In most respects, what we focus on is what we accomplish. If we focus on exercise or nutrition, we likely become more physically fit and healthy. If we focus on making financial decisions within the context of our long term goals, we likely achieve better results. We are what we think; what we do; and of course, what we eat.
Avoiding Short Term “Solutions”
We all have friends or family that have gone on fad diets to lose weight quickly. Many times, these extreme short term measures produce some results. The problem is , these results usually don’t last very long. Our financial lives are much the same. We can focus on the short term and make decisions that benefit us in the short term but often damage us longer term. There is a better way.
We often meet with prospective clients that have grown frustrated with the short term transaction orientation of brokers and other traditional financial service providers. The marketing from these firms almost always focuses on the long term but the investment/insurance products they peddle are created to generate sales commissions under the pretense of “solving” a short term problem.
I recently had occasion to look at a website of an advisory firm that is primarily product driven. Under the tab “What We Offer” there was a listing of a dozen or so products and strategies aimed entirely at the near term. There was not a single word about goals or planning. Frankly, this approach is like “fools gold”. It appears nice and shiny but has no real value.
Clever financial products don’t help you accomplish long term life goals. Focusing on those goals and eliminating the short term noise is key. Ready for a real conversation?