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I often receive questions from people who think my clients are primarily people who are terrible with money. Most assume that financial advisers exist to help people in horrible financial situations; what else would a financial planner do?
One of the ultimate financial ironies is that the people who most need financial advice seldom seek it. I see this every day. The typical person who walks into my office has decades of making good financial decisions.
I have worked with enough people who desperately need financial advice to notice several themes. These themes often stop people from taking that first step toward financial security.
The first strain of faulty thinking is an all-or-nothing attitude. People see where they want to be, and it seems too daunting, so they don't even begin.
People who suffer from all-or-nothing think retirement is an impossible dream, so they never open that first account and make that first deposit. Many parents worry about the high tuition cost and never begin saving.
No matter how small the deposit, you must make it. Once you gain a little momentum, you will begin to enjoy the process.
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The second false belief that stops people from taking that first step is to think the game is rigged. They think investing is for the ultra-intelligent or powerful and that they will get crushed.
Too many people think investing is a zero-sum game where there always has to be a loser. This is simply not true. Movies perpetuate the zero-sum myth, as do news stories that often paint a picture that only the rich get ahead.
In 2008 Warren Buffett made a million-dollar bet with a fancy New York hedge fund. Buffett bet that after fees and expenses, the hedge fund would not beat the S&P 500. The winner would donate the million dollars to charity.
Years before the bet was over, the hedge fund conceded. The S&P was too far ahead to catch up. This victory is not a fluke; most managers can't beat their respective indexes. High internal fees sabotage even the best managers.
The last faulty line of thinking is the idea that financial literacy is complex. Most people who have long-term financial struggles never take a step to learn more about finances.
Gaining financial literacy is a brick-by-brick process. Very few financial topics are unobtainable; they require little time and discipline.
Common Cents: How do you stay sane in a bad market? John Mills has some tips.
Self-help guru Jim Rohn once said something profound. He said, "if you think trying is risky, wait till they hand you the bill for not trying."
If you are too afraid to start saving or investing because it seems insignificant or scary, the "bill" of inaction will come, and the "bill" will be more expensive than you can ever imagine.
A musician blows on his Sousaphone Tuba during the annual 4th of July parade in Napa on Monday.
Erin Riley in one of the booths at her Be Bubbly lounge in downtown Napa.
Joeanne Hahn rides a mechanical bull during the Star Spangled Social in Calistoga on Sunday. The social featured events running through the day including a cornhole tournament, musical performances, a Makers' Fair and a family carnival.
A classic car makes its way past spectators lining the streets of downtown Napa during the annual 4th of July parade on Monday.
Lil Witten holds flag as she prepares for the start of the annual 4th of July parade through downtown Napa on Monday.
Al Brambrink tests a donated lamp at the Community Projects thrift store on Franklin Street in Napa on Tuesday. The store takes donations, sells them and donates the profits back to the community. They started in 1941 with Bundles for Britain. Community Projects is celebrating its 80th anniversary this year.
Kids line up before moving on to their next adventure at Connolly Ranch Education Center in Napa on Thursday.
A child swings on a tree swing at Connolly Ranch Education Center in Napa on Thursday.
Sean Parker of Mad Fritz is seen pouring beer during the 10th annual Napa Valley Beer Battle and BBQ, a fundraiser for the Napa Valley Education Foundation in St. Helena on Sunday. The event showcases craft beer from around the Bay Area.
People are seen at Tre Posti during the10th annual Napa Valley Beer Battle and BBQ, a fundraiser for the Napa Valley Education Foundation in St. Helena on Sunday. The event showcases craft beer and barbecue from around the Bay Area.
Hundred of SEIU local union members rally in front of the County Administration building in Napa on Tuesday.
Lucas Seifert, 8, fishes during Camp Di Rosa in Napa on Tuesday.
Linden Fowler works in the garden of his short-term rental property in Napa on Tuesday.
Daphne Birkmyer, author of the "Comfrey, Wyoming" series of novels, poses for a photograph with her dogs at her home in Napa.
Jezebel Vargas, 7 smiles as she holds a giant African millipede during the Insect Discovery Lab at the Napa County Library in downtown Napa on Wednesday.
An eastern lubber grasshopper is seen crawling on a child’s hand during the Insect Discovery Lab at the Napa County Library.
Susan James rides her horse Devann on Thursday through the equestrian area of Skyline Park, a piece of the park that is a proposed site for affordable housing in Napa County.
Teegan Estes, 9, is seen making jewelry from coins on his workbench at his home in Napa.
Steven Gingrass, 5, Travis Liu, 5, and Blake Liu, 5, sit in the cockpit of a 1946 Aeronca Chief airplane during a vintage aircraft display day Sunday at the Napa County Airport.
Program manager Christine Gonzales plays with Gaetano Lefler,7, and Madison Hughes, 6, during Camp Napa, a city of Napa Parks and Rec sponsored summer camp at Las Flores Community Center in Napa on Wednesday.
Kids are seen playing with a large beach ball during Camp Napa, a city of Napa Parks and Rec sponsored summer camp at Las Flores Community Center in Napa on Wednesday.
Jared Chrisco is hugged by Geo reentry staff after receiving his program completion certificate in Napa on Wednesday.
First-time home buyer Peter Chenaux checks on his chickens after returning to his home in Napa. One of the conditions for buying the home was that he and his wife Kelsey adopt the previous owner’s chickens.
Manager Hanzel Dingler, a manager at the recently opened ArBaretum bar in Napa, served a cocktail to guests.
Longtime bartender Mark Eggan is the founder of Wine Country Bartending.
Sunday's Día de la Familia celebration in downtown Napa featured performers such as Los Lupeños de San José. The Napa Valley Farmworker Foundation staged its annual festival this year after putting it on hold with the arrival of the COVID-19 pandemic in 2020.
Conchita Diaz dances to the sounds of Mi Tierra mariachi band during the Día de la Familia festival in Napa on Sunday.
Los Lupeños de San José performed during the Día de la Familia festival in Napa on Sunday.
American Canyon City Manager Jason Holley walks through a modular apartment in Watson Ranch, a housing and mixed-use development under construction, during a Tuesday tour of the site for city officials.
The presentation of the colors is seen during the 60th Air Mobility Wing change of command ceremony at Travis Air Force base in Fairfield on Wednesday. Outgoing commander Col. Corey Simmons will depart after 2 years in command giving way to Col. Derek Salami.
A member of the 60th Air Mobility Wing jogs through a hanger after the change of command ceremony at Travis Air Force base in Fairfield on Wednesday. Outgoing commander Col. Corey Simmons will depart after 2 years in command giving way to Col. Derek Salami.
Tom and John Mills are registered investment advisers and certified financial planners. Reach them at 254-0155 or MillsWealth.com. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Strategic Wealth Advisors Group (SWAG), a registered investment adviser.
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