Wednesday, January 2, 2554

You need financial therapy?

Is my favorite time of year.

You might wonder if that has something to do with the spring. Perhaps partially ... Enjoy cleaning and cleaning that traditionally takes place this time of year.

No, today marks the first day of the season lacrosse high school, which for me is also ' season coaching. " Although there is likely to be of snow on the ground for some time here in Michigan, we are just a few days since our earliest contests, and there is precious little time to coalescence and always on track.

Recently, I saw an emerging topic in the field of personal finances – that of the therapist. Anything that can advance the financial well-being has always been of interest, and this profession could potentially be a new growth area for the financial planning industry.

But, I wonder how many people really need financial ' therapy '?

Many do, for sure. Erroneous beliefs about money can be deeply ingrained to the point of needing advice. We see this statistic so money affects relationships, in particular to be the main cause for failed marriages.

But, misconceptions ' always ' better correct advice, or there might be another way? Are the most dysfunctional best helped by talking, or by a more ' natural ' in the right direction?

It is my belief that the vast majority of individuals in the country might be better served through the use of a financial planner with the mentality of a coach. And it is here that is emerging as another interesting area of our profession – that of a financial manager that is not necessarily (though can also be) Councillor preparing reports and recommendations for a game plan in the long term. This individual is the master of drill; the educator; and holding you responsible for the actions necessary to improve your game.

You're like the majority of Americans with a ' saving ' dysfunction? It may be that a lack of understanding of the appropriate amount is necessary to save; or, could it be that benefit from being liable for a game plan. In my opinion, this is the role of a coach, or maybe even a ' personal financial trainer. '

Not, lest you think I agree with Tom Cruise and Charlie Sheen on the usefulness of therapy … not so fast. There is a place for therapy – and not least among those needs is financial treatment.

But, the reality is that many if not most of financial concerns, could be solved better by a coach. Many traditional dysfunctions can be best maintained by understanding and action – depression is often aided by volunteers; the lack of physical exercise and have a better understanding of what to eat.

The financial manager performs these activities and would lead to their role in the financial life of an individual:

Provide motivation, education and instruction on financial areasCreating and reviewing the game a planBeing voiceEncouraging Drilling and driving for individuals healthHolding tax liable for action and follow-through

Maybe I'm biased in my opinion as a coach. But, I wonder if the idea of holding therapy does not leave the largest group of individuals who qualify to change habits of money behind. Counselors wear many hats – and sometimes that hat is an amateur therapist – but I believe that more fitting for many is that of a coach.

Because I believe that the early days of the season and the upcoming coaching scrimmages, there will be problems with pulling the team together. Even the most dedicated and talented players need a coach on the sideline to increase their level of play. For this reason I encourage you all to find a financial advisor with the mentality of a coach to help you increase your financial well-being. A place to start looking is here at FPA, with the help of the instrument PlannerSearch.

robertSchmanskyRobert Schmansky, CFP ?
Financial Advisor
Sound Capital, LLC
Royal Oak, MI

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