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  • Bob Brooks

What Is Holding You Back? - Part II In A Series

If you missed Part 1, click here. A recent CNBC study had some interesting results. Of those polled, 75% said that they manage their own finances. Only 17% said that they seek the help of a financial advisor. 

I find these statistics are pretty consistent with other surveys. If the majority are managing money themselves and only a small portion are seeking the help of a financial advisor, then how is that working out?

  • The majority of Americans don't have even a small emergency account and couldn’t handle an emergency

  • The majority of Americans are not going to be ready to retire

  • Student Loan and consumer debt is overwhelming the system - between student loans and credit cards, we have over 2.5 trillion dollars worth of debt in the system

If you fall into one or all 3 of those categories, what is holding you back from seeking help? 

After working with people for over 26 years, I have determined that there are 5 good reasons people are hesitant to get help.

People fear judgment/embarrassment

Who wants to sit in front of a financial advisor and look over the finances that haven't exactly worked out? After all, it is embarrassing to not be where you should already be! It is up to you to get over it. A good financial advisor doesn't care about where you have been. A good financial advisor cares more about where you are going. Plus, everyone has things in their life that haven't worked out... your financial advisor included. You are just brave enough to talk about yours.  

People don’t want to know – what you don't know won't hurt you

The only way you make progress is by facing your current situation. Plus, more times than not, knowing and having a game plan to change your situation decreases stress.

People are already hopeless and have given up resigned to the fact that they will never retire

I can't tell you how many people I have talked to through my career that said I will never be able to retire and find out they were wrong! Retirement planning is about getting creative, working with what you have, and working with what you can do going forward. There isn't anything cookie cutter about it!!

People are too busy to plan

You actually are too busy not to. The planning you take care of today will simplify your life down the road and save you time. Not planning will create nothing more than a bunch of U-turns vs. a prudent path.  

Trust - There are more financial advisors selling then giving advice

It is important to find the right advisor and treat it like an interview process. Start off asking your friends for referrals. Ask questions such as, "tell me how your advisor has made a difference?" What are the 5 things you like the most? How does he/she communicate? Do you understand what he/she is doing? Oftentimes, getting referrals is not the problem. The problem is we don't ask enough questions ahead of time about the referral we are given.

No more excuses! Decide today to get a financial assessment done.  Without a plan, you are leaving your future up to chance. 

Since April is financial literacy month, Bob is offering no-cost retirement planning sessions through the Prudent Money Foundation for this month. One of the biggest reasons for financial stress is not knowing your unknowns.  These sessions can be done over the phone, online, or in person. Take advantage of this opportunity today. Appointment times are first come first serve. For more information, send us an email to You can also give us a call. Our number is 972-386-0384.
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