Who wants to be judged? No one. That’s why people tell their dentist they floss or their doctor they quit smoking. We want to be told that we’re doing the right thing, and sometimes that means we might be less than completely honest rather than face the judgement of others.
Not being honest with our financial advisor can backfire in a catastrophic way, and most of our fibs will be found out anyway.
Although secrets are not always bad, there are some secrets that you should not keep from your financial analyst if you expect them to do their job.
- Don’t hide where you spend your money. If golf is important, don’t try to hide the amount you spend on club memberships, golf clubs, and travel. If you love to shop, don’t hide your trips to the boutique.
If your financial advisor doesn’t know where your money is going, and if he or she doesn’t know what is important to you, it will be more difficult to formulate a plan that will work for you and your lifestyle.
- Don’t hide debt. While it may be embarrassing to share how you accumulated debt and where your money is currently going, don’t hide it. Your financial planner is there to help you set up long-term stability and ensure your current lifestyle can be sustained in the future.
- Let the person helping you know about secret relationships. Even if your spouse doesn’t know, letting your financial advisor know that you’re supplementing the income of a child from a previous relationship, or a parent in dire straits, is very important. Formulating a workable plan requires honesty about your relationships, at least as they relate to your finances.
Let the financial planning advisors at Spaugh, Dameron, Tenny help you make the best plan for your present circumstances and your future. We specialize in financial planning for dentists in Charlotte, North Carolina. If you’re a dentist we want to help you protect your finances and secure your future through wealth management.