Witches with Flowers and the Truth About Financial Rules of Thumb
Every fall, I remember a story from years ago. My then-three-year-old daughter was in the craft store checkout line with my wife. She wore a black dress, a black hat, and held two “wands”: a pinwheel and a bouquet of artificial flowers. (After all, it was a craft store!)
As they waited, another mother and her slightly older daughter joined the line. The older child pointed and said loudly, “Look, Mom! That girl’s a witch! Wait, she’s not a witch. She doesn’t have a broom. And those things she is holding aren’t witches’ wands. Witches don’t have flowers or pinwheels.”
My daughter’s smile faded. She quietly asked my wife to hold her hat, her pinwheel, and her bouquet because she didn’t have a broom, so she wasn’t a witch.
That moment reminds me of financial advice columns I read recently. They listed what people “should” do financially in their 20s, 30s, and 40s. The tone sounded a lot like that little girl declaring what witches must look like.
We often let others define what we “should” do, especially with money. Many avoid talking to a financial planner because they rely on rules of thumb, magazine articles, or even hearsay in a grocery store line.
After years of working with individuals and couples, I know financial planning is personal. Applying a blogger’s tip or Uncle Johnny’s stock pick without context can lead to costly mistakes.
The solution is simple, though not always easy: sit down with an experienced professional. Savant offers an Ideal Futures® Financial Health Assessment, a thorough review with a professional designed to help identify potential gaps in your plan. Bottom line: Work with a CERTIFIED FINANCIAL PLANNER® professional who can review your situation. Stop relying solely on generic rules or advice from acquaintances.
By the way, when my wife told me the story that evening, my daughter was happily dancing around the house in her witch costume, wildly waving her pinwheel and bouquet. The world needs more people focused on their own financial lives and more witches with flowers.
Joel Cundick
Lead Advisor / Financial Advisor
CFP®, AIF®