It is with increasingly certainty that I believe this new generation of bright, young individuals in our blazing fast society is woefully inept at taking the basic steps necessary to secure their financial future. Please don’t think that I’m saying this young tribe isn’t smart. Far from it as this is probably the most intellectually talented generation we’ve seen.
In my experience; the majority of people I work with for the first time have generally ignored the importance of financial planning and goal setting and as a result have either taken unnecessary or inappropriate risks with their money, and with bad investing decisions have failed to diversify their portfolios properly and are generally paying too much in fees and charges. All of which combined lead to poor investment returns.
Financial Planning in its essence deals with individuals and families and their long-term financial goals. However, a large majority of my clients tend to be business owners or professionals and I am continually amazed at how often the protection of their source of your income is overlooked.