It's About Context...
In our digital age, you can easily find past financial forecasts online. This makes it harder for the carnival barkers (i.e. professional stock pickers and various media) to hide the cracks in their crystal balls.
Still year after year, even with mounds of evidence that they don’t know the future better than anyone else, the carnival barkers continue to do so unabashedly.
A few weeks ago, NBA Legend Charles Barkley was asked why he injects “in my opinion” so frequently into his analysis and commentary. He responded by saying that he hates when other analysts give their opinions on things and make it seem as though their opinions are the only ones that matter.
When I saw those numbers I thought, “Seriously? A quarter of a million dollars?”
The more shocking aspect of the $245,000 is that it only pays for basic coverage for a healthy 65-year-old couple. So, that number doesn’t provide the complete picture.
U.S. households generally agree they need a financial plan to achieve long-term success and security. However, too many households—including those with engineers and scientists—hold beliefs about financial planners that make them hesitant to seek out or work with a qualified financial planner.
Here are eight truths to dispel the myths about “real” financial planners.
Myth 1: Financial planners are the same as stockbrokers, insurance agents and other financial salespeople.
Life is full of uncertainty. We as humans crave certainty, but life doesn’t offer it to us.
Over the past decade, I’ve heard lots of concerns about the economy and stock market. And, we’ve been constantly reminded that what lies ahead is uncertain.
The headlines are filled with "Market Falls on …Recession Concerns …Unemployment Report …Gridlock in the Capital.” “The Markets Rally on … Jobs Report …Earnings Surprise … Fed Rate Cut.” Take your pick. The possibilities are endless.