You know what cooks my buns? Ovens… The other thing that burns my biscuits is when people don’t set themselves up for success – whether that has to do with family, time or financial wellbeing.
One interesting thing I learned since busily buzzing around town meeting the people of Springfield is you don’t need to be earning buku bucks in order to plan for your retirement. Thank goodness for that! It is understandable why many women put off planning for their retirement: after paying the bills, taking care of birthdays, school outings, unseen expenses (like that unexpected flat tire), or having your in-laws come into town, retirement may seem like a far-away dream.
After compiling all our expenses, many ladies in Springfield fear that planning for their retirement is something that will just have to wait – but this simply isn’t true. If we treated retirement as a necessity instead of as a luxury item, you’d be surprised how much we can set ourselves and our families up for success. Thinking of it as a utility bill or a school fee definitely puts us on the right track for experiencing our golden years in a financially fit manner.
So ladies, in an attempt to support you in setting you AND your family up for success in the long-run, this article is dedicated to turning over common misconceptions about financial planning.
I had the opportunity of meeting the lovely Mrs. Tammy Messier who is a wealth of information on the topic and she really opened my eyes to what I thought I knew about financial planning. The keyword here is “thought.”
Common Misconceptions About Financial Planning
If you are anything like me, then you probably have procrastinated planning for your retirement. “I’ve got time,” and “I’m still young,” and “I’ll do it when I earn more,” are thoughts that do not serve us and can end up costing us and our families in the long run!
One thing Tammy said that rings true for me is women tend to think about the needs of everyone else in their life, often neglecting themselves. While this isn’t true for all women, many treat money as a means to an end for their family’s immediate needs instead of as a vehicle to retirement. Some women I have talked to consider it “selfish” to think of their future, but in my opinion, there is a difference between being “selfish” and “self-loving.” When you set yourself up for success, your whole family benefits!
Even if you are a single mother, with two children earning minimum wage, you can still create a plan to help you retire and pay for your children’s education. For example, you can ask your employer if a 401(k) plan is available. There are also other college grants, financial aid and scholarships available for low-income families.
Here are some other misconceptions about financial planning:
- Rich people need to plan financially, not me.
Many people feel they don’t earn enough money to invest, but as stated above, plans can be created for all income-earners.
- Financial planners only help you invest.
Picking the right investments is an important aspect of your personal finances, but there is so much more too it! Financial planning takes into account all the varied financial aspects of a person’s life including but not limited to insurance, taxes, retirement, budgeting, estate planning, liquidity requirements and the like. Also, keeping up with the latest laws which can affect your financial goals is a full-time job in itself! This is where having a financial planner could support you.
- I don’t have any assets, so I don’t need to plan right now.
Saying, thinking or believing this statement is like going to the lake and saying, “I’m not wet yet so I won’t bring a towel.” It is never too late or too early to start planning!
- Financial Planners only help you plan for your retirement.
Nope – they cover ALL your financial bases and support you in reaching and living out your financial goals!
- I’ll learn about investing when I have the money to do it.
The sooner you educate yourself, whether it is buying a book, attending a workshop, or frequenting a financial seminar, the sooner you will be clearer on exactly what it is you are looking for. You wouldn’t sign up with a personal trainer without having some kind of fitness goal in mind (whether it’s losing weight, building muscle, toning up or increasing your strength or endurance) – so why would you do it when it comes to you and your family’s future?
Another misconception is, “If I have a financial planner, I don’t need to learn about investing.” While your financial planner will educate you on various options, it is always good to learn and see what else is available out there so YOU can be clearer on what it is you want to achieve.
- Financial planning is all about budgeting and cutting back.
While this may be something that would benefit you and your family, financial planning is so much more than budgeting and cutting back: it’s about reaching your goals while simultaneously setting you and your family up for success.
All About Tammy Messier
Tammy has been with Wells Fargo Advisors since 2006 in Springfield, Mo and is one of those wonderful women who loves supporting her sisters around her. I would know – after initiating and executing several unsustainable business models, I approached Mrs. Messier to ask for her expertise. After gaining her seal of approval my confidence soared through the roof and I started tackling WeDames with new-found fervor.
A mom, a successful business woman and well-versed in all things numbers, Tammy is one of the few female financial advisors in Springfield. While she has experienced an occasion or two where, perhaps due to her gender, there was a lack of respect for her expertise and vocation, she absolutely is not the type of woman to cry over a challenge or to dignify herself with a response to such behavior! Luckily, she loves her clients and her success is not made difficult by her being female. If anything, she feels that being a woman in this industry grants her many advantages.
For one, she is definitely a people-person and you can tell she is very passionate about her vocation. This business requires that Mrs. Messier ask deeper questions so she can get to know her clients on a personal level so she can support them in achieving financial sustainability in their lives. Once she knows what their values are, she can support them in discovering what is most important to them in terms of financial planning.
So, what does Tammy do? She helps people of different income brackets attain their financial goals. What an awesome job scope!
If you would like to schedule a meeting with Tammy to better understand what you would need to do in order to achieve your financial goals, you can find her details here:
Tammy Messier – Financial Advisor
Wells Fargo Advisors, LLC
1720 East Bradford Parkway, Springfield, Mo 65804
Phone: (417) 883-6680
She loves meeting new people and can definitely point you in the right direction!
Wishing you financial success and well-being!