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What We Do
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"If you follow your bliss you will always have your bliss,
money or not. If you follow money, you may lose it
and you will have nothing."
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Joseph Campbell / Mythologist
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An anecdote by Bobbie D. Munroe, CFP®
I was online in a financial planning forum one day. One of the postings was from a young gentleman who lived out west and worked as a ranger for the U.S. Parks Service. Simply, he wanted to know how much he would have to save each year to have $5,000,000 at age 70, his planned retirement age. He indicated that he was 29 years old, made a modest salary, but was willing to sacrifice to reach his stated goal. There were lots of answers already posted. Some replied with the facts: "If you invest aggressively and average X% return per year, you will have to save $X per year to reach your goal." Others noted, "But what about inflation? Do you want to have $5,000,000 period or $5,000,000 in current dollars?" One cautioned, "Before you invest aggressively you need to assess your risk tolerance to be sure that is a prudent course of action for you." Certainly, all of these are good and valid comments and address issues we deal with everyday in our practice. But I smiled because none of them seemed to go to the "heart of the matter" as I saw it. I couldn't help but think, what does he need $5,000,000 for? "Why do you need so much money in retirement when it is seems you are willing to wear shoes with holes in the soles and eat beans for the next 41 years?" I wrote. "Do you understand why this is your goal? Perhaps you should examine your goal a little more carefully before you proceed with any plan. Indeed, I can only hope that you will find a path that promotes your current well being while providing for your future."
That's what I do. That's what I encourage my staff and clients to do. Ask not only "Where am I going" but also "Why am I going there?" So often we all get trapped in our idea of what our lives "should" be and "should" look like to others that we plan for a future we don't even really want. And we often live today consuming endlessly in search of satisfaction. Such consumption can be detrimental to our well being, both financial and spiritual.
At Fraser Financial, we work closely with our clients. We gather extensive data to develop an accurate snapshot of where they currently are in their financial lives. But this isn't enough. We want to know their hopes and dreams, their fears, their favorite things to do, and the things that stress them the most about their current lives. Only then do we feel sufficiently informed to help them work toward a fulfilling and financially sound future. Indeed, why help someone develop a plan based on the income and salary increases they expect from their current job if they hate that job. If family and financial commitments will allow, I suspect most of us would rather develop a plan that would financially provide for a transition into a new job or even a new career. We don't know about these things unless we ask……….and unless a client is willing to share this information with us.
© Fraser Financial, All Rights Reserved
Fraser Financial
1873 Volberg Street NW
Atlanta, Georgia 30318
Phone: 404-351-6976
Fax: 404-355-0157
Email: info@fraserfin.com
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