As a good dentist is for our teeth, a good financial planner is for our finances. Why would someone have a consistent maintenance checkup program with a dentist? It centers around two core topics: avoiding the bad and having the good. Part 1 here covers our desire to avoid the bad:
Avoiding the Bad (dentist). Teeth are too important to make significant mistakes. Our dental professional is trained and experienced to help us avoid the bad. What is the bad? How about tooth decay, cavities, gum disease, tooth erosion; to name a few. What’s the prevention process? A plan of daily flossing and brushing. That’s not enough. We need the checkup to catch problems, to fill the gaps of our lack of perfect maintenance, and to deal with changes to our oral health as time progresses.
Avoiding the Bad (financial planner). Finances are also much too important to make significant mistakes. A financial professional needs to be trained and experienced to help us avoid the bad. What is the bad? How about no plan, no clear goals or direction, overspending, lack of savings, too much debt, poor investment philosophy, costly investment options; to name a few. What’s the prevention process? A plan of organization, accountability, and aligning resources (budget, net worth, etc.). But, that’s not enough. We need the ongoing checkups to catch problems, fill the gaps, and deal with life and its inevitable changes.
