I'm writing this while wearing jeans and a T shirt.
I really love what I do.
I get to help physicians all across the country take control of their finances and investments.
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But the inevitable hour arrives when I go exercise.
Look at all the annoying steps I have to take just to start working out:
1. Shut down my computer
2. Get my legs off the desk
3. Get up off the chair
4. Walk out of my office
5. Get out of my jeans and shirt
6. Put on my shorts and tank top
7. Fill up my water bottle
8. Put on my shoes
9. Drive to the gym
11. Sign in at the gym
12. Walk to the workout room
Then after I've finished working out, it doesn't get better.
I have to walk back to my car all sweaty.
Drive back home.
Take a shower.
Change my clothes again.
Walk back to my office.
Turn on my computer.
What benefit did I really see after all that?
Well, hopefully over time my health improves and I live longer.
In other words there's no end for reasons NOT to do something but only a few reasons to take action and do something.
It's the same way with your personal finances and investments.
You could be really dissatisfied with your current financial advisor, or you could be disappointed with how you've managed your retirement portfolio on your own.
But it takes a lot of steps to make a change such as:
1. Call another financial planner to discuss how he can help you.
2. Fill out paperwork to transfer accounts to a different institution.
3. Send statements for your accounts to the new advisor.
4. Sign a new client agreement.
5. Fire your current advisor.
6. Gather important documents such as insurance policies and wills.
7. Send those documents to be reviewed.
8. Set up electronic payment methods.
9. Fill out tax forms for your retirement plan
And what's the benefit to you?
Well, if you hired the right advisor -- someone who is your personal financial trainer, who resonates with you, who walks in your shoes, who spends time with you, and who communicates with you regularly -- then you should have a more organized financial life and you should propel yourself closer to financial independence.
Just like when I go to exercise everyday, the NUMBER of benefits I receive might be smaller than all the annoyances I have to do to get those benefits, but the benefits have a MAGNITUDE of importance that far outweighs the minor inconveniences.
Same thing with making a change in your finances and investments.
It's going to take some effort initially but the payoffs can be huge.
Think about it.
Talk again soon.
Setu Mazumdar, MD, CFP®