by Shona Chambers, financial adviser with McColgan Financial.
Reading a book over the Christmas holidays, I was surprised to learn that the word ‘finance’ derives from the Latin word ‘finis,’ which can be translated as end or completion.
Now, with January upon us and people putting their New Year’s resolutions into effect, there really is no better time to talk about goal-setting and making a financial plan.
‘A vision without a plan is just a dream. A plan without a vision is just drudgery…but a vision with a plan can change the world.’ Old Proverb
This old proverb really struck a chord with me as a financial advisor. You wouldn’t set out on a journey in your car without knowing where you were going or how long it would take you to get there. It is very important that you treat your financial journey the same way!
I read an article last year about something called ‘financial advisor anxiety’, in which financial psychologist Brad Klontz notes that people commonly avoid talking with financial professionals about money. Some people are reluctant to share highly personal information, while others worry that their financial advisor will judge them negatively based on anything from their income level to their spending patterns to their problems with debt.
It’s unfortunate that embarrassment can prevent people from talking to a financial advisor when a good clarifying conversation with a trained professional is what they most need.
The embarrassment people have about revealing personal details to financial advisers is similar to the feelings that many people have when they have to disclose health problems to medical professionals.
But it is important to realise that financial advisors, just like doctors and nurses, are there to help you. We are trained, qualified professionals whose goal is to work with you and help you to reach your financial goals.
Like doctors, most financial advisors have seen it all, and are not there to judge you. We are here to help you plan your financial future and meet your goals. The benefit of having a financial advisor and the benefit of planning and meeting your goals means that you are free to live the life that you want to live. A good financial advisor like me will work with you and help you meet your goals.
I attended a motivational talk by Susan Hayes Culleton, during Enterprise Week last year, and her advice then was that every day is the start of another new year. We always have one full year from today until this date next year. Any day can be the start of your new year.
So with that in mind, my borrowed advice to you is this, ‘wipe the slate clean.’ If you have never made a financial plan, do it now! If you have made a financial plan and have fallen off the wagon, have it reviewed!
Lift the phone, make the appointment, and set the wheels in motion.
Make 2016 the year that your financial world changes. Contact Shona now at shona@mccolganfinancial.ie
