No matter how good a swimmer Michael Phelps was, he would have never reached his level of success without a patient and willing coach like Bob Bowman. The coach-athlete interaction, which includes accountability, camaraderie and hard work, pays off in all aspect of sports. No one would question that Syracuse University’s basketball success was in large part due to Jim Boeheim!
The benefits of coaching can be easily translated into financial planning.
Goal Setting – Goal setting is an art and a financial planner can help focus the goals to create a tailored individual plan. All too often, people set their financial savings goals far below their retirement needs. By identifying an achievable savings goal, an advisor can illuminate the correct path for every client.
Accountability – Stephen Covey’s famous quote “Accountability breeds response-ability” rings true in financial planning. By interacting with a financial advisor, the thought of saving is always at the forefront of your mind; creating a favorable saving response. The adherence to a saving habit increases greatly by just reviewing the past, talking about the present, and planning for the future.
Focus on Items that Matter – It is human nature to tinker and try to improve oneself. It happens in golf when elite athletes disassemble their swings in pursuit of perfection. It also happens when saving for retirement. By utilizing the optimal mix of available investment vehicles, (401k, IRA, Roth IRA, brokerage accounts, CDs, etc.) a financial planner will add significant value to the final retirement picture.
Coaching applies to a much broader spectrum of life than just athletics, so consider adding a financial coach to your life!
Other articles filed under Family Finances
February 7, 2018
Yesterday evening, Rockbridge's own Ethan Gilbert, CFA was featured on our local Spectrum news network. Check out the interview below where Ethan discusses the recent market shifts, how these swings can affect your retirement accounts, and how to protect your...
January 24, 2018
This past weekend, the New England Patriots did it again. Down 10 in the 4th, star quarterback Tom Brady orchestrated two scoring drives to pull off another comeback victory. In two weekends, the Pats will try to win their 3rd...
January 23, 2018
Stock Markets Returns from various stock market indices over several periods ending December 31, 2017 are shown below. The past quarter was good for stocks – REITs lagged. Over the past year, returns from stock indices, especially emerging markets, were...
January 19, 2018
Happy New Year! Now that 2017 is a wrap, one of the best presents you can bestow on yourself and your loved ones is the gift of proper preparation for the rest of the year. Want to get a jump-start...
January 16, 2018
As you are likely aware, Congress has recently passed significant changes to the tax law. These changes are effective beginning in tax year 2018, with many of the changes for individuals set to sunset after 2025. The summary below is...