Ep. 11: 5 Steps To Make 2018 Your Best Financial Year Yet

5 Steps To Make 2018 Your Best Financial Year Yet

In the first installment of the Wealth Creator Moment, John shares 5 tips to make 2018 your best financial year yet! These tips are summarized below:

1. Understand the “all-in” cost of your financial advisory relationship.

There are many components that make up the cost to manage your financial life: management fees paid to your advisor, underlying fund fees, trading/commission fees. Do you know what these costs are? Make sure you understand the cost vs. the value you’re getting.

2. Align your portfolio with your values.

Ask yourself, “How does how I’m investing my money align with what I value?” There may be ways you can work with your advisor to invest in causes you care about or screen your investments to make sure you are not investing in things you don’t want to support. (ie: tobacco companies)

3. Understand the risk you are taking in your investment portfolio.

Most people want the greatest amount of return for the least amount of risk possible. Make sure you understand where you are positioned on the risk/return spectrum.

4. Ask your advisor what other services they provide that you could be taking advantage of.

Many advisors charge for a suite of services. Being a smart consumer means, understanding exactly what you’re paying for.

5. Ask yourself if you have the right professional team.

This includes your estate planning attorney, your insurance advisor, your CPA. If you find yourself questioning one of these relationships, don’t hesitate to ask your advisor for a few recommendations. Then you can independently research/interview and decide who’s the best fit for you!

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