For many people there is a link between financial health and physical health, especially when one’s income and savings are not those of a titan. Studies have found there is a connection between financial security and stress. Having money frequently at the front of your mind is not about being materialistic, it’s about survival.
While most clients that come to Grand Central Financial Planning are far from being in financial distress, living in New York City means they still have a lot of demands on their discretionary cash flow. They also pay a lot in taxes – both in absolute amounts and as a percentage of their income. Making sure that you are getting your finances right and crossing that task off your to-do list can at a minimum provide mental relief.
Think of a Portfolio Review at Grand Central Financial Planning like you would a medical check-up. For me to give the best financial advice requires many clients to share a lot about themselves, both individually and as a couple if it is a joint assignment. Just like being in an examination room, you are essentially bearing it all. Which is why bedside manner is all-important for a financial planner. Similarly, it is not unusual for health issues, both physical and mental, to occasionally play a role in financial decision-making.
When is a good time for a Portfolio Review? It depends on the client, but in one’s 20’s and 30’s a check-up every five years, just to make sure, is appropriate. Even if nothing is wrong, micro tweaks could possibly bring big savings and earnings as assets and income compound over time. Kind of like your doctor telling you to eat healthier, it is an incremental effort that becomes significant. Though it is not always easy, it is better to start correcting the ship in your 20’s than in your 50’s.
Finally, from my perspective, being a financial planner shares one other important characteristic with a doctor: the opportunity to really help people and make an impact on their lives.
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