The carpenter’s roof leaks, the shoe salesman’s children run barefoot, the preacher’s kids are hellions and the financial adviser/ agent is broke, in debt and doesn’t take their own medicine. Indeed, most advisors don’t have a budget, a debt reduction plan and an overall plan that include saving strategies for an emergency account, a down payment for a home, a car, college education for their children and their retirement/estate . If you’re unwilling to put your own feet to the fire, you’ll never have the spark in your speech necessary to convince others to plan. What’s good for the goose is good for the gander.
It’s amazing to consider that an entire generation of boomers have made it to retirement without a retirement plan, much less a debt reduction strategy. Using your budget process, debt reduction plan and retirement modeling can be excellent examples to your clients and prospects. At the beginning of my career, I often display my policies, asset holdings and budget to underscore my message and confirm that I practice what I preach. Share your money mistakes with others. People like knowing that you’re human. But more importantly that your money mistakes are learning experiences that don’t define your future.