Don't take the investing journey aloneNov 12, 2020
I am pictured above during a hike in Mueller State Park, Colorado with one of the top estate attorneys in Dallas, Nelson Hunt. As I stepped over a rock or two, I commented to my fellow hikers, “It would not be good to hike alone and twist your ankle.” Hiking with others is a much better way to go because you have someone to help you if you get hurt or if you are about to do something stupid.
I am convinced that the same principle applies in our personal finances. Operating in isolation is a high risk activity. Some of the largest mistakes I have made and many of the mistakes I see in my client's lives, have come from not having any counsel or guidance in their decision making. We all do a poor job of recognizing our various biases.
My firm’s compensation model is oriented around me being a third or second voice for my clients so that they do not have to operate in isolation. As a concierge personal finance professional, I visit clients in their homes or offices. When I walk into their home, I arrive with no product to sell and no bias toward them having a bunch of liquid assets (an AUM model) or land in Vermont. The beauty of the hourly model.....
Before you make a big financial decision like:
- Buying a house
- Buying a business
- Starting your investment portfolio
- Inheriting money
- Giving money
- Starting the path to getting out of debt
- Setting financial goals
Do you have someone who is speaking into and advising you on your financial decision making? A spouse or a trusted friend is a good place to start. I’d hire this guy if I were you :)