Comments on: How to Kick 11 Fearful Financial Situations in the Face

By: aua868s

aua868s — Sun, 29 Nov 2009 12:11:28 +0000

I read somewhere that though banks are FDIC insured, the real clause is that the deposited amount (principal) would be returned to the customer split into 30 parts over 30 years….its definitely better than wishing good-bye to the money…but principal over 30 years with no interest seems depressing!

By: TermMonster

TermMonster — Sat, 28 Nov 2009 11:12:42 +0000

As a financial planner who also lives in the benefits space, we see these issues on a daily basis. One of the greates fears we see from people when it comes to money is retirement. Not if I can retire, but if I do, what next? What happens when newly-retired John Doe wakes on Monday and does not have to go to work?

The models by which most advisors run their practice are flawed. At the end of the day, any advisor (financial, legal, tax, etc..) must understand the end goal and help the client get there.

As for insurance, yes, read the fine print and also know who you are doing business with and are they rated? A simple check of Standard and Poors or AmBest would tell anyone their ratings.

By: Izalot

Izalot — Thu, 26 Nov 2009 15:01:51 +0000

Being the father of two, having kids (A seven y/o and a 12 y/o)has had its scary moments. I have learned to take things more in stride and enjoy the ride. Wheeeeeeee! I save, minimal debt and have a retirement fund but the greatest investment would be for my children to achieve their dreams, have a sense of purpose and to be happy.

By: Jerry

Jerry — Tue, 24 Nov 2009 22:18:16 +0000

I am by FAR not a financial genius, or even very educated in investments. I had 1/3 of my money with a financial advisor, and 1/3 I managed myself (the other 1/3 in banks). I have fared SO much better with the money I managed than my financial advisor did, even with me directing him what to do. He came highly recommended by a dozen or so friends. I have since moved my money elsewhere. If you do go with a financial advisor, stay very, very involved. Don’t lose sight of the fact that the financial advisor’s bread and butter is coming out of your wallet.

By: zapeta

zapeta — Tue, 24 Nov 2009 19:07:01 +0000

I think the trick to overcoming each of these fears (and other really) is to do your research and try not to make any rash decisions. I tend to over-research and I end up hunting for a perfect solution when there are several good solutions that would work. The best advice I could give were to pick a way to reduce these fears and go with it…if it isn’t working out you can always change it up later.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Tue, 24 Nov 2009 17:43:08 +0000

Going to collect on something, like a warranty or insurance program. We pay for these plans and walk away thinking “everythings covered”–until it’s time to file a claim.

Most plans have enough fine print in them that should give anyone pause to worry at least a bit at the validity of their willingness to pay when the need arises. I’ve been negatively surprised enough times that it’s worth worrying about.

Now as to the fear part of it–I fear getting into these arrangements all of the time, and often enough to keep me out of them.

By: Brian

Brian — Tue, 24 Nov 2009 16:32:30 +0000

@ Jeff – Thanks Bro… i can only imagine that is a scary situation. Then again, speaking as a bachelor, i don’t know if having that conversation would be any more scary than actually getting married.

@FS – Everyone certainly has a fear of failure. Its what drives us to excel, and you are doing a great job mate.

@Echidnina – Everyone who reads my site knows i love series. Maybe i can expand on each of these and do a post per as you mention! Look for it!

@ Mark – I think its a slippery slope. Track record is what you have to go on. I think i will be very leary when i actually shop for an advisor, but trusting close friends is going to have to be one of the ways to find a group of candidates.

By: Mark Wolfinger

Mark Wolfinger — Tue, 24 Nov 2009 15:39:44 +0000

“Finding a trusted advisor or accountant is a big challenge.”

The problem with asking friends if they are satisfied is that too many people are just ignorant when it comes to financial matters. Thus, they have no way to judge the merits of a financial planner or advisor.

My guess is that when a planner offers a ‘pretty’ graphic package that was generated by a computer, and when that planner spins what he/she sells, the client is satisfied.

That’s not a good way to find a planner.

By: echidnina

echidnina — Tue, 24 Nov 2009 15:05:59 +0000

Nice post, lots of little bites to think about. Each of those could well be developed into a full article too, but this post gives me enough information to whet my appetite and seek out more. Lots of intimidating things on the list, but many of them have big rewards too

By: Financial Samurai

Financial Samurai — Tue, 24 Nov 2009 14:39:24 +0000

Now that is true geekiness Brian! Great post and great networking job you’re doing.

My biggest fear is fear of failure, period. Everything I do, I’m afraid to fail, hence I try and try my hardest to prepare and succeed.

But, if I do fail, I learn from it and move on to a new adventure. Dust it off and march forward, forever!

By: John DeFlumeri Jr

John DeFlumeri Jr — Tue, 24 Nov 2009 13:39:42 +0000

Your best advice was to go slow in making big financial decisions.

Thanks for a well-written article.

John DeFlumeri Jr.

By: Jeff

Jeff — Tue, 24 Nov 2009 12:38:38 +0000

My biggest moment of Fear that involves money happen earlier this year. I had to have the long talk with my Wife about our finances. Up until then, I had been in charge of them. She knew we were in debt but not as bad as we were. Approaching your wife and telling her that we can’t spend money like before is scary stuff. Especially when thats what we’ve always done.
It was very fearful for me to have to make a stand for us and begin the process of getting out of debt. We ended up seeing a financial coach to help us start to navigate the debt freedom waters. That has turned out to be the BEST thing I’ve ever done with money. Overcoming that fear was sooo hard though. Great post Brian.