When Was The Last Time You Did This?
(This Blog post is written by my dear friend, Shawn Dorrough, The Wealth Strategist; Founder of The WealthShift Project, Author of "The Consumption Trap", and contestant of Season 1 of the popular online TV Show, "The Keynote." Please enjoy his post and the wisdom provided below.) (Permission granted to repost.) Be sure to follow Shawn's blog as well!
I sat in the waiting room nervous with sweaty palms. Not sure why, I’ve done this before. Plenty of times to tell the truth but it never gets easy. I think the older I get the more I appreciate not having to come here very often so when I do show up, I’m as scared as a stray cat at a dog show.
PUTTING THINGS INTO PERSPECTIVE
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My annual physical is not a very fun experience but I know it’s necessary. I’ll spare you the details on why I’m not fond of seeing my doctor every year but let’s just say it’s not a comfortable sixty minutes. But as a wealth coach/consultant it does give me a good perspective on how people feel when they are apprehensive with getting a fiscal check up. Because I can tell you from experience, most people feel violated and uncomfortable when reviewing their financial situation and I completely understand.
But just like a physical exam is important, so is a fiscal exam. Because if you ignore this area then how do you know if everything is okay? Sure, it’s obvious if you’re dealing with something like an unexpected costly medical bill or the lost of income but that’s not where most people have a problem. This is why getting a check up is so important.
SOME PEOPLE DON’T KNOW THAT THEY ARE FISCALLY SICK
Even if it’s uncomfortable, if you haven’t done so in a while it’s probably time to really consider taking a hard look at your financial situation. Now, I hear you… you’re probably saying to yourself, “Shawn trust me, I know where my money is going!”
I have no doubt that you have a good grasp on your daily bills and savings. But are you sure everything aligns with your goals and game plan for life?
For example, do you know if your RETIREMENT savings will be adequate? Are you likely to have enough money to live comfortably when the time comes? Now I hear you saying…”Shawn, I’m trying to concentrate on today. I’ll deal with retirement in the long term!” I get that too but keep in mind, every dollar you save today your future self is saying thank you. Because the reality is as you continue waking up, one day you’ll get “there” and what you do now will determine your outcome (see Proverbs 6:6-8).
Okay, you got your future self squared away. Then what about right now? What about your DEBT situation? Are you strategically reducing your debt? Most people put more focus and concentration on making MORE money but they forget about the need to decrease their debt to asset ratio. Debt can and will eat away at your ability to live a comfortable life today and in the future. If you need a few good strategies on how to reduce your debt in in a short time frame then check out my book The Consumption Trap.
But let’s not stop there because another important area to review is your current INSURANCE needs? Do you have enough? Are your policies up to date? At a minimum you should be reviewing your life, health, homeowners, disability, and liability policies to be certain they’re adequate.
NO TIME FOR THE STATUS QUO
Look, we haven’t even talked about if your ESTATE planning is current or other strategies but my main point with this blog is to convince you to not stay in the status quo. I get it, you don’t like going in for checkups – neither do I. Their intrusive, uncomfortable, scary and time consuming. But their also very important!
So ask yourself – do you have the information needed to make the best financial decisions that you can possibly make or are you guessing in the dark? Because once we have the information now it’s up to us to make it happen. And the reality is this – everything that we need to make the a wealth shift is out here for us …our job is to seek it out. So sweat through the anticipation of the waiting room and go get a check up!