Are You Fishing For Financial Advice? Show 62

Sometimes I feel like I’m a researcher more than anything else. People come to me with big problems and I want to be the best possible resource I can be. I’m always listening to podcasts or buying another book to learn. And over the last few years, I’ve begun buying courses about specific topics

In a recent course, they made a distinction between “riches and wealth.” We tend to think about them as synonymous, or at least I did until I heard the difference

Riches can be income that’s only generated once, or isn’t sustainable. Think quick returns on our money that is fleeting or is not always going to be replicable. It serves us now, but we normally show back up at square one sooner or later.

Wealth, on the other hand, increases with discipline, and wealth continues to flow in because we have a replicable process for generating money. This allows us to increase our quality of life both mentally and physically. Mentally, because we are not distressed by trying to come up with solutions to the next issue that may arise.

Using our money with a wealth building mindset instead of riches mentally will inform our decision making as markets change and gyrate.

At our firm if we were interested in producing riches for our client’s we could order our client’s portfolio for that. It’s not hard, and it’s what most people do. But part of building wealth is building all weather portfolios that are capable of weathering a financial storm and even producing a return when markets become difficult.

So many times, we see people who would rather spend their time pulling their lures off the bottom the lake than using professional advisors who are trained in risk mitigation and how to help clients achieve their financial goals. As long as you’re willing to be patient like I was when I was fishing for the bottom and willing to not have access to a professional that’s fine. It takes all kinds of people to make the world go round as that saying goes.

Our desire of each of our clients is to help them build long lasting wealth in retirement so that they can focus on the important things in life. Things like the people in their lives and embracing the passing opportunities they have now. If we’re chasing riches, it’s hard to free ourselves up to enjoy the important things. Call us at 864.641.7955. 

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