One of the most common misconceptions of Financial Advisors is that we spend
our time and energy convincing our clients to save more money. However, this is
generally not the case. In part, because we work with thoughtful, well-organized,
and successful families, we often spend more time trying to convince our clients to spend
money in retirement rather than save it for someday in the future.
“Someday, we will take that trip to Italy that we have been looking forward to for years.”
“Someday, we will buy that property in the Okanagan that we have always dreamed of.”
“Someday, we will surprise our children and grandchildren with a family vacation
to Hawaii.”
Unfortunately, we have encountered situations where this day never arrives. One negative health event can put these plans on hold – sometimes indefinitely.
There must always be a balance between spending today and saving for the future. That can be difficult to achieve when the future is uncertain. However, a key part of our role is giving you the confidence to know how much you can comfortably spend while still maintaining your financial flexibility and security.
That is one of the most valuable services a Financial Advisor can provide, and it is something we take seriously.
In the same vein, an expression I heard recently that summarizes this point well is, Drink the wine.
If you are like me, you have probably acquired some special bottles of wine over the years. Maybe you received them as a gift or bought them while travelling. I have always found it difficult to open these bottles, preferring to save them for some unknown occasion in the future. By the time I find the “right” opportunity to drink this wine, it is usually past its prime.
Therefore, I am trying to follow this new rule going forward: don’t wait for everything to be perfect. If I am having a good time with friends or family, I should open one of the nice bottles and enjoy it!
Obviously, this expression applies to more than just wine, and it serves as a reminder to appreciate today and look ahead to the future.
If you have been putting off a special trip or experience until someday in the future, please reach out to your Financial Advisor. We would love to talk about it with you and give you the confidence to make it a reality. ■
Why do we plan?
Knowing where you are translates into knowing where you're going, and we hope to provide every client with the trust and confidence to navigate through the waters of their financial lives.
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