Confident Wealth

Plan, Protect, Prosper with Mike Hackler, CFP®- Pt.1

May 12, 2020

In this episode of The Confident Wealth Podcast Bill Bush and Mike Hackler talk about financial planning in three-year blocks of time, the key ingredients of a financial plan, how money is tied to emotions, and ways to take proper action with your planning.

Episode Highlights:

  • 00:51 – Bill Bush introduces Mike Hackler, who shares about his professional experience.
  • 01:39 – What does it take to become a CFP like Mike?
  • 02:12 – Where do most people go wrong with financial planning?
  • 03:08 – Don’t give advice in a vacuum.
  • 05:30 – What is the fallacy of making too many random changes to your financial plan?
  • 05:24 – Bill and Mike talk about developing a personal road map.
  • 07:20 – What is the importance of financial planning in three-year chunks?
  • 08:30 – Clients aren’t all the same and they each need plans tailored to their needs.
  • 10:09 – How does Mike address clients that have gotten outdated advice from others?
  • 12:32 – How does the fear of acting now affect decision-making?

3 Key Points:

  1. The biggest mistake in financial planning is a lack of planning.
  2. The 3 Essential Elements of a Financial Plan: advice based on the client’s circumstances, money needs to be in service to a particular plan, and no two clients are alike.
  3. The 3 Main Emotions that affect financial decisions are: fear, greed, and stupidity.

Tweetable Quotes:

  • “We usually start by asking a question, 'If we are sitting here three years from today, looking back at this meeting, what has to happen over that time for you to be happy with your progress?” – Mike Hackler.
  • “Emotions are tied to money, always, and when they are tied to money we tend to act irrational. As humans, we tend to leap before we look.” – Mike Hackler.

Resources Mentioned: