You may have read my last post “Ideal Client” and saw the mention of a pit crew. I’m not a NASCAR fan, so for those that are you may correct me on the details, but the overall theme is the same.
Though you may only see the pit crew during hectic times of a NASCAR race, frantically getting new tires, gassing up, etc in a timely manner there is a lot of prep work to make that moment happen. The pit crew & team help build a car to win the race. That takes a plan on how to get there, team work, and most importantly; getting the right players involved.
So what does your Financial Pit Crew look like?
1) CPA/Accountant – so you say you do it yourself because you’re a math wiz kid? Did you know that THIS year approximately 1,400 tax laws CHANGE. Of course not ALL of them deal with you, but do you really have the time and energy to figure out which one do and how they apply to you? Having a good CPA/Accountant that has been in the business a while can really make this much easier on you. They’re use to the different tax law changes, what it means for their clients and how to maximize the changes. The best ones will make it as painless as possible and make sure to ask the right questions. Many times I’ve seen people who previously prepare their own taxes actually save money or break even after they paid an accountant/CPA to do it for them because of the CPA/accountant’s vast knowledge. I find having more time to do what I want with family and friends worth paying someone else to deal with my tax headache.
2) Financial Advisor – you’ve got a goal, but do you have a map on how to get there and do you have enough gas? Sticky notes around the house and self-help books only get you so far. An advisor can help guide you in the right direction based off questions and getting to know you better. Our knowledge of finances help fill up you goal’s tank with funding and lay a map to make sure you’ll get there in good time.
3) Insurance Agent – every driver needs insurance. Whether you like it or not, insurance is necessary so that your goal doesn’t go out the window when you hit a tree and have to pay medical bills, repair bills and may not be able to work. There are a variety of insurance agents out there from your home/car, life, disability, and long term care you need to make sure you’re covered. Some financial advisors (like myself) also offer life, disability and long term care insurance because it’s that important to achieving your goal. I think of it as a safety net in case you fall of your map because life threw you a curve ball.
4) Attorney – Financial you want an Estate Attorney, depending on your situation divorce attorney and tax attorney. They help you efficiently get to your goals by either preparing for them legally (proper will or trust) or helping you effectively/efficiently get out of it (proper divorce or tax settlement). No one likes paying attorneys a hefty price, but paying a heftier price is what will happen if you try to “fix” it yourself.
5) Bank – Less of a person and more of an entity. It will be a piece of the puzzle alongside the Financial Advisor. Make sure to have one you trust and enjoy going to. Though many people are doing online banking and rarely go inside now, when the time comes that you have to talk to someone it better be somewhere that you like to go. Excessive fees and surprise charges will hinder your plan. Though it may seem small it will add up quickly.
So how does your financial pit crew stack up?
Do you have the right players to get you to your goals in life?
If you have all the crew members, when was the last time you reviewed their performance against your goals?
If you’re missing a crew member or one is not helping you get to your goals, let me know as I have a number of fantastic people that can help you get to your goals.
Until next time wonderful readers!
– Financial Landscaper
