Personal wealth management is akin to a road trip

Creating a Roadmap to Personal Wealth Management

When it comes to personal wealth management, have you defined your financial goals? And will you know when your goals have been reached?

Recently, my wife and I took our three little boys on a campout to Rockport State Park in Utah. The campground is amazing, and our kids had a blast. However, the entire drive up the canyon to the campground, we heard the continual song of “Are we there yet? Are we there yet? Are we there yet?” coming from the back seat.

Our response was “No, and don’t ask again.” (Parents-of-the-year award!)

If you’ve never been on a road trip with little kids, you can borrow one of my kids for the weekend and try it out. It is an adventure!

As obnoxious as that question can be, it probably deserves a little more attention.

I don’t mean to sound too cynical about driving with little kids. However, as I’ve been thinking about that question “Are we there yet?” could I have done something to help the kids create an easy roadmap to know what to look for and how to determine when we are there? Maybe I could have drawn a map that showed the base of the mountain with some trees and a picture of Smokey the Bear. Then, I could have drawn a picture of the summit of the mountain with the descent going past the nationally known ski resort town of Park City, showing different landmarks along the way. With this easy roadmap, our kids would have known where we are going and what to look for.

As I think about the clients that I meet with at Paradigm Life, that exact same question is asked in terms of personal wealth management. One of our goals is to help each client to not only know what the end goal is, but also to know how to get there. The Wealth Strategists at Paradigm Life ask a lot of questions so that both the client and the Wealth Strategist know what the roadmap to personal wealth management needs to look like. Below are some of the questions that you may consider asking yourself as you look to the future:

Creating Your Personal Wealth Management Roadmap

• Will I have enough savings to last me through retirement? How do I determine that amount?
• What in my personal and family finances feels broken right now? What are the missing pieces of my personal wealth management strategy?
• How many years until the kids graduate from high school? Do I intend to assist them with college expenses?
• Where am I on my home mortgage? Why do I have a mortgage?
• Where am I investing my money right now? How are those investments performing?
• If I’m investing in mutual funds inside of my retirement accounts, where is the allocation of my money and what are the associated fees?
• Do I get a match in my 401K? Do I really understand what that means?
• Do I have a plan for health care and long-term care in retirement?

The list of questions continues.

As we meet with you, we want to make sure that the roadmap that gets you to your retirement—as well as through your retirement—is concise, clearly outlined and easy to follow. Our commitment is to assist you in taking control of your wealth and really knowing when you have arrived at your goal, instead of always allowing someone else to be in the driver’s seat when it comes to your finances. We invite you to schedule a complimentary consultation and look forward to helping you achieve your personal wealth management goals.

Justin Martin

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