Confusion?
If what you always thought to be true - wasn’t, when would you want to know about it? This is a question when asked prompts the immediate response - NOW! For most of my life I thought people wanted to be involved in the porcess managing their money. I have come to the conclusion that isn’t true. Yes, there are those few who take a keen interest and are willing to learn the how to’s of money management. But, the majority (70% plus, my estimate) would rather give up that responsibility to someone else. Even more importantly they are willing to give up the responsibility and never really participate in the process. They will meet with the “professional” once or even twice a year for a review, but for the most part they are hands off with the process.
How did I come to this conclusion? 25 years as an advisor.
My research shows those who benefit the most from my services professionally are those who are intricately involved in the process. Not those who want to shift the responsibility completely to me and have a meeting once a year, but those who want to understand the process and build a relationship of managing money together. Why? Simply because we are on the same page in the process of managing the money. The money is focused on what they want to accomplish and not maximizing the ROI. Money needs a purpose. Without a purpose it is just money and meaningless. No, I am not being altruistic about this, I am being realistic. Money with a purpose achieves more good than just having more money or the best return. One thing I have learned in all the years of doing this professionally - there are a lot of unhappy people with money.
I have learned plenty of lessons from clients over the years, those who are the happiest are the ones who have defined what they want their money to accomplish. A perfect example in my own life is my oldest daughter. 22 years and 5 months ago was born. We established a educational trust fund for her to go to college. On August 8th, 2009 she will receiver her college degree with no debt and enough money left over to live while she finds a job in a weak economy. To me, that is money with a purpose.
When I launched SectorExchange.com I had one purpose in mind - teach/help people how to manage their money. Over the last three years I have learned many things, but the most disturbing is people still want someone to tell them what to do versus learning how to do it. The teacher in me distraught. The dreamer in me believes in those who want to learn. The lecturer in me wants to tell you what I really think, but the optimist in me believes that people can change.
Thus, my confusion - how to get you to stop following and start learning. I haven’t given up on you and I will continue to teach until I die. I have the same faith I did 22 years and 5 months ago when I invested $5,000 with the purpose of paying for the education my daughter. I have invested more than 25 years of learning in how to manage money with a purpose. My dream is teach and help you do the same. The goal of SectorExchange.com is teaching not telling!
