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Your Path to Financial Freedom (w/Justin Smith, CFA, CFP) [Ep.60]
Manage episode 428373858 series 3479169
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Do you have a plan to achieve financial freedom? If so, is it realistic and are you on track? If not, how are you going to get there?
In this amazing discussion with my financial advisor, Justin Smith, CFA, CFP, we'll discuss that and much more, including:
- How to determine if/when you need a financial advisor.
- What a fiduciary is and why you need to make sure your financial advisor is one.
- The most important questions to ask a prospective financial advisor to determine if they are the right fit.
- If you should look for an advisor who is “fee only.”
- The red flags to look out for when seeking a financial advisor.
- If it’s possible to make a change if you feel you are not with the right financial advisor.
- How a good financial advisor can help you manage the emotional and behavioral side of investing.
- The importance of sharing a financial vision with your spouse.
- What “first scoop of ice cream dollars” are and why they are so important for couples to define.
- Whether couples should split or share bank and retirement accounts.
- When going to Starbucks every day or going out to nice dinners with the family can be part of a responsible financial plan.
- How to define savings, if there are set rules for spending vs. saving, and how to coordinate them with your personal and retirement goals.
- The 50:30:20 rule for spending post-tax dollars and how to coordinate that with your family’s values.
- Strategies on how to build a financial IQ.
- What Justin feels is the best book to change the way you think about money.
- The value of a balance sheet and how often you should update it.
- The traits that Justin sees most often in people who achieve financial freedom and overall contentment.
LINKS:
-NAPFA Consumer Resources: https://www.napfa.org/financial-planning/consumer-resources
-NAPFA Advisor Checklist: http://s3.napfa.cql-aws.com.s3.amazonaws.com/files/Consumer/AdvisorComparisonToolFinal-fillable.pdf
-9 Questions to Ask a Financial Advisor: https://smithpartnerswealth.com/19-questions-to-ask-your-financial-adviser/
-To learn more about Smith Partners Wealth Management: https://smithpartnerswealth.com/
-The Ortho Coach website: www.TheOrthoCoach.com
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