, one of the most dangerous things you can do is avoid it. Neglecting your finances may not聽have a聽聽on your lifestyle or financial picture immediately. But if you don鈥檛 address it, over time you will likely find yourself in a difficult position. Funding big goals like your child鈥檚 college education or your聽takes planning and time 鈥斅燼nd the more you have, the better your chances of success.
Get help
Fortunately, if you can鈥檛 find the motivation to tackle financial planning on your own, you can always get聽help. A competent financial professional can help you get on and stay on the correct path. Some of the things that you may find dull (yet important) that your financial planner would be happy to help you with include:
Investment education:聽Confused about your investment options? Should you have more聽bonds or stocks? What about聽REITs or MLPs? Your advisor will happily explain these concepts and assist you in building a portfolio strategy to match聽your time horizon and tolerance for risk.
Long-term goals:聽Do you look forward to retiring early?聽聽Taking a sabbatical? Your advisor can help you work through the details and inevitable trade-offs necessary to make these dreams a reality.
Retirement planning:聽If you can鈥檛 decide whether to choose a聽, your advisor can help you sort out which retirement savings vehicles are right for you. Your advisor can help you develop a plan to ensure that you have adequate savings and income once you retire.
You can think of your planner like a personal trainer for your finances, or maybe your favorite Zumba instructor. Ultimately, your financial advisor鈥檚 job is to help you meet your goals 鈥斅燼nd hopefully have a little fun along the way.
, CFP,聽is a financial advisor and the founder of聽聽in San Jose, California.
This article first appeared on and also appears on聽.
