August 01, 2005
Financial Fitness
By Don K. Taylor
For most people, understanding finances, economics, the stock market, and how to invest their money seems too complex and over-powering. The entire field of “finance” speaks in a purposeful “foreign language.” The stock market of Wall Street, insurance, with policies and risk-management strategies, sometimes are so arcane as to tax the comprehension of even some experienced Life Insurance Agents. Macro-Economics, forget it! So what is one to do? First and foremost, you should strive to become your own Financial Planner. Nobody’s going to look out for your financial welfare better than you. But that, of course, is more easily said than done. I believe most of us are emotionally ill-prepared to help ourselves; even sometimes with financial knowledge.
Let me explain: The psychology of money and what it means to us is rarely analyzed, let alone understood. Most people, for example, are afraid of success, although they’ll vehemently disagree. Most people work 9 to 5 “jobs”. Who’s going to get rich working for someone else? Even those who work for themselves find hidden ways to sabotage their own success.
So unlike most financial advisors who tell you “how”, I strongly advise you to do the hard work on “working on yourself”! Who are you, really? What do you really want? What price are you willing to pay to become financially successful? If you say “hard work”, you’re wrong. A ditch digger works hard but rarely get rich. The answer is to work smart, not hard.
I’ve been a “Financial Advisor” of sorts for over forty years, and still I’m not really comfortable with the term “Financial Advisor” or “Financial Planner.” I personally don’t feel comfortable with those terms because as much as I know, it’s only a drop in the bucket of what there is to know. Even after 40 years, every day I’m still learning. So the beginning of “Financial Fitness” starts with yourself. Take classes at a community college, attend financial seminars, without buying anything. Subscribe to the Wall Street Journal, Black Enterprise, and/or watch CNBC finance programs.
Mr. Taylor is a licensed Life Insurance Agent, a stock broker, and a graduate of the University of Southern California, with a degree in Financial Planning. Most recently, he retired from Conseco Insurance Company as a Regional VP. Currently, he’s in private practice specializing in Wealth Accumulation and Wealth Preservation Strategies. He enjoys working with motivated people…..people who are smart enough to want to really help themselves.
Posted at August 1, 2005 07:12 PM