Over the last several months, I have become exponentially more involved in our We’re Talking
Money YouTube channel. Phil and I have spent hours in the studio curating and delivering
content we think moves the needle for our listeners. Most of the advice is rooted in finance, but
some is more psychological in nature. Finance or not, the challenge of putting something
together that a viewer can derive value from – awesome.
If you haven’t listened to We’re Talking Money, I have 5 things you need to know to help ensure
your financial journey is moving in the right direction – toward success.
1. Find a trusted wealth management firm that gets to know you…and your family.
Financial planning is complex. It requires the development of a relationship between advisor and
client – one OmniStar believes should extend to all generations of a family. Planning can be
done at a much higher level when the family is involved. Lifestyle, Tax Strategies, Family
Governance and Retirement Income are all better coordinated when the family is part of the
relationship.
2.. Ask questions
If you have a relationship with a firm, I encourage you to ask questions. An advisor should
encourage questions. Questions ensure everyone is on the same page and understands the reason
behind a recommendation, suggestion, idea, etc. Though it sounds simple, you should know why
you are doing what you are doing!
3. Create goals and clearly communicate them to your advisor – they can help if you
have trouble articulating.
For a journey to begin, you must have a destination. Not having a destination for your financial
life is dangerous and can result in failure. The most successful financial journeys have a
destination…that doesn’t mean the path won’t change along the way. Detours are unavoidable,
particularly over long periods. Having a destination will keep you focused along the way.
4. Coordinate the professionals on your team.
Your Financial Advisor, CPA, and Estate Planning Attorney (and any other professional on your
team) should communicate…probably once a year at minimum. Open lines of communication
between professionals can eliminate costly mistakes and save you headaches! We have saved
families hundreds of thousands of dollars this year by adopting the “all professionals must
communicate” mentality.
5. Prepare for the What-Ifs…or hire someone to do this for you.
The Social Security program started in 1935. In 1935, the average life expectancy was 61 years
old. Technology and medicine have advanced significantly since then, and now most are retiring
at 65 years old and expect to enjoy retirement for 25-30 years. Needless to say, Social Security
may or may not be around forever. Are you planning for this? What about your children?
Grandchildren? Social Security is one of the many “what ifs” of life. Nobody wants unexpected
events to occur, yet we still experience them!
If you are not subscribed to our We’re Talking Money channel, I encourage you to do so now. (Click here to subscribe)
It’s free to subscribe, and you can enable notifications so you don’t miss any of our content. We
work hard to ensure our shows deliver valuable information – information that you can share
with your friends, family, and colleagues. You never know when you might hear something that
can save you a little (or a lot) of money!
Be well,
Spell Carr
