FLM: There are a lot of people that don’t know when and how to plan for the lifestyle they want to live down the road. Explain your approach towards helping your clients achieve their dreams.
RC: It all comes down to a couple of things. A.) Knowing what the client really wants in their life when they are in their 60’s and beyond, which comes from asking a series of questions that not only involve money, but also allows them to actually “Picture What Their Life Will Look Like”. B.) Having them verbalize it to me and my team.
It sounds obvious or some may say “over-simplified”, but it is critical to really build a plan that makes sense for the client. Once I have a real understanding of their definition on what they want then I can start to talk about what their “Financial Resources” look like. But I am very clear that it’s not just about the money…the money is the “Big Tool” of course but defining the “what” and the “why” are equally important in the process.
FLM: What are the biggest misconceptions that most people have about preparing for their future?
RC: The biggest misconception is that they have “more time” than they actually have. Plain and simple that leads to procrastination and complacency. Then as the person sees that they may have wasted or not used their time well in their younger years they make financial decisions that are rushed and not well-thought out and that can have some really bad outcomes.
FLM: What are the top three objectives that you feel most people want to accomplish when you meet with them?
RC: The top 3 objectives that most people want to accomplish when they meet with me can vary based on age and assets. But for the most part the number one concern for our clients between the ages 55-70 is making sure they won’t run out of money as the get older. That concern has a direct connection to living a great lifestyle, taking care of their health, traveling, enjoying great food and the list goes on. For clients who are under the age of 50 (35-50) their concern is when they will be able to retire or even if they will retire. So everyone has a similar thing they want to accomplish; More money. More money, More money. It may be masked with other words, but I have come to learn it is still means to have more money.
FLM: Describe your goals as a professional when working with someone hoping to achieve financial security.
RC: My goal as a professional with every client is to make sure that I know their top 1 or 2 objectives; Financial and all other areas of their life. It is the basis of being able to design the right financial strategy that will be with them for the rest of their life. It is also important for me to give my clients “Hope”. Remember roughly 66% of Americans feel as though they are not ready for retirement, surely not feeling “Financially free or secure”. So, I want to help them create a strategy that is guaranteed, protected from market losses, gives them income for the rest of their lives and can be passed on to their heirs.
FLM: Share with us any secrets that people should know when it comes to building their nest egg.
RC: Some secrets to building a “Big, Strong, Safe” nest egg are: Start now, no matter where they are in their career, stop saving 10% and increase that amount 25% of your take home pay. Start reviewing your budget every month by making an appointment with yourself, put it on the calendar. In addition to saving 25%, create a “Rainy Day” fund that you do not touch unless it is critical and put in writing what those critical items need to be. Go out to dinner less (cook more meals at home), never go grocery shopping without a list. Imagine if you spent $50.00 a week on groceries that you don’t really need, over a year that is $2,600 which is more than most people put in the average 401(k). So spend less, save more and get the help of a professional like me to help you steer your lifestyle in the direction you really want to go. “See it as it will be”!!