Right vs. Wrong
As an athlete for most of my childhood, nearly everything came down to two things for me: winning or losing.?With only two teams competing, one walked away having won the game, the other was the game’s loser.?The winner was always the team that scored the MOST points. (I did not handle losing very well)?
Culturally we love to quantify everything, choose the “right” path and avoid the “wrong” path.???
This decision making methodology is amplified in finances. It’s easy to do because financial decisions are easily measurable and the entire industry acts like the goal of money is to have more money (I don’t believe this at all, I believe the goal of money is to use it to facilitate a meaningful and enjoyed life).??
Is this the right investment (stock, portfolio, ETF, crypto)???
Should I buy a rental property???
Is a 529 plan the right way to save for college for my kiddos???
What’s the right amount of life insurance???
How much should I save for emergencies??
Here’s the answer: there’s no RIGHT or WRONG answer.*??
What the financial services industry could do a much better job of is sharing the simple truth - most of these decisions come down to your preference, there are MANY ways to accomplish your financial goals - there isn’t a right or wrong way AND you are absolutely allowed to change your preferences.??
It’s not better or worse to build your net worth with rental properties. It’s whether or not it’s right FOR YOU. There’s not a “right” amount of life insurance, somewhere between 0 – 30x your income (maximum allowed insurance for people under 40) is the right amount FOR YOU.??
So, when you find yourself asking questions like these, (and please, share what other financial questions like this bounce around between your ears), just add to the end of the questions “right” FOR ME and give yourself permission to have a different answer than your neighbor, your parents, and yes, even your financial advisor.??
If you'd like to discuss options to find the right financial path FOR YOU, schedule your complimentary, judgment free consultation here.?
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1 年Great piece! I love the sports analogy. As a runner, I may not be the fastest runner, but I always cross the finish line. That's still a win in my eyes!
Carol ""I'm not in the finance business". I am in the life business." That perspective is just right...FOR ME! ??
Revenue Producing Leaders ?? your impact & income | You’re in the room where it happens ?? | Be Invaluable | GSD | You know there's more | ?? Bender | Marathon Runner/Triathlete ????♀? ??♀???♀?
1 年Carol Parrish, RICP? our finances fuel our life, and our financial decisions need to be a fit for each individual. I don't like to say "right" because it sounds so rigid. A solution for me could be detrimental to someone else. Different strokes for different folks!
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1 年"It’s not better or worse... It’s whether or not it’s right FOR YOU." This is such a great guiding principle with any decision, financial or otherwise! Thank you so much for sharing this, Carol Parrish, RICP?
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1 年If I had a dollar every time a "financial expert" told me the "best" way to achieve my goals before even asking about my goals, I'd have my own island. (Granted, it would be a very small island, but you get my point.) Great article, Carol Parrish, RICP?, thank you!