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May 12, 2020

In this episode of The Confident Wealth Podcast with Bill Bush and Mike Hackler, Certified Financial Planner who joined Horizon at the end of the summer of 2019, talk about financial planning in three-year blocks of time, the key ingredients of a financial plan, how money is tied to emotions, and ways to take proper action with your planning.

 

 

Episode Highlights:

 

  • 00:51 – Bill Bush introduces Mike Hackler, who shares about his professional

             experience.

  • 01:39 – What does it take to become a CFP like Mike Hackler?
  • 02:12 – Where do most people go wrong with financial planning?
  • 03:08 – Don’t give advice in a vacuum.
  • 05:30 – What is the fallacy of making too many random changes to your financial
  • plan?
  • 05:24 – Bill and Mike talk about developing a personal road map.
  • 07:20 – What is the importance of financial planning in three-year chunks?
  • 08:30 – Clients aren’t all the same and they each need plans tailored to their

             needs. 

  • 10:09 – How does Mike address clients that have gotten outdated advice from
  •          others?
  • 12:32 – How does the fear of acting now affect decision-making?
  • 14:15 – Seek out financial advice.
  • 11:45 – Watch

 

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3 Key Points:

  1. The biggest mistake in financial planning is a lack of planning.
  2. The 3 Essential Elements of a Financial Plan: advice based on the client’s circumstances, money needs to be in service to a particular plan, and no two clients are alike.
  3. The 3 Main Emotions that affect financial decisions are: fear, greed, and stupidity.

 

Tweetable Quotes:

  • “We usually start by asking a question to the degree of you know, if we are sitting here three years from today, looking back at this meeting, what has to happen over that time for you to be happy with your progress?” – Mike Hackler.
  • “You know that you can make progress if you put in a game plan today and in three years from now, you can achieve some of those goals that you set out.” – Mike Hackler.
  • “Emotions are tied to money, always, and when they are tied to money we tend to act irrational. As humans, we tend to leap before we look.” – Mike Hackler.

 

 

Resources Mentioned: