Getting the most out of your MONEY - Lesson 2

Welcome to the second lesson from our mini course “Getting the most out of your MONEY”. Yesterday we showed you that it was necessary to be able to ask good questions in order to assess whether some one was a good advisor. Remember about the term WIIFM (What’s in it for me).

This is the reason why today we’re going to look at the need for taking responsibility for your financial information. Why it is important to take a personal interest in it.

I have heard business men go to their accountants and ask “Did I have a good year?” Now what do you think the accountant is going to say? He is going to paint the best picture he can so that he retains the account (WIIFM at work again!)

I have heard people ask their financial advisor “Is this a good plan for me? Am I doing OK?” What do you think the answer will be?

As long as you remain at the point of asking these types of questions, you will never be in charge of your financial destiny. You will be tossed around at the mercy of advisors who hold all the power, which can be very stressful when things don’t turn out the way you thought that they might.

Most financial advisors do not have a common communication methodology. I spoke to one the other day that has about six different charts to explain to people how their finances are going. SIX!! I would be bored out of my mind by about the third or fourth one and so would you. I showed this person The Financial Fence® and he immediately said that he could reduce everything onto this one chart which would make it easier to communicate with his client. That’s a bonus. Focus everything on one easy to understand chart and then the financial advisor can’t bamboozle you ever again.


How many places do you keep your financial information?
Do you keep any at all or rely on your accountant or financial planner?
Imagine if they were having an ‘off day’ and you just happened to be there for your quarterly or yearly visit!
You need to take responsibility for your finances. It’s one thing to get advice but a totally different manner to blindly follow someone who you see once a year.

The real reason for membership at www.wheresthemoneygone.com is to get you back in the driving seat and able to plan your own financial goals. Then you can ask more penetrating questions to advisors and keep a track of whether they have performed for you.

Tomorrow we are going to look at accumulating capital and why you would even think about doing that.

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