Healing a broken shoulder or meeting your financial goalsSubmitted by Financial Planning Solutions, LLC on August 31st, 2017
As I lay on the table at physical therapy the other day, I took a deep breath as my therapist pulled my arm back. Three months in since my injury and the pain hasn't subsided much.
I started thinking about the similarities of healing from an injury and meeting your financial goals. Both have these things in common:
- It takes time. Just as I wasn't going to heal overnight, (no matter home much I iced) it can take years or even decades to achieve your financial goals. You certainly can't save enough money in one day to have the kind of retirement you desire. It takes a systematic and disciplined plan over time. Much like going to PT regularly and doing the exercises they prescribe at home.
- There can be set backs. About two weeks ago, I got up in the middle of the night to go to the bathroom. When I came back, the dog had positioned himself right next to my bed and as I started to step on him, he yelped, which caused me to instinctively reach out with BOTH arms as I fell toward the bed. You may have heard the phrase, "I saw stars". Well, I think I did. The next day I could barely move my arm and it felt I was back a few weeks from where I was. The same can apply to an investment account. One could see a downturn in the markets and the price of one's investments can go down. These setbacks, whether an injury or an investment plan, can be discouraging, but in time, as long as we stick to the plan, we should be on a path to recovery. *
- Both require patience. This can be the hardest one for me as I just want to get to my destination already. Namely, being pain-free, able to sleep through the night, and get back to exercising. Investing or working toward your financial goals is no different. The good news is, I'm here as your Fiscal Therapist (see what I did there?) to help keep you on track
*Investing carries certain risks. One should work with a financial planner who knows your entire picture before establishing an investment plan.
We are here to help.
All the best.
Rick Fingerman, CFP®, CDFA®, CCFS®
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