Would You Give the Same Advice to Yourself if You Might Lose Your Job in the Next 6 Months
Almost all financial advisory standards discuss about budgeting, cashflow planning, investments, managing risks through insurance.
But most clients don’t buy any of this. Some put their money in savings account, some swear by real estates or stocks, some spend it all, some buy insurance policies only, and some does a combination of all (diversification).
The decisions are all very different – shaped by personalities, past experiences, education, financial literacy, up-bringing, values, culture, geography, economic environment, circle of influence, employment and income.
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What if you might be losing your job in the next 6 months, would you still give the same financial advice to yourself?
No. 1 Different Jobs, Different Perspectives
As a financial advisor or wealth manager, your job risk is very different from a traditional job. Your job security and income increases as you have more clients and businesses, leading to more predictable cashflow and extra savings or income that you can control.
If you are always in danger of losing your job (in 6 months), which is the typical nature of most jobs, your job security is much lower and income may stop suddenly.
Would you apply the same financial advice to yourself if you need to worry that your financial advisory firm may fold anytime?
No. 2 Clients Constantly Worry About Uncertainties, Commitments
While financial advice is extremely helpful to most people, clients constantly worry about uncertainties and commitments.
If you represent an unfortunately mis-managed financial advisory firm or product, you will constantly worry about the day when things go wrong … … how would you explain to your clients?
If you are the client, would you worry if your financial advisor or the firm is providing the optimal advice? Would the product fail? Would you prefer to have a lot more cash on hand to allow for any sudden commitments or uncertainties?
No. 3 Emergency Funds. Does it Work?
Almost every financial plan practices at least 3 – 6 months of emergency funds. How often do you actually tap onto emergency funds over the the last 3, 10, 20 years? Is it sufficient, or is it a lot more than necessary? Or do you bridge the cashflow using credit cards (30 days grace) to pay for bills?
But what if you are going to lose your job? Would you quickly liquidate your risky assets, in case a meltdown cause a further 30 – 50% decline in portfolio value? And Should you also reduce your insurance premiums / coverage?
If you are the client, would earning 1% more yearly sufficiently compensate for the emotional worries?
How about you? If you are the advisor and you might lose your job in the next 6 months, would you accept the financial advice that your advisor give to you?
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