Over the years, I’ve noticed that instead of positioning money to meet different needs as they arise – which they will – most money managers tend to throw all your money into one strategy or product, limiting your options when “the need for money” arises.
Case in point: I recently spoke with a prospective client interested in our WorryFree Retirement®. Currently, all of her money is with a money manager. Recently, the client’s dog accidentally ate a needle and thread, forcing the dog owner to ‘cough up’ (no pun intended) over $2,000 to her friendly Vet to get it out… $2,000 she didn’t plan on needing. When she called her money manager to get the two grand, he informed her that since the market crash, he didn’t advise taking it out of her account, but instead take it from her savings, which she did not want to do. See the problem?
The solution? Something I developed called The Four Needs of Money.
Click the play button to hear my thoughts on the matter and let us know if we can be of help with putting a plan in place to address your “money needs”.
Interested in discussing your situation with one of our Fiduciaries?