Education is a game-changer for all of us. It can be the difference between pleasure and pain.
Avoid a Mistake
One of the most common areas to encounter mistakes is in finance. I shake my head as I hear people discuss investments. The average person just does not know enough. This sets them up to make mistakes that sometimes are not reversible. For this reason, I resoundingly say the best single investment, the first investment, should be in education. That is because it is easier to avoid a mistake than fix one.
Did you know there are three job titles that can consider themselves financial advisors? A broker, an insurance agent, and a fiduciary. Did you know that a broker and an insurance agent may sell you products you don’t necessarily need, but a fiduciary can’t?
A fiduciary must provide advice that is in your best interest and they do not earn commissions. This is verified with an extensive audit by the Securities and Exchange Commission annually. I encounter people each year that unknowingly purchased high commission products, underperforming mutual funds, and annuities that lock away investment. As a fiduciary, I recognize when this occurs and educate others about financially smarter methods.
A written, navigable plan is essential for all investments. Over the last 20 years, I can count on my fingers how many of my prospects had a plan in place. This leads to a bucket-full of mistakes. For example, you may be investing too much or too little, you may not have enough saved to continue retirement, or you may not even be spending enough money. The worst mistake is not having a tax plan, resulting in a tremendous amount of taxes paid later in life. At JCN, our first step after education is developing a unique, comprehensive financial plan for you and your investments.
I encourage you to be willing to learn more, I trust it will be your best investment.
At JCN Financial and Tax Advisory Group, I believe education is paramount. The more my clients know, the better investors they are. This allows them to have peace of mind during market fluctuations and not feel burdened with their investments. The best teaching I believe I provide is what allows my clients to spend more of their savings to help them live a fuller life.