Some people think my area of expertise is really about debt, but that isn’t really the case. My real skill is managing spending, debt is just a symptom and so is not having enough to put away for retirement. Some people then imagine that therefore my skills only have value if there is debt to pay off but that isn’t the case either. Recently I’ve dealt with several new clients who have very large investment accounts and now debt but they still want a cash flow plan that ensures they can hav the life they want and without running out of money. As turns out that without cash flow or spending management skills it is impossible to provide this advice accurately.
It’s surprising just how many high net worth clients are asking their advisor the question “how long will my money last” but not getting an answer they feel comfortable with because it is not based on them…
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