Major Financial Decisions

What do you do before making a big financial decision? Have you talked with a financial advisor for coaching and advice through it? Brian shares the importance of reaching out when you need it.

When you make a big financial decision, who are you going to talk it over with? Just like you would lean on an attorney for legal help, you may want to consult with a financial advisor on major financial decisions. Brian shares about the clients who have made major decisions without discussing it with him and why it wasn’t a good idea.

It’s better to ask questions and reach out when you have a question. There’s no need to feel like you’re being bothersome when you go to your financial advisor for advice. Not only are they there to help you invest, but also to coach you through things and keep your emotions in check. Brian says if you’re about to buy a big property, sell real estate, or sell old stock, reach out! It’s important to have someone look it over and make sure your ducks are in a row and things like taxes aren’t overlooked.

Have you ever spent too much on your hobbies or invested in collectibles that aren’t really all that valuable? Brian says it’s okay if you have a high net worth to play with a small percentage of your assets, but really think about how much you are relying on these things. If you are overinvested in something, whether it’s a collectible or even a strong company, this could be risky. The average person can’t take that kind of risk when they invest.

From antique cars to baseball cards, these things can be fun to collect. But remember that these are emotional things. Don’t make them the things you are counting on to cover your income in retirement.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] Should you check in with your financial advisor before a major financial decision?

[0:58] You work with a lot of different experts.

[2:27] Remember you are paying for the financial advice.

[6:04] Be careful what you invest in.

Today’s Truth:

“A lot of times the emotions get ahead of them and they don’t want to ask”

Brian Bowen


The Host:

Brian Bowen – Contact