A Fee-Only financial planner is someone who pays attention to all aspects of your financial life and sometimes they may even have general advice that you can use as you make decisions and try to increase your financial discipline.
Carl Richards, financial planner and New York Times columnist writes about the benefits of tackling difficult tasks early and often in “The Benefits of Getting an Icy Start to the Day.” In it, he details his habit of taking a cold shower first thing in the morning. If the thought of even a lukewarm shower at any time of day makes you cringe, hold on, and consider what Richards is saying. It isn’t just the cold shower; it is also the fact that you start the day this way.
“I’m not suggesting that taking a cold shower in the morning will make sticking to your budget in the afternoon trivial by comparison. That’s not the point.
The point is that starting your morning by tackling challenges head-on will help encourage similar behavior throughout the day.”
Many of us spend our lives avoiding difficult financial tasks and tough financial realities. Whether it is paying a bill or selling a home that we can no longer afford, putting things off just seems easier.
The problem is that if we don’t choose the cold shower early, life may dump a bucket of cold water on us later.
And then there are times when we just don’t know what to do. This is when we need to get expert help (but we put that off too). A Fee-Only financial planner can assist not only with tough financial decisions but also with deciding which tough financial decisions will be the most beneficial.
Fee-Only financial planners take an oath to guide you towards financial decisions and financial products that will help you. They examine your life and goals in a holistic way to see what makes sense for you rather than pushing you to follow conventional wisdom.