It’s odd when you think about it: We were smart enough to know we needed someone with more experience in this area than we had, but at the same time we were dumb enough to throw almost all of his advice out the window.
Quick Note: Things are going well on this New York business trips in terms of me keeping up with the posts. The bad news is that I don’t have my art software and/or tools with me, so you get no fancy images at the top of the post today. I’ll add them retroactively when I get home this weekend.
We are very fortunate in that my wife and I have an Uncle who has been a Financial Advisor for the better part of 50 years. About two years before we hit our financial crisis, we reached out to him and asked for help in getting things in order. I think we had realized that we had kept the debt monster in the closet for far too long, and it was about to kick down the door and eat us in our sleep.
Our Uncle is a fantastic human, and so not only did he agree to sit down with us, but he agreed to provide long-term guidance free of charge.
Think about that for a moment: A person who is financially sound –wealthy in fact– with a healthy list of very successful clients, was 100% willing to provide guidance to us at absolutely no charge, and do so with no set end date. We could use him until we felt secure.
So we met with him and he started to advise us on a financial strategy. Up until that point, our investing knowledge consisted solely of blindly throwing money into a 401k each month and not much else. He started teaching us about diversification, opening up a Roth IRA, building a stock portfolio, and more. He also told us that we were making some silly mistakes with our money, such as throwing all of our cash into a vacation, versus saving part of it, even if it meant putting the vacation off a few months longer.
This man told us how to kill the monster in the closet.
We then promptly went out, ignored all of his advice, smothered ourselves in BBQ sauce, and laid down in front of the closet door and patiently waited.Read More »