Issue 25.11
I can’t tell you how many times I’ve spoken with people who believe there’s only one way to build their financial plan. How unfortunate that so many have been taught such a tragic way of handling their retirement portfolio.
Do you remember Route 66?
Built in the mid-1920s, Route 66 was once the premier way to get from one side of the country to the other. It was the fastest, smoothest and most direct path to get where you were going. Let me ask you this: How many of you still use Route 66 in your travels? You might stumble upon the “Historic Route 66” for a few miles here and there but usually you’ll find an alternate route to take you to your destination.
The point I’m trying to make is this. Times change and the things that are familiar to us change too. Why would your finances be any different? We live in a world that is constantly changing and evolving. Route 66 was replaced by a massive system of highways and freeways that spans our wonderful nation. There are so many different roads to take…just like there are so many different financial options to choose from.
It can be overwhelming, can’t it? We think we know which decision is best but, with so many choices available to us, how can we be absolutely sure? How do we know which one is best for us?
When I bought my first GPS Navigator and hooked it up in my car, I was so impressed that this tiny machine was able to link up with all the roads in the country and select which route will get me where I’m going fastest. In the financial world, you need a “GPS plan.” You need to approach your financial plan from every angle to make sure you have a complete picture of what you want and where you’re going.
Something else I learned about my GPS Navigator is that it’s important to update it on at least a yearly basis. With how many new roads are built every year in the U.S., it doesn’t take long for the paths in my GPS to become obsolete and for new and faster roads to open up. The same thing applies to your financial plan. If you don’t review your current plan every 6-12 months, you could be missing out on new opportunities or allowing your portfolio to slip into a potential tax problem.
Is your current advisor approaching your retirement plan from every angle to make sure that you are on the best possible path for your unique and individual financial situation? Is he/she reviewing your plan on a regular basis to make sure you’re still getting what you expected? If not, perhaps it’s time for a second opinion.
Eric Scott can be reached at (435)773-9444 or you can visit Eric’s office at 352 E. Riverside Dr. Ste. #B-4 in Saint George, Utah. Investment Advisory Services offered throughout E.L. Scott Investments, LLC, a registered investment advisor. Eric Scott Financial and E.L. Scott Investments, LLC are separate companies. E.L. Scott Investments does not provide tax or legal advice.