The “fear of missing out”, stems from the comparisons we make- or what you could maybe call “keeping up with the Joneses”. I wish I had that car, those stock returns, that family, job, vacation, bank account, etc. This focus often leads to discontentment. I would be happier if I had X or Y... so we then covet- or simply put, develop a jealousy, that goes nowhere fast.
I have competed athletically my whole life, so I was confident that coaching kids would be a simple endeavor. Wrong. I quickly learned there is much more to being a coach than a player. There is no shortage of what I have learned about myself and my players. Now after specifically coaching my daughter’s team for 4 years I truly love it.
First, I get to spend time with my daughter and get to know her friends! Coaches played important roles in my life and I love that I can build into their lives today and for the future. My legacy in their lives is happening now and also later.
Second, it forced me to learn and get better. I didn’t know how to coach well, so I had to get some formal training from US Soccer. Now coaching kids makes a lot more sense and I continue to learn more each training session and match.
Third, coaching is direct and honest, which I enjoy. Even a tough conversation is focused to be helpful. My players trust me in that I have their best interests at heart. And I trust that they will listen.
Lastly, the focus is on longer term. The ability to win a game today at the expense of correct strategy and skills is not worth it. My goal is to develop each player to reach their potential, be the best they can be.
This discussion made me realize it really does compare well to my career. Financial planning and advising correctly are just like coaching. Both require passion, education, planning, direct conversations, trust and a long-term outlook.
It is a blessing to work with the families that I choose to advise or “coach”. They trust me as their go to guy. I get to know their families, hear their story- successes and failures, share in their dreams and discuss the possibilities that are ahead, God willing. I am passionate about this.
Education along with real life experience provides something powerful. Competence in what I know, the capabilities of my team and myself and sometimes more importantly, the limits of my expertise… and knowing the need to bring in the correct fellow “coach”, be it a CPA, Estate attorney, Charitable/trust advisor, etc.
Is your advisor passionate in their career, to learn about your life and see you succeed?
Are your advisors educated, experienced and practical in their approaches? Are they continuing to learn?
Does your advisor speak the language you understand and is willing to have that direct, honest conversation you may need (…not just what you want to hear)?
Do you have a long-term financial plan to help you be the best you can be and reach your goals?
To Your Financial Life Plan,
Luke Fields, CFP®
Any opinions are those of Luke Fields and not necessarily those of Raymond James. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
“What are your goals?” Throughout your life, you have been asked this question; at the start of a school year, on New Year’s Eve, the launch of a new job and of course by your financial advisor. I appreciate goals and the motivation behind them. We do need goals, they provide some direction. But can goals actually limit us?
Goals are absolutely important but issues can arise with them.
“Keeping up with the Joneses“ Goals that others have or we feel everyone should have as basic goals are not individualized. For example, most people do want to be successful, take care of their family and retire someday.
“How do you eat an elephant?” Goals can also be overwhelming to tackle because they are often long term journeys, maybe decades, thus often avoided all together.
“What if we don’t make it?” Goals can be stressful because what if you don’t achieve them? Fear of failure can sell someone short by unintentionally settling on a safe goal that is easier to achieve.
Take a simple but relevant example of the traditional goal of being “retired” someday. Does the idea of retirement fixate us on the task (goal) or the real desired outcomes (hello all the possibilities)?
"What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do."
-Bob Dylan
Goals do help us focus on tasks and move us in a general direction but can often miss the real desired outcome.
The truth is that most people don’t stop working in retirement, they just shift their work to choosing what they want to do versus having to, possibly start a 2nd career or volunteer their skills to their community.
This example has shifted my thinking on how to converse around goals and dreams. The question I ask now and you need to ask:
Possibilities open the mind to be more creative, dream big and think on the true desired outcome of what could be (not just the tasks to get there).
What you value, what has been laid on your heart and the things you find important will steer this exploration.
Our conversations need to consider the possibilities of big dreams, big thoughts and BIG RESULTS.
What are the most important things in your life?
What motivates you?
What or whom do you care about most?
Important questions. Questions for you alone to answer. I will not dare tell you what your answers should be.
Why are your Values so important?
Values are what matters most to you. Values shape your everyday decisions, impacting your short term and long term goals.
Need an exercise to help determine Values?
Values and goals directly impact your financial life.
1. Values shape your Goals (both short and long term).
2. Goals allow you to develop a Financial Life Plan.
3. A Financial Life Plan Directs How to invest, Whom to insure and Where to give your assets and wealth.
I would love to hear your thoughts on this and what you really value and your goals. Please send your comments to me at luke.fields@raymondjames.com or comment on LinkedIn or Twitter.
-Luke Fields, CFP®
Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.
