I Don’t Know What Is “Right” For Your Money
Earlier this week, I saw a LinkedIn post proposing a hypothetical situation about how a financial advisor should address Social Security planning for a client. The short version of the scenario was that a client spends less than she can afford each month, wants to begin drawing Social Security at 62, says she will start spending more once the Social Security payment starts, and wants to keep her portfolio withdrawals the same. Maintaining her withdrawals does not cause a problem in her plan, and she could draw more if she wanted. The post then asked how advisors would handle the situation.
Not surprisingly, financial advisors filled the comments with tons of strategies, spreadsheet reasons, and confidence that they knew what this hypothetical woman should do and that they would be able to convince her to do the optimal “right” thing.
I almost chimed in with my two cents, but decided against spending more time and energy on social media—plus, I know I wouldn’t be changing anyone’s mind, and I’d probably end up getting more annoyed than anything.
Then today, I had a thought after recording a guest appearance on a podcast that I’m sure was inspired by that post a few days ago, and shared it out on social media:
“As a financial advisor, I don't know what the "right" thing is for you to do with your money.
I have the knowledge, tools, and experience to help you explore different options to accomplish your goals and live your Authentic Life.
I can give you advice on which option appears to be best for you based on where I am sitting and what I see, and I can even share what I would do if I were in your situation to provide some context.
I can help guide you to discovering your Authentic Self and the Authentic Life you are meant to live, which will serve as your North Star for your finances.
But ultimately, only YOU know what the "right" thing to do with your money is.
After looking at the options, learning about the pros and cons of each, and seeing how they impact your projections, you will have a feeling--that feeling is your intuition, and it will tell you which option aligns with your values, Self, and Authentic Life.
This is why I view my Self more as a guide, a true adviser, and a collaborator than the person with the answers.
Only you will know what is "right".
Developing your sense of/trust in intuition is an integral part of maturing with your money.”
Keep pursuing,
JC
