The subject of family can apply to various aspects of financial planning. And although sensitive, there could be an entire TGIF 2 Minutes series on family and personal finance. On a positive note, and more specifically for this week’s edition: I hear often from financially comfortable – and confident – clients and friends about basic, treasured personal financial advice they received from a family member – most going back 20, 30, even 40 or more years ago!
Mixing family and money can get sensitive quickly. But over years of observing, there have been far more positives than negatives for those who were willing to step back, look at the bigger picture and accept solid, basic advice. Humility was involved. Patience is necessary. These are not my opinions but rather real pieces of feedback from people who are grateful they took certain, basic advice from a wise family member at some point earlier in life.
As has been said, “No man [or woman] is an island.” The deeper meaning of the famous poem by this title may be somewhat philosophical: that we are all part of a bigger unit such as the world, a country, a family, or something. The less deep but equally serious meaning is more like,
why go it alone?
try reaching out to others from time to time to seek advice and larger perspective.
Regular readers of TGIF 2 Minutes may be thinking that Debbs has lost her mind here but the related idea of having a “Personal Board of Directors” has been worthy of featuring for some time. Coincidentally Brett Danko, my business partner and the principal and founder of Main Street Financial Solutions LLC, recently presented a similar topic including having and regularly consulting with a Personal Board of Directors which inspired this edition.
Remember the original, first run of the movie, Rocky? Even if you were not around (or born) in 1976 to see the movie in person, you probably know the theme song and the story by heart. The film is timeless.
Investing advice can be timeless as well. Here are several pieces of professional advice and perspective that I have come to firmly believe in my over 30 years in financial services and would like to pass on to you: Continue reading “Timeless Investing Advice”