5 Ways to Screw Up Your Finances
- By Not Scheduling an Appointment - Someday never seems to become “today”. If you have been meaning to call a financial advisor, get around to it. Make it happen by marking it on your calendar and make the call - you can even send an email. It literally takes seconds to get started with the first step.
- By Not Calling Back or Keeping Appointments - It is very important to ensure that your investments are keeping pace with your life and lifestyle. Whenever money is in motion (birth, death, divorce, marriage, domestic partnership, job status change) a conversation with your financial advisor may be helpful. If it’s been some time since you’ve had one, many advisors offer phone appointments if you are pressed for time. Whether you come into the office or not, keeping your advisor up to date is prudent.
- By Not Knowing What You Have - This is not just about being disorganized. It’s important to look at each investment you own and know how it is working for you. It is not unusual for investors to own a lot of the same thing, just by a different name. A financial advisor can help analyze whether you own a “rose by any other name” and help make appropriate asset allocation decisions.
- By Not Being Honest - For some people, talking about money is taboo. It’s as if talking about it will make money go away. But not telling your financial advisor about money you might have in the bank or at another investment firm may hamper the ability to appropriately allocate assets and work against you.
- By Going It Alone - Would you perform your own heart surgery? Of course not. Your financial advisor has access to resources not typically available to the general public and can be an integral part of your wealth management team along with your accountant, attorney, and other professionals.
With so much riding on your finances, why sabotage yourself?
The opinions expressed are solely those of the author. Seek advice from a qualified professional before taking any action regarding your finances.
Todd A. Slingerland, CFP®
6 Tower Place
Albany, NY 12203
(518) 867-4000 x105 [email protected]