Don’t Get Stuck in the Mud!

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Don’t Get Stuck in the Mud!

Over the weekend, my family was heading to an annual summer boat party. On the way over, my teenage daughter got a call from her friend, Jen. Jen wanted to come to the party, and my daughter offered to pick her up on a jet-ski. My daughter needed us to wait for her so she could follow us to the party. And so, like good parents do, we waited.

We told her she needed to be back soon because the tide was changing, but like many teenagers do, she got distracted. She took her time to pick up Jen, even changed her outfit, and stopped for gas.

As my wife and I waited in the hot sun, the tide shifted enough that our boat got stuck in the mud. Once I realized we were stuck, I had to hop out and push the heavy boat while I was attacked by green-head flies.

When my daughter breezed by on her jet-ski with Jen, she said,

“Don’t worry, Jen knows the way over! We will meet you there!”

My wife and I arrived almost an hour late to the party. My daughter apologized, we all laughed, and the end-of-summer boat party was fantastic.

As my bug bites and back healed the next day, the situation remained on my mind. My daughter was so caught up in the moment, that she didn’t realize that her decisions would impact her family members. While we ate breakfast, I told her,

“It’s important to avoid distractions so you don’t lose sight of those close to you,”

As soon as I said that, I realized this is the same advice is I give to my clients.

As busy people, it’s easy to get so caught up in the moment that you don’t realize you left your family behind. As a financial advisor, I’ve seen many distractions impacting family members.  Since I work with high-net worth individuals, these distractions tend to revolve around money.

Do you have an impending investment, expensive ideas for vacations, or a new house that you desire for your retirement years? While it’s good to enjoy the money you’ve worked hard for, it’s important to make sure it’s a collaborative and well-informed decision.

Without a qualified third-party advisor, it’s hard to realize the impact the purchase could have on your family members during your retirement.

Most of the time, a couple will have differences regarding whether they should or should not purchase something, like a vacation house or a car with their retirement money. Perhaps one sees it as a good investment while the other does not. The other spouse might be worried that this will cost too much and drastically impact their nest egg.

A good advisor will get to the root of what this purchase means to you and your spouse and how it could influence your retirement savings. Additionally, the advisor can help identify other costs related to the purchase and how it will impact your retirement years.

Everyone gets distracted, but an advisor is here to make sure these ideas are planned and will move your entire family forward together.

Financial decisions are life decisions, and you don’t want an impulsive distraction to leave other family members behind. Or as I like to say now, don’t leave your family “stuck in the mud”!

 

Choose Wisely

By Steve Cordasco, CEO of Cordasco Financial Network

 

 

2017-09-14T12:42:02+00:00 August 18th, 2017|Categories: Creative, Planning, Retirement|Tags: , , , , , |