Ever walk out of a restaurant and see a fishbowl at the entrance, filled with business cards? The sign next to it would say “Want a free dinner? Meet with a financial planner!”
When I was younger, I put my business card in one of those fishbowls because who doesn't want a free dinner?
It turns out that I would have to pay for my dinner with an hour+ meeting with a “financial planner,” who was more sales person than actual financial planner, and I didn't have a financial plan. I did have a better understanding of how those fishbowls worked though!
A financial plan is important, we all know this, but very few of us have one. It's because we think that we need to meet with a financial planner to get one and who has the time or the money to pay someone for a “plan?” [Read more…]