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Family and Financial Health

How Family Can Affect Financial Health

June 18, 2020

When it comes to financial health, we often take the lead from our friends and family. Father’s Day is on Sunday, and it’s fair to say that for many of us, our fathers or father figures helped shape how we view our finances. Whether he was a do-it-yourselfer or had an advisor, a spender or a saver, odds are you picked up a tip or two from his example.  What would dad say about the recent market volatility?  Would you take his advice or try to make your own decisions?

Why Some Advice Isn’t Worth Taking:

We often see folks make decisions based on what their families recommend, what a friend has done, or even what a coworker suggests. However, it’s important to remember everyone’s definition of financial health and their financial situation are different than our own. We each have different goals, needs, have different risk tolerances, and have experienced different financial stresses and economic situations. While our friends and families want what’s best for us, their advice isn’t always tailored to your individual situation. The advice others give you may be great advice, but do they know the ins and outs of your finances?

Next Steps:

Let’s talk about the advice you’ve received. We can see if it makes sense for you or if there is an even better move to make. Likewise, if you have a friend or family member who could use our help, let them know we’d be happy to give them a second opinion and see if it’s the best option for their financial situation. We are all in going through a new economic situation that our fathers and grandfathers haven’t experienced before. Even the most seasoned investors and financially savvy friends and family members could benefit from our assistance, too. 

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Ready to learn more? Book your complimentary consultation or second opinion today!