Part of my job as a Wealth Strategist is to help my clients to stay on track with their financial plan. This includes helping them to avoid making big money mistakes. I've recently developed a list of five, thought-provoking questions that can help clients to realize mistakes that they may not be aware that they are making:
1. What is the process that you use to budget or examine your consumption activities? The answer to this question can help you keep your family's spending within your acceptable limits.
2. Do your goals and aspirations have realistic time lines? This answer helps to keep you from setting unrealistic expectations for your financial plans.
3. Do you know what you can do, so that you can share with others what you want to do? The purpose of this question is to explore if you have adequate protection against unforeseen losses.
4. How have you strategically diversified your investments in order to reduce unpredictable fluctuation? This answer will help protect you from unnecessary investment risk.
5. Will you outlive your retirement resources? The answer to this question will determine the effectiveness of you inflation impact plan.
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