What Financial Planning and the Dentist Have in Common

Ever since we were children we’ve heard that we should brush our teeth two times a day and visit the dentist every six months. No matter what we’ve been taught or the benefits that we see in doing these things, most of us dread the dentist. According to Researchers at Hello Products, ”going to the dentist was admittedly a phobia for most respondents - overall, 62% of adults surveyed said that they were too spooked to even visit a dentist’s office.”

Although I am not in the phobia group, the dentist’s office is definitely not my favorite place to be. I recently went through the process of completing a dental impression kit. After years of contemplation, I finally made the decision to move forward and purchase it, but once I received the kit it sat on my bedside table for weeks. Finally, my daughter asked if I was ever going to actually use it.

Simple but not easy

I wanted the end result; however, I did not want to do the ‘three simple steps’ to achieve the end result. The truth is that just because something is simple doesn’t mean it’s easy. Easy is a relative term that is often associated with someone’s comfort level in an area, and I was not comfortable completing that kit.

After explaining to my daughter why I was dreading the kit (having a massive amount of gunk in my mouth and setting aside precious time to complete it) she quickly asked if I wanted her to help with the ‘three simple steps.’ Surprisingly, her willingness to help me gather the supplies, read the instructions, and complete the impressions made it endurable.

Addressing barriers

The process made me think about how we sometimes create or enlarge barriers to financial planning in our own heads, impeding our ability to reach our goals. Although many people want the end result of a clear, actionable financial plan that will undoubtedly provide many benefits to their life, they are resistