There are many things I am great at ... many things I suck at ... and things that are in the middle ... one of the things I majorly suck at is managing money. I have never been good at it and honestly, I have never really cared that I suck at it << which is a terrible attitude to have. Now, add on top of all that sucking that I am a business owner who doesn't get a weekly or monthly paycheck??? OMG, what am I thinking!!!???? And so, after trying to fight it as long as I could, I hired a financial planner and it is turning out to be a life-saver.
There are many myths out there about financial planners or money managers ... and I believed ALL OF THEM ...
MYTH #1: YOU HAVE TO MAKE A LOT OF MONEY TO HAVE ONE
Nope! You do not have to be a millionaire to hire someone to manage your money. You don't even have to be a thousandaire ... you just have to make something ;) You have to have money coming into your checking account each month ... which if you are reading this and have a phone and pay for wifi I'm guessing you do ;)
MYTH #2: MY LIFE WILL STOP BEING FUN IF I HIRE ONE
Not true! The way it worked when we hired my fabulous money manager was that we talked first about priorities. He asked what our financial goals were, what we wanted out of life, etc, etc. We talked about trips we wanted to take and how often we liked to 'eat out' ... basically the things we liked to do were still going to be there ... it just might be a little less 'fun out' in order to reach our financial goals.
Before we hired Zach, who is my financial planner, the 'fun factor' was taking over our lives ... we were having too much fun. Zach was able to help us find a middle ground that made us feel comfortable.
MYTH #3: MY MONEY WON'T BE MINE ANYMORE
I was super scared of this ... omg, he's going to TAKE my money and I will feel naked!!! ... it's taken about 3 counseling sessions with Zach (yes, he's also become my therapist) to bring me down to planet Earth and make me understand that my money is still MY MONEY ... it's just being held in a place to work for me instead of for more pairs of $250 jeans from Nordstrom ... instead of having access to it all the time and being out of control with it, I am given a barrier to THINK ABOUT my money spending decisions first. It's been amazing. For instance: if I had my money with me and I saw the 'jeans I can't live without' I would probably just buy them ... now I have to go through a 2nd step of 'oh shit, I have to call Zach and have him take money out for me' ... it's that added step that makes me wonder if I really NEED them ... and typically what I find is that I either A: don't want to spend money on them or B: that I don't need another pair of jeans, or shoes, or sheets for our bed ... and if I really REALLY did?? I would simply call Zach and voila: they'd be mine. He's not going to shame me - because at the end of the day my money is still mine.
MYTH #4: THE FEES TO HIRE A MONEY MANAGER ARE SUPER HIGH
I was actually surprised about how low they are ... and here's the thing: IT'S WORTH IT. If you suck at managing your money as a small business owner and you are always freaking out about running out, or how to retire, or how to pay your taxes at the end of the year (like I always was) then the small percentage they take for all their hard work really won't even matter. I just started this process and I am the biggest pain in the ass client (Zach, I am SO sorry about that!) but then I sit and realize that in one year I won't be freaking out about taxes every April ... that I won't have a major panic attack about living on the streets during the slow months ... and it makes me feel a sense of calm I've never had before.
Does everyone need a financial advisor, manager, and planner?? NO! But if you are like me and feel major anxiety over your finances I definitely recommend at least TALKING to one ... in fact, talk to Zach ... why Zach? He already gets our industry. A lot of his clients are wedding industry business owners and he understands the weird peaks and valleys we all have in our income flow ... the dry months and why and the crazy high months where we really want to just blow it all at Nordstrom and aren't thinking for a second about the slow money making months ahead. What do you have to lose?? Just talking never hurt anyone ....