Stop The Pressure!

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Why is it that you demonstrate maturity and wisdom in all areas of your life but when it comes to finances, you feel uneasy? Studies show most Americans feel the same. You need to know your options without pressure to jump into something you don’t understand.

When it comes to money, you need to develop personal financial power to make good decisions.

Do you feel pressure not knowing where to start, who to trust or where to turn?  It is this pressure that stops most people from moving in a positive financial direction.

No one wants this pressure!

When was the last time you tried to address financial issues and decided to stop the process?  We have heard it way too often, things like:

  • “I am uncomfortable – this is over my head”
  • “I’m uncomfortable meeting with financial people – I feel guilty for taking their time”
  • “I would rather go to the dentist and get a tooth pulled”
  • “I’ll probably feel pressured to buy something”
  • “I don’t even know what questions to ask”

Of course, most financial professionals don’t intentionally try to create these situations. Still, some people tell us they have felt obliged with some advisors about recommended products or services. Too many people worry about entering a relationship where they might feel an obligation to buy something they don’t really understand. So, people stay stuck and do nothing.

Many Americans are jittery about their retirement prospects, but don’t get the help they need

In November 2012, Money & Work Editor Richard Eisenberg provided statistics summarizing some of the research why people tend to shy away from getting professional help and have a problem working with financial advisers. Eisenberg states that the problem facing many people in their 40s, 50s and 60s is that they know they need financial advice, but somehow can’t find it or can’t bring themselves to hire a professional to get it. And even when they do, they fail to implement the guidance.

His takeaway from the Financial Advice Survey conducted for TIAA-CREF showed his surprise regarding this striking bottom line: 56 percent of respondents age 45 to 54 said, “Now more than ever I need a trusted place for financial advice” — and 45 percent of 55- to 64-year-olds felt the same way.

Why don’t people use financial professionals? 

But despite acknowledging they need help, boomers generally are not consulting professionals. That’s often because they say they don’t know where to get advice or they fear they can’t afford advisers’ services. Roughly half of those 45 to 64 surveyed said it’s not very easy for them to find relevant financial advice. About 40 percent said, “I think good financial advice will be more than I can afford.”

Instead of hiring experts, midlifers are often seeking words of wisdom from friends and family — that’s the case for about 40 percent of people 45 to 54. But those free tips could be extremely costly.

“Your friends and family may be in very different financial circumstances than you are,” Dan Keady with TIAA-CREF told Eisenberg. “They also may not have a good grasp of your situation. And they may not have the expertise.”

Eisenberg said he considered this the biggest survey’s whopper: “Only 25 percent of respondents 45 to 54 who receive financial advice act on it. Without implementation, of course, all the smart financial advice in the world isn’t worth a hill of beans”.

Retirement Worries Are Sky High

The Center for Retirement Research at Boston College just published the latest results of its National Retirement Risk Index, sponsored by Prudential, which found that 44 percent of Americans aged 50 to 59 may not be able to maintain their standard of living in retirement. Worse: A full 55 percent of those aged 40 to 49 face the risk of a dip in their standard of living in retirement.

A trusted place to build Personal Financial Power with other intelligent, caring adults.

The Quick Start program first provides you with a solid foundation. Then, programs run by Certified Financial Coaches add the critical information and confidence you need to make your best decisions.

Then,  you gain confidence so you are in charge in meetings with financial professionals. It’s critical that you understand how money works and is meant to serve you. It’s the program’s first priority.

Before you choose your advisor or any products or services, you want to feel confident you have Personal Financial Power to use your hard earned dollars in ways that serve you first.

You can feel confident in finding and engaging financial professionals when you have the power to say…

My real wealth starts in knowing what financial risks I can take. I can judge whether a financial person understands what’s right for me by what is recommended. Real wealth includes having time to do what’s important to me and not being confused about where I am financially. People working with me are dedicated to helping me achieve the financial future I want. I am confident that my hard-earned money is serving my family and not being transferred away needlessly to others. I know how to evaluate offers by financial professionals and understand how they are paid. I gain knowledge from experts dedicated to providing unique information typically available only to the well-connected. I start with knowing the strategies I want to take. The specialist finds the best products to fit my strategy.
Members in the PFP program gain Personal Financial Power to stand on equal footing with financial professionals. Do this by gaining a level of confidence in your relationship with money AND knowing how money and the financial industry works. No pressure, no expectations for you to work with certain professionals — you decide how and when you want to work with anyone.