Don't take the investing journey alone

I am pictured above during a hike in Mueller State Park, Colorado with one of the top estate attorneys in Dallas, Nelson Hunt. As I stepped over a rock or two, I commented to my fellow hikers, “It would not be good to hike alone and twist your ankle.” Hiking with others is a much better way to go because you have someone to help you if you get hurt or if you are about to do something stupid.

I am convinced that the same principle applies in our personal finances. Operating in isolation is a high risk activity. Some of the largest mistakes I have made and many of the mistakes I see in my client's lives, have come from not having any counsel or guidance in their decision making. We all do a poor job of recognizing our various biases.

My firm’s compensation model is oriented around me being a third or second voice for my clients so that they do not have to operate in isolation. As a concierge personal finance professional, I visit clients in their homes or offices. When I walk into their home, I arrive with no product to sell and no bias toward them having a bunch of liquid assets (an AUM model) or land in Vermont. The beauty of the hourly model.....

Before you make a big financial decision like:

1. Buying a house
2. Buying a business
3. Starting your investment portfolio
4. Inheriting money
5. Giving money
6. Starting the path to getting out of debt
7. Setting financial goals

Consider……..

Do you have someone who is speaking into and advising you on your financial decision making? A spouse or a trusted friend is a good place to start. I’d hire this guy if I were you :)