I met with a great couple the other day. As we chatted, I asked if they had a financial plan- “ah yes, we think we do….” was their answer, so that means no. We discussed some additional items and it became even more clear that their investments, insurance and current advisor were not coordinated and planned out well. I see this again and again with many prospective clients regardless of their age and their net worth. It is a common problem and it frustrates me. This is not their fault and I don’t blame them one bit. After all, how are they to know? It is one thing if a person knows that they have “some investments” that a stock broker, registered representative or insurance agent placed them into (or worse yet, sold them). Their expectations are correct that it is simply an investment relationship. However, it’s another thing if people believe they are getting more service, like a “financial plan”. In reality they are majorly under-served while likely overpaying and worst yet headed down a dangerous path. Let me explain.
Financial planning is NOT a 1x event. A financial plan is a living, breathing plan that updates with the twists of life and the many different stages you encounter. It is an ongoing process. It is online and readily available to review.
Financial planning is NOT a product, investment or stock that you buy. These should be seen as the potential vehicles for your unique situation (if appropriate) to make your plan work correctly, not the miracle cure (since the “last thing we tried didn’t work”).
Financial planning is NOT a vague ideal or attitude such as, “save as much as you can and we will figure out what you can do down the road.” Sadly, I have heard of other so called “advisors” saying things like that. Here is the truth… financial planning is rooted in your goals and what is truly important to you!
Financial planning is NOT a huge stack of papers that lists of 15 things to immediately do (mostly on your own). Good planning is accomplished in a modular method, one manageable step (or two) at a time. This is realistic.
Financial planning is NOT a quick or easy strategy. It takes expert advice, patience and good habits over time to reach success. You need a qualified and competent advisor to help you realize your goals.
Remember a good and useful financial plan starts with what you value. What you value should naturally direct your goals. And your goals then dictate what investment, insurance, tax, estate methods we use to help you achieve success in your plan.
To your Financial Plan,
Luke Fields, CFP®
Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James. Expressions of opinion area as of this date and are subject to change without notice.
Sketches are courtesy of BehaviorGap
5 Reasons I am Thankful for my Team
It’s time to be thankful. I do try to be grateful all year round but it is really encouraging to stop and deeply reflect around Thanksgiving. We all can think of numerous reasons and people to be thankful for. Mostly, my thoughts are of the people that are significant in my life.
We all need these special people around us to be the best we can be. My wife encourages me as a leader, my kids challenge me to be their hero and my friends can call me out if need be. Equally important, considering I spend many hours at work each year, my team around me is vital to serving our clients as best as possible. What follows is why I am thankful for my coworkers and my career. If you are already a client, this is why you should be glad you have us as your team of advisors. If you aren’t a client, this is why you should consider joining us this upcoming year!
In order to be successful, especially in the world of financial advising, you have to have like-minded people around you. Plain and simple. The right people in the right positions, makes all the difference. Our team at Foley and Foley Wealth Strategies is set up this way. We utilize the skills of five advisors with different areas of focus on our investment and planning committee and an experienced support staff to answer any question and help solve any problem as a team. This allows us to provide the highest level of client service and attention to detail. Together is more.
Alignment around a common goal is so important. Our goal is to help each client define what Real Wealth is for them. This adds significant value in their lives and their family’s long term legacy plans. We do this by listening to a client’s unique story, helping them discover their true goals, developing plans to get there and keeping them on track. Working as a team around this vision is rewarding and is “work worth doing”.
Yes, some of us in the firm are actually related. Others are not. But… we all are like family here. Our “work family” unites us and motivates us to work toward the success of our clients, our firm and to continue to do this for many years to come through a detailed plan of succession.
We take ourselves seriously when we need to and not so seriously when we can. We are not “stuffy” and stiff as many other financial firms. Most things can be made more enjoyable in life if we allow them to be so. We have fun and I want to continue to encourage this for our team.
God has blessed each of us with different skills and gifts. Place together smart, motivated and talented people with unique skills yet sharing a common goal and… watch out! The future is unlimited.
So to Sandy, Maryellen, JoAnn, Terri, Mike, Allison, Beth, Lisa, Jorge, Kevin and John-
Thanks for making it a blessing to work alongside you and providing the opportunity to serve others, together.
If you are not a client of Foley and Foley Wealth Strategies and your current advisor lacks a talented team, vision and clear goals for themselves or you as their client… please contact us to learn more about our team. I am truly thankful to be on this team and you will be too!
Have a great Thanksgiving that truly shows gratitude for those around you.
Luke Fields, CFP®
STEWARDSHIP CENTS NEWSLETTER
The start of school is usually a harsh wake up call, at least for my family. Leaving my house for work a few days before the first day was to begin, I thought to myself… “it is time for a routine again”. It seems the flexibility that summer break offers is a “double edged sword.” Although being out of school is a nice break from the normal school-week-grind for kids (and parents too… no packed lunches or crazy schedules), it also offers little to no structure… or routine. If you are a grandparent reading this, you remember this, right?
