Yet another cut back, save more money, wait a long time to be independent article

I am currently facilitating a discussion forum for Certified Financial Planners and thought I'd share my comments in response to yet another article that simply looks at the vertical, narrow focus of saving money for some time in the future as you wait to become wealthy. The topic of the forum is called 'How we can help clients fulfill their dreams through education and empowerment'. If you are a MoneyMinding Member or have participated in MoneyMinding programs, you will know that I am a huge believer in building a propoer foundation of financial planning concepts, yet beyond that, there is no limit to what you can achieve except by what your mind can create. If you truly want something in your life, then make it happen - just make sure you do it with the proper structure so you're not at risk of falling flat on your face along the way. And, always... start where you are and enjoy the process!!!
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I just finished reading yet another article that re-iterates a study saying how boomers aren't prepared for retirement. And yet again the problem is always stated as a lack of savings, and the solutions are always to work longer or cut back on lifestyle - either now or in retirement. And, yet again the whole retirement concept is discussed as something that happens much later in life after you have been able to save enough money to be able to leave work.

Is that all we as an industry can come up with to help people become financially independent - which is what needs to happen if you want to leave the workforce, right?

This discussion topic is on education of clients, and it seems that one way we can educate is on creating options, opening up possiblities, and empowering positve movement towards reaching goals. Cutting back and saving more money alone is not the only answer. We, as CFP's, are trained on different types of business structures, different tax treatments, different insurance strategies and legal issues, which are all important factors to share with clients. Perhaps they aren't part of an initial plan, but this knowledge builds confidence and when understood in the context of personal, written lifestyle goals, we can go a long way in improving the financial results of our clients.

Cutting back and saving more money is simply not enough. The study today, quoted in advisor.ca, is still another example of that narrow, vertical thinking that we can help change. We are a very educated and experienced profession. It seems that we need to be louder and bolder in sharing this knowledge in order to help this bleek picture. Not by overwhelming people with the depth of technical details, but by simply encouraging clients to look at a much bigger picture and more creative options to reaching their goals.

Comments???

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com



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Why You Want to Be Rich!!!

Why We Want You to be Rich
Two Men – One Message
Donald Trump and Robert Kiyosaki
ISBN 1-933914-02-5

A Review by Tracy Piercy, CFP
President, MoneyMinding.com

The message is the first word in the title: WHY? Why you need to read the book; why you need to become wealthy; why it’s important to everyone!

The entire book is about expanding your view of financial possibilities rather than buying in to the mantra of go to school, get a good job, save your money and retire in 35 or more years to live off your savings. Referring to this conventional wisdom, Robert says, “In today’s environment, I believe it to be the riskiest of all financial advice. To the financially unsophisticated, it sounds like safe and intelligent advice.”

This is not a book about "how to get rich" and that’s the point. "How to’s" are simple; the reason why is difficult. But, these two incredibly successful business men and investors cover more than enough reasons for you to take notice including the economic reasons why savings is the worst way and the worst option for achieving wealth and independence.

If you don’t save, what do you do? They will give you some candid discussion about why you need to start asking what, and how, and developing your financial education through reading so you can be in control of you financial future. It’s not a matter of if you want to do something different – it’s a matter of when you’ll do it – and hopefully before it is too late.

Donald says, “The things you don’t know about just might possibly affect you some day in some way. When they do, who will you have to blame if you are surprised?”

Both men write about the catastrophic economic situation we are facing because of the current debt load in the United States and refusal of main stream teaching to address the issue through financial education that empowers creative thought for expanding financial resources.

They want us to be smarter when it comes to use of debt because “our current economic situation needs debtors, not savers, to expand. It needs smart borrowers…people who can borrow money and get richer, not people who borrow money and get poorer… If we have more savers, our economy will shrink.”

If there is a "how to" component in the book, it’s about using your mind beginning with learning about money strategies and what money can do for you. Use your mind to figure out why you want to be rich yourself, then use it ask "how." And, do it now. There is no time to waste. The deficit in the United States is for social security and medicare alone is $72 trillion. “That’s more money than the value of all the stocks and bonds in the world.”

That means that the only way to that obligation is to “print more money, which would wipe out the savings of everyone…and people on fixed incomes would also be wiped out.”

Think this sounds dramatic, or it doesn’t apply to you, or you’ll somehow deal with it later? Think again – you must become more educated on what else you can do to create wealth and financial independence besides just saving more money. Reading this book would be a great start.

Copyright© 2000 - 2006 Tracy Piercy, CFP, Founder and President www.moneyminding.com Get your complimentary handbook: 12 Simple Steps for Finding Money at www.moneyminding.com

Calling all Members...

Just in case you missed the announcements that went out...

Beginning Monday, November 20th, we will be starting MoneyMinding Mondays!!

The MoneyMinding Mentorship Q&A program for MoneyMinding members and original eCourse participants has changed its session time. The weekly 4 pm Thursday session has been changed to Mondays at noon. The program session is now referred to as MoneyMinding Mondays!

There are some valuable changes to the MoneyMinding Weekly Mentorship Q & A program available exclusively to Members. Every Monday at 12:00 noon, you can call in live for your exclusive, unique training and support Mentorship Q & A call and you can:
-ask any sort of money question you have;
-listen to other peoples’ money questions;
-share success stories or trials;
-hear other peoples’ success stories or trials;
-listen to guest presentations on timely, real money issues, product overviews and strategies;
-connect with other like-minded, positive people; and
-get access to valuable resources and ideas that can help you along your own financial journey!

This is a community that is impacting lives in an amazing way. I am committed to supporting you in any way possible. If you have ideas, thoughts, questions, concerns or just want to know more, please let me know.

If you have not received the special call-in information and code, please email (info@moneyminding.com) or call (250)592-0457.

I'll talk to you then!

The Answers are in the Questions

Don’t know where to start? Here you go. All you need to get moving towards reaching your goal – whatever it might be.

1. What do you want? Write it down.
2. When do you want it? Write it down.
3. Why do you want it? Write it down.
4. What are the consequences of not getting it? Write them down.
5. How? Who? Where can you go get it? Write these down and keep asking until you get your answers!!

It’s that simple!! The hard part is to write it down, then to keep asking and asking and asking and asking and asking and asking and asking and asking and asking………….

“Success is not judged by what we start, but what we finish.” Unknown author

Copyright© 2006 Tracy Piercy, CFP, Founder and President http://www.moneyminding.com/ Get your complimentary handbook: 12 Simple Steps for Finding Money at http://www.moneyminding.com/