Do You Need A Second Look At Your Financial Plan? - Jerry Fetta
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Do You Need A Second Look At Your Financial Plan? – Jerry Fetta

I help clients build out a plan for their finances so that they can create wealth and own their potential. Often times, I hear people say “I already have a plan in place”. Essentially, someone is saying they already have something in place and they are happy with it and don’t want to change. Today I want to share with you why you must take another look at your financial plan so that you don’t miss opportunities to move the ball forward substantially with your wealth.

You see, logically speaking, we all have a financial plan in place whether or not we realize it. Some people have the plan of going into debt for consumer liabilities. Some people have the financial plan of hoarding their money and penny pinching for no reason. Other people have the financial plan of investing in retail financial products that they know nothing about so they can pass the buck to someone else when it comes to knowing about money. Some, a very small few, have a financial plan that focuses on earning more income, keeping more of it, and multiplying what they keep with investments. This is the only kind of financial plan worth having.

Why would someone be happy where they’re at? Well, they really aren’t, they’re just pretending to be ignorant because it’s easier. You see, everyone naturally wants to improve. Especially when it comes to finances. However, much of the population is not responsible when it comes to personal finances. They know they don’t know, but they are not interested in knowing because that’s work and that would require them to confront a little bit of a mess financially and they don’t want to do that. Why? Because then the person would have to fix it, which if they wanted to fix it, they would have done that already. It’s really a sign of low responsibility from either the standpoint of not wanting to have to do anything at all or wanting to put the responsibility on someone else without having to worry about it.

All of my current clients already had a plan in place when I met them. As I said, some of them were intentional and some of there unintentional. But regardless they had a plan. If you knew you could gain a better position financially you would be willing to make a change. That’s what happened to every single client we’ve worked with in the past. I’ve met with clients that were “good” only to find out they’re paying too much in fees and only going to get a 4% return before inflation and taxes. I was able to secure a 12% fixed annual return for them, backed by an income-producing real estate. They had no concept that I would do that for them prior to our meeting. But after the meeting, they were happy they took a second look.

It could also be that you’re emotionally attached to your plan or your financial advisor. This is also a bad idea. I have had clients in the past that were very close with their financial advisor but at the end of the day, that person or plan did the very best with what they had available, but they did not have available what I had. Do not make financial decisions based on emotion. That’s important to know. Finances are numeric, not emotional. We met. I again had a better plan, they broke up with their old advisor and hired me instead. It didn’t mean they weren’t friends anymore. It didn’t mean they don’t like the old advisor. The result was they did the right thing because it made mathematical sense.

I’ve also had “do it your-selfers” who had their own plan. They read every single article written on every single topic invented and studied the pros and cons of every possible scenario and built their own perfect little plan that they could do all alone and never need anybody else to help with. Until they met me. Wealthy people did not get there by themselves. They hired people. If you find yourself trading your own account, managing your own properties, and building your own financial statements you are quickly on the path to a plateau. I met with the do it yourself guy and showed him what it costs in opportunity for him to do it himself and he understood and hired me. Why? Because he has more important things to do. I was able to build a better plan, lower his costs, and increase his investment returns. He wouldn’t have ever experienced this if he did not take a second look.

If you study the wealthy, they are always reviewing their financial plans. Daily. They don’t take second looks. They take millionth looks. That’s the reality. If you’re serious about wealth, you’re always looking for ways to improve and there is never a scenario where it makes sense for you to not keep your eyes open for improvements.

If you are reading this right now and wondering if there is a better financial plan than the one you have in place now, it’s because you know there is. It costs you nothing to take a second look and it costs you an infinite amount to pass by an option that was better for you. If you’d like to have me take a second look at your financial plan, click here.

Own Your Potential,

Jerry Fetta