When it comes to financial decisions, it seems like everyone has an opinion. News articles tell you to invest in this but not that. Social media tells us about get-rich-quick schemes and people who made certain financial choices and became wildly successful. Uncle George swears by investing in gold, while Cousin Ellen thinks real estate is the only way to go. Even reputable financial news sources seem to periodically change their minds about how to invest your hard earned dollars.

How do you muddle through all the information and opinions out there?

First of all, understand that your personal financial decisions are truly personal. No one is in the exact same situation as you, so no one can tell you, with 100% certainty, that what worked for them will work for you.

Think about it. People have different priorities and lifestyles:

  • Some people have children (and will need to drop money on child care and then college), and some do not.
  • For some, going on an annual trip abroad or buying a new car every few years is a priority; for others, it’s not.
  • There are those who prefer renting or living in a condo, and those who are homeowners.
  • Some want to retire by age 55; others love what they do so much, they hardly think about retirement.
  • Some people are in excellent health; others have chronic illnesses that are incredibly costly.
  • Some need to keep most of their assets liquid and accessible; others are able to tie up their money in long-term investments.

I think you can sense where I’m going here. There are dozens of variables that could weigh into your financial decisions. Those variables go beyond your annual income and target retirement age—they are individual and ever-changing.

It’s important to develop an understanding of your full financial picture and all its moving parts. You don’t have to do it alone. A trusted financial advisor can help you make sense of the complicated mosaic of your financial situation.

Remember: Any good advisor will ask you questions and get to know you and your unique circumstances. They won’t fit you into a one-size-fits-all plan, but will instead develop a portfolio around YOU and your needs.

In short, blog posts, social media, and your distant relatives do not hold all the answers to your financial questions. Sure, they might help, but you should always take their advice with a grain of salt. Instead, take the time to consider all your financial elements and rely on a trusted financial advisor to guide you to make educated decisions. Financial decisions shouldn’t be made hastily–this is your future we’re talking about.

If you have any questions about how to begin assessing your unique financial circumstances, please feel free to get in touch.

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