Planning for Financial Freedom - (w/Justin Smith, CFA,CFP) [Ep.25]

In Part 1 of this amazing discussion with my financial advisor, Justin Smith, CFP, CFA, you’ll learn:

·         How to determine if/when you need a financial advisor.

·         What a fiduciary is and why you need to make sure your financial advisor is one.

·         The most important questions to ask a prospective financial advisor to determine if they are the right fit.

·         If you should look for an advisor who is “fee only.”

·         The red flags to look out for when seeking a financial advisor.

·         If it’s possible to make a change if you feel you are not with the right financial advisor.

·         How a good financial advisor can help you manage the emotional and behavioral side of investing.

·         The importance of sharing a financial vision with your spouse.

·         What “first scoop of ice cream dollars” are and why they are so important for couples to define.

·         Whether couples should split or share bank and retirement accounts.

·         When going to Starbucks every day or going out to nice dinners with the family can be part of a responsible financial plan. 

·         How to define savings, if there are set rules for spending vs. saving, and how to coordinate them with your personal and retirement goals.

·         The 50:30:20 rule for spending post-tax dollars and how to coordinate that with your family’s values.

·         Strategies on how to build a financial IQ.

·         What Justin feels is the best book to change the way you think about money.

·         The value of a balance sheet and how often you should update it.

·         The traits that Justin sees most often in people who achieve financial freedom and overall contentment.

LINKS:

·         NAPFA Consumer Resources: https://www.napfa.org/financial-planning/consumer-resources

·         NAPFA Advisor Checklist: http://s3.napfa.cql-aws.com.s3.amazonaws.com/files/Consumer/AdvisorComparisonToolFinal-fillable.pdf 

·         19 Questions to Ask a Financial Advisor: https://smithpartnerswealth.com/19-questions-to-ask-your-financial-adviser/ 

·         To learn more about Smith Partners Wealth Management: https://smithpartnerswealth.com/

·         The Ortho Coach website:  www.TheOrthoCoach.com