If logic and rational thinking ruled our lives like a Vulcan, we’d have a greater motivation in preparing for retirement. But were not Vulcans, we’re saddled with human emotions and feelings that often are our undoing. We find ourselves unraveling under the weight of accumulated choices over a lifetime of irrational thinking. And suddenly, without warning, discover ourselves facing retirement wholly unprepared. But the perplexing complication that contradicts all is that we hold ourselves out in the public domain as financial professionals who rarely, if not at all, have taken our own medicine.
The old adages like the carpenter’s roof leaks, the shoe salesmen’s children run barefoot, and the promoters of Heaven live like Hell. So, in keeping with these pithy platitudes; financial professionals are broke, in debt up to their necks and no savings for retirement. And the only mantra they’re left to mutter is “do as I say not as I do.” Is that it? Would you hand oversight of your finances to someone like that? If you’re not a fiduciary in your own finances, how can you act as a fiduciary on behalf of your clients?