Do You Love Your Money Person?

Not like that❕ 😲🤣 But having a close, valued, trusting relationship with your money person is a vital part of being able to create the financial future you want 😊👍💸

Your money person needs to know what your life looks like… and what your goals are… in order to help you find the best path to get there.

Have your goals changed? You need to change your plan. Got married? Gotta change your plan. Got divorced? Definitely need to make sure that your ex isn’t your main beneficiary…for anything! 😖

Unfortunately, even though this close relationship is really important… it’s really noticeable when your money person calls you only once a year, dryly works through a questionnaire, tells you your existing plan is perfect and doesn’t need to change… and that’s the only time you hear from that person 📞📆

(Does this scenario sound familiar to you? It happens to a lot of people. It happened to me. That person is not my money person anymore 😁)

Well then… how often should your money person contact you? Once or twice per year is generally adequate for most people 🙂

A better question is: How comfortable are you with your money person? 🤨

If something changes in your household or financial situation, you should know that you can call your money person and they will always take the time to help you understand what should- and should not- change about your financial plan. You should be able to trust your money person, and that looks like this:

• You can ask your money person about anything, and they will never get angry with you for “questioning them” (Yes, this does, unfortunately, happen) ❔🤷

• Your money person will explain your choices to you- not give you one choice 👈🏼👆🏼👉🏼

• Your money person should give you advice, but never force you into a course of action 👍

• Your money person should be willing to change your asset allocations when you request it- but not too often 🤔
  *Note: In general terms, once per year is ideal; more than twice per year usually results in lower growth over time; and if your money person never changes your allocations, despite your requests… they may not be taking care of your account very well. (There are rare instances where your allocations can be appropriate for several years in a row. Consult with your money person closely, if your accounts are consistently performing below average expectations.)

• Your money person should always be able to show you plans, numbers, options, etc, that give you confidence in their abilities. They should never give you platitudes, like “Just trust me”, “Everything is fine”, “There’s nothing to be done”, or “I know what I’m doing” 😤

Lots of people love their money person, and that’s wonderful! That’s the kind of relationship everyone should have with their money person 😁💸💚

You may be in a space where your money person is fine, they do a decent job, but you’re not excited about your financial plan or talking to that person. There’s nothing wrong with that person… but maybe they’re not the exact right fit for you. Your money, your financial well-being, and your future are yours, and no one else’s. Please know that it’s fine to keep looking until you do find that perfect fit! 👠

If you don’t have that valued, trusted relationship, then interviewing a couple of new candidates should be the next step to your perfect financial plan 👩🏻‍🏫👩🏾‍💻💁🏾

Now That’s Smart Money 🧐