They say patience is a virtue, and probably one that doesn't go over too well with me, you see, I've always thought it is an inhibitor to getting things done.
Nevertheless, the other day I was talking to a friend of mine who frequents a local Starbucks near here, and he is indeed a registered financial planner and investment advisor.
As we got to talking he reiterated to me that patience is a virtue, especially when it comes to retirement planning.
The comment he made was that; you have to think long-term, and stick with your plan.
Another financial planner friend of mine noted that it's hard to help people plan their future when they keep changing their life plans every six months, or someone in their immediate family changes theirs.
That makes sense, but getting back to the "patience is a virtue" theory of financial planning; it seems both of these professionals seem to agree with each other, they're just using different terms.
Still, I might add there is a good lesson here.
And just think for a moment if one changes their lifetime plans every six months, how are they supposed to make headway in such a volatile market, with all the other trends, and business cycles? It would seem almost impossible to save for retirement, or plan a long-term strategy for a future of financial security once you retire, if you keep modifying where you're going to live, where your kids are going to school, what you are going to do for a living, where you want to live once you retire, and what you consider to be financial security.
It's hard enough with the market swinging wildly from one side to the other every five years, and a job market which throws curveballs often enough.
It pays to have a plan, and to diversify your portfolio.
Obviously those folks who were heavily invested in real estate, might have cause for concern now.
Those that had all her money in the stock market, and took the big hit, are just now getting back to where they would have been, and yet those years in between are gone with no growth.
Perhaps, this is why I generally advise folks to seek out a professional, someone who has been in business 25 years or more and understands the game, and these crazy cycles we go through.
Why not consider where you are today, where you want to be when you retire, and put your financial information into a legible and readable format, and then go make an appointment with a registered investment advisor with a good track record, and perhaps someone who is the advisor for a close friend.
The best way to find a good financial advisor is obviously through referral.
Indeed I hope you will please consider all this and think on.