The Ph.D.
Years ago, we had an individual looking for financial coaching. He was an interesting and intelligent person. He had an undergraduate degree in rocket science and a PhD in Psychology. However, none of that transferred to managing money and his business. That was all his financial credentials, but he needed to be better off and was not on a good path. After a few months of coaching, Including getting him to raise his fees for his projects as he was undercharging. He also had to borrow money to pay his yearly taxes and didn't own a house. He was concerned that he would lose clients if he raised his prices.
The story had a great ending. He increased the prices of his services, but much to his surprise, no one left, and he was busier. Within two years, he qualified for a mortgage and bought a house, never having to borrow to pay his taxes again; since then, his home has paid off. He's still practicing and enjoying life and financial freedom.
People think they need a lot of money to have a financial planner. No, they get a lot of money when they get a financial planner or someone to point them in the right direction, keep them moving forward and understand both them, their needs, their wants, and their wishes, and help them formulate that into a plan no keep them going. Most people have heard this old saying, but it remains true: most people don't plan to fail; they fail to plan. This is a quote by John J. Beckley, the first librarian at the Library of Congress and friend of George Washington.