Now don’t get me wrong, it is wonderful to not have a schedule some days or for a short period of time, but after a while it can become disruptive. My kids wouldn’t admit it but they were ready for school. They just didn’t know it.
Most adults also don’t realize the need for a routine or process in their lives. Routines are good across the spectrum of our daily lives from eating, working, exercising to what time we go to bed. There are numerous physical health, mental well-being and productivity reasons for any routine we take on. Some routines are rather thoughtless; think brushing your teeth. You can do it half asleep reasonably well. Other routines are specific processes that allow us to focus on important subjects. For example, driving a car has a certain process to drive safely and grocery shopping has a certain process to buy everything you need. Processes that come from routines allow us to think deeply and focus on important tasks. Do you have a process for your finances? Having a routine for your financial plan is vital.
Do you have a process for a financial plan; saving the correct amount of money in the right places, monitoring your progress to reach your goals and making necessary adjustments to your plans?
Specific processes we use at our firm (our routines) allow us to help you establish life goals, create an actual life financial plan, determine an appropriate investment approach and then regularly monitor results. The routines we utilize help us provide you direction, prevent us from forgetting important planning items, allow us to focus on the big picture of you and your goals, helps reduce the emotional response when markets get volatile and provide an overall discipline to stick with the plan. Our processes even keep us on track to regularly meet face to face with clients. Does your advisor do all these things? Are you walking thru life without a professional and qualified financial advisor?
Let us know how we can help you with your financial life plan.
Luke Fields, CFP®
luke.fields@raymondjames.com
877.854.0936
Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.
Sign up for Stewardship Cents Here
If you know me, you know I love to ski. The problem is I live in Ohio. There is plenty of snow this year but not many mountains in Ohio, although one "resort" has a run called "Mt. Mansfield," all 300 vertical feet of it. My fondest memories growing up are of family ski trips; taking on challenging steep terrain with my brothers, being in spectacular mountains and the unforgettable tumbles my one brother became famous for executing. We would call them "yard sales," possibly you can figure out why. Think where all your junk gets thrown when you sell it.... The best part of our ski trips was the relationship cultivated between traveling together, skiing together, hanging out in the hot tub, eating dinner, you get the idea. We did all of it together. So now with my own little ones in training (minus our 3 year old for now), the investment starts now to someday reach the goal of our own family ski trips.
You may be wondering "what does skiing have to do with the Market?" In order to reach my goal of family ski trips, I have determined it takes consistent, regular investment (time, money, planning) in their learning, patience, coaching, a long time perspective, and sticking to the plan. The same is true for investing and always keeping perspective of your goals.
The advisors at my firm and I often hear questions on what to do when the markets make headlines or when the pundits start beating their drums. The first question is: Do you have a financial plan? If no, the second question is: Then why not..? You should consider getting a financial plan. It is the road map to your future, providing consistent direction and strategy. If you have a financial plan, has it changed since the last market headline? Probably not, so re-focus on what your plan is. And turn off the TV, the pundits don't add any value.
Determine your Goals and align them thru a strategic Financial Plan. This is in regards to your investments, insurance, college, taxes, legacy planning, you get the idea. It encompasses all areas. Remember the following:
Keep a long Time Horizon. My kids will not learn to ski on their first time out and your goals will not be reached overnight. For example, retirement takes years to attain with most people retiring in their late 60's. There are many different stages to successfully reaching a goal, seek to understand where you should be now.
Have Patience. Enough said? Maybe not. This is different than your time horizon. Do you fall down a lot when first learning to ski? It is realizing that it is not always easy to reach goals and unexpected things may challenge you. Your expectations may need to be adjusted depending on what happens in life and economic conditions you can't control like inflation/interest rates. There are no short cuts that work consistently. You can't repeatedly time or predict the markets so please don't try.
Determine what the "Right" Risk is for You. This is a highly individualized answer. Some people no matter how much skiing experience will ever be comfortable with a Double Black Diamond run. When thinking about your finances, Do you continually worry? If so, you may need to adjust your risk to a level you are more comfortable with. The stress you are causing yourself will not only decrease your enjoyment of life now but could possibly lead to health issues that may prevent you from enjoying your retirement goals to the fullest later.
Make Regular Investments. Few people can do something one time and be done. One time down the mountain or one investment contribution doesn't cut it. "Dollar Cost Averaging," or in other words, systematically and consistently investing money (think every pay check or every month) is a time-tested long term strategy used to help build wealth.
Seek Wise Counsel. I am a good skier but I know I am not the best to teach my kids, so I hire a professional ski instructor. Find a qualified and professional advisor or make sure your current "advisor" is the right one for you. A trusted advisor should always align themselves to your goals and what is in your best interests. If you don't know how to examine this, email me (luke.fields@raymondjames.com) and I will share the questions you should explore.
To Your Financial Success and Good Skiing,
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