What I Learned from Visiting a Financial Adviser
As a professional rugby player my schedule is incredibly busy. Understanding my finances had not been at the forefront of my mind, but it was something I was interested in learning more about. I recently had the opportunity to sit down with a Penn Mutual Financial Adviser, and I am better off for having this experience.
I learned a lot from our meeting, but three things stood out to me.
1. Seek Help
A good coach can help you formulate a game plan. Quality coaches can assess your strengths and weaknesses and put you in the best possible position for success. When Mike Friday came in as our new coach, he helped us see and understand things happening on the field in a new way. The players were all the same, but the team as a whole made a huge jump forward because his coaching helped us make better decisions on the pitch.
Similarly, a financial adviser can help formulate a financial strategy. I learned that no matter your financial situation, sitting down with a financial adviser can help provide you with both a short term and long term outlook and can guide you in making decisions. The time with an adviser helped me see and understand things in a new perspective.
2. Having a Game Plan is Essential
This really resonated with me. When we prepare for matches on the HSBC World Series, we devise a game plan to take on the likes of Fiji, New Zealand and South Africa. Having a strategy going into those games benefits our team. Preparation is everything. If you don’t have all the little details ironed out beforehand, you will be a step behind before you even step out on the pitch.
Everyone is in a different financial situation. You can build a game plan that works for you, but the important thing is to formulate a plan in the first place and having a plan is critical to achieving your goals.
3. Defense is a Good Offense
Individual and collective defense is something we stress on the rugby field. Our work rate, defensive shape and tackling not only prevents us from giving up points but it also creates offensive opportunities.
I see similarities in making life insurance an important part of a financial strategy. A life insurance policy could serve as protection or “defense” for my loved ones, should anything happen to me. On the same note, life insurance can be used while I am still living. Over time, certain types of policies can build cash value that can be used while you are alive. By making a purchase that will initially help you provide a good defense, you can use the cash value to attack whatever opportunities life may offer.
Everyone can benefit from meeting with a financial adviser, no matter your circumstances. I used to think that you had to have millions in your bank account before a financial adviser would even want to meet, but I realized that everyone can benefit from advice, no matter your situation. The advice is tailored just for you, and the financial adviser is really looking out for you.