In the words of that celebrated US Philosopher, Elvis Presley, “we need a little less conversation and a little more action please”.
No question, in the 30 years of working to help clients succeed financially, too much talking and not enough doing is the biggest barrier to success.
This “failure to launch” means many of us never get off home plate. Too often, there is no sense of urgency to get affairs in order and to live intentionally instead of re-actively.
Pre-conceived notions, bad experiences or prejudices all have prevented people achieving their potential.
Is this you?
Are these four common roadblocks holding you back?
Lack of Well-Defined Goals: The old adage, “if you aim at nothing, you’re sure to hit it” applies here. Without clarity on goals, there is no plan to make them happen. Think about your favourite professional sports person or business super achiever. Do you think it’s possible that he or she became successful without first setting up a target and then taking aim? Not likely.
More on goal setting here.
Lack of insight: Not knowing what you don’t know or not caring enough to get good information is a common roadblock to financial health. Unless you have expert knowledge of all the intricate details of investments, taxes, insurance, estate planning, for example and how they all relate in your situation, making uninformed decisions will have adverse consequences.
Arrogance: There are those who can’t benefit from sound financial advice because they assume they have all the knowledge needed to make good decisions themselves. They might have a friend or family member they trust to advise them but that’s the extent of their research base. Or, not willing to listen to sound advice, they make decisions on emotion versus objective information and charge ahead regardless of the consequences.
Not sure if you need advice?
Here’s 6 questions to ask yourself
Incompetent Advice: Too many times, aspiring retirees might be getting mediocre advice at best but are comfortable with a long-term adviser relationship and the effort of changing is too much. They know they’re not getting the best service or results but hope things will change. The definition of insanity is doing the same thing over and over and expecting a different result.
More on choosing the right adviser here.
The future will come whether you plan for it or not. The questions is, will you have the future you want or the future that happens to you by default?
Important - This information is shared with you purely for the purpose of financial education. It is based on generally available information and is not intended to provide you with specific financial advice or take into account your objectives, financial situation or needs. You should consider obtaining financial, tax or accounting advice on whether this information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. See full Terms and Conditions here.