We all know that the letter “H” comes before “W” in the alphabet. At least I hope you learned that in public school. When it comes to financial planning these days, it seems as if the HOW comes much before the WHY. The HOW can be one of the myriad of financial products that are out there. There are 529 plans to fund college expenses, annuities that may guarantee income streams, and insurance to protect one’s family. Yet, in practice some advisors are familiar with only one product and recommend it to all their clients…putting the “H” before the “W”. The question why needs to be asked. Putting together a college fund for your child? Saving for retirement? Protecting your family? Or it may be a mix of all of them. The key to a Successful financial plan is figuring out the WHY, then the HOW part will be a walk in the park.
When I was growing up, my family doctor was one of the nicest people I ever met. I think I visited him probably 20 times between the age of 5 and 10, but the diagnosis was always the same. “It’s your allergies, take some Claritin.” I think my leg could have been broken and he would have told me to take some Claritin. He was an allergist, but that was his specialty. On a side note, my allergies are much better.
Wishing you wealth in all its greatest forms.
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