Today’s post is on one of my favorite topics…
Does Your Financial Plan Rely On Buying Lottery Tickets?
Most everyone that I know nowadays is saying…I wish I had more money to manage…however where there is a will there is a way…and many are saying… I am making great progress every day towards my goal of financial independence…that time when I am in total control of my time and my lifestyle…and I have no financial concerns ever for the future other than properly managing my wealth.
Yesterday we saw the Minnesota gentleman Paul White who won the $86 Million (before taxes) as his third of the Powerball Jackpot…he kidded about a family gathering recently where he was identified as the one most likely to rely upon winning the lottery as being “his financial plan”. This gentleman and his family and friends (see video below) are one lucky group as the odds for winning a 6-ball Powerball Lottery are in the range of 1 in 15 million. If you like these odds to plan your future then go for it…and I wish you luck. I prefer to rely upon the philosophy of hard work, committed to goals, never give up approach to achieving lifelong dreams approach…how about you?
And that opens dialogue on my next post for a series of pragmatic, practical recommendation steps that can be very valuable in helping you to reach your goals. I am going to give these suggestions as steps on “The Road To Financial Independence” that I have found to be really important. I am speaking as a layman, with a lot of personal and professional experience, to share with you financial experiences so that you can proceed to the next level of learning and professional assistance whenever your situation justifies that you do so.
At the outset I want to make it clear that I truly support and recommend professional “comprehensive financial planning” for anyone that wants to improve themselves financially. By professional “comprehensive financial planning” I mean with those financial advisors who are truly qualified and act in the best interests of their clients. At the same time I am very reluctant to recommend everyone who calls themselves a “financial advisor” or “investment advisor”. These terms are so misused and vague that to me it does not have real meaning. My recommendations do not include those who just want to work with your investment assets like stocks, bonds, or commodity investments like gold and silver. Financial decisions affect all aspects of our lives and for a professional to give advice on financial matters to an individual I firmly believe that any recommendations should be based on information that includes a full understanding of the individual’s goals and risks owning the assets. Investment advisors certainly have a place in the financial advisory community however I do not include these individuals as clients in my target readers.
If you are committed to achieving financial independence for you and those that you love, if you haven’t already done so, I encourage you to research the subject of “comprehensive financial planning” and to meet with three or more advisors to make a selection of whom you would most prefer to partner with to receive professional financial advice and guidance. Let them recommend your best actions and approaches on all of your key financial issues. I believe very strongly in the value of benefitting from professional services and “comprehensive financial planning” by an experienced qualified financial advisor. They can help you grow, manage and protect your assets much better with their professional knowledge.
So with this introduction to the first in a series of several financial recommendations…I know that not everyone will go out tomorrow and select a financial advisor for comprehensive financial planning however I want you to get started on the process… beginning with some of the most important initial steps. The first step I will feature in my next post is one of the key subjects of a comprehensive financial plan…that of a “Cash Reserve”.
In personal finance, cash reserves are primarily short-term, highly liquid investments that earn a low rate of return that individuals want to have quick access to…for purposes of meeting short-term, emergency or opportunity funding needs. We will discuss how much is recommended, how to create your cash reserve, where it should be kept and why it is so very important to your financial well-being!
Powerball Winner Paul White Hilarious Press Conference After Winning $149 million Prize