Take responsibility for your money
I hear stories like this all the time:
“So, this guy talked me into putting some money into his investment opportunity. Frankly, he just wore me down. I’m not sure how that investment’s doing, or even if this guy is on the up and up. Suggestions?”
Two words: Take responsibility.
Financial problems begin when you “let somebody talk you into…” anything. Never give in simply because somebody badgers you with a slick sales pitch.
Financial problems multiply when you’re not even sure if the person handling your money is honest. And they get really dire when you don’t pay attention to how an investment doing.
I sometimes think that anyone who lives this way should just click over to the Facebook page of the International Brotherhood of Con Artists and post their Social Security number along with their bank account and credit card information.
Seriously…unless it’s your life ambition to give all your money to scammers or (at best) pushy financial hucksters, you have to take responsibility for what happens with your money. You don’t have to DO it all, but you are RESPONSIBLE for it all.
Here are five ways to take responsibility for your money:
Take responsibility for making a plan for your money.
Until you know what you want your money to do, you can’t know what to do with your money.
Take responsibility for determining whether you need to be a saver or an investor.
Saving implies the use of low or no risk vehicles like bank accounts, CDs, fixed annuities and life insurance. Investing implies the use of vehicles that carry the risk of loss and the hope of gain. Which one do you need to be utilizing (or some combination of both)?
Take responsibility for deciding who you will hire to help you.
Some people choose to D-I-Y their financial lives. They do all their own planning and investing. Most seek help from an advisor. But even if you engage the services of a financial planner, that doesn’t absolve you of personal responsibility. Do some research. Ask around—just like you would if you were looking for a good plumber or mechanic.
Take responsibility for taking action.
Once a plan is in place, you have to act. Knowing how much you need to save isn’t the same as actually saving. There will always be good excuses for why you couldn’t follow through on your financial plans. But those excuses won’t pay the light bill when you are retired.
Take responsibility for staying on course.
Things will change from time to time, blowing your financial ship off course. If you only check in with your financial advisor once every few years, you’ll lose valuable time and opportunity. Make sure you meet annually (if not more often) with your advisor and make changes to your plan to reflect changes in your life.
Now, if you’ve invested your money with a fast talker, should you ask for it back? Maybe.
What I know for sure is whether or not you take back your money, you need to take back responsibility.
And nobody can do that but you.
And, hey, if you’re more motivated now to take responsibility for your finances, there’s a way to do so in the area of “figuring out how to turn your retirement savings into regular retirement income that will last as long as you do.” It’s a free little questionnaire called the RISA (RISA stands for Retirement Income Style Awareness). What strategy best aligns with your “risk tolerance”? The RISA can show you. Email me (bmoore@argentadvisors.com) for a link to take the free quiz.
Argent Advisors, Inc. is an SEC registered investment adviser. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request. Please See Important Disclosure Information at https://ruston.argentadvisors.com/important-disclosure-information/
This article originally appeared on Monroe News-Star: Take responsibility for your money
