What would you be willing to do if you never had to manage your personal finances again?
Merrill Lynch conducted a new survey attempting to find out people's feelings about personal finances. What would you give up to never have to manage your personal finances again? According to the article here are the results:
"Topping that list was giving up all social media platforms for good, which was chosen by 41% of respondents. That was followed by permanently cutting all carbs, sugar and alcohol, at 37%; giving up smartphone access for a month, 35%; running into your ex every time you’re out with your current partner, 25%; and moving back in with your parents, 25%."
I don't doubt that people feel that way about their finances. To engage in financial planning means you have to face the unknown. What we don't realize is the reality of the unknown. It isn't nearly as bad as we think that it is. The irony is that in order to get to a place of peace or "its going to be OK" you have to go through the planning process.
It is a dangerous irony. We tend to loathe the planning process because we have to face the reality of the unknown. Yet, it is through the planning process that we can get a sense of peace.
The key is to get out of the box and get creative with your financial plan. The world is not black and white nor should your financial plan be black and white. Unfortunately, we live in a world of cookie cutter financial planning that uses inaccurate assumptions and ends up discouraging people rather than giving them peace.
I met with a client who had a financial planner that said she needed 2 million dollars at retirement. That was not even remotely the case.
They key is to get to creative and don't be afraid to go through the process. There is a feeling of peace waiting for you on the other side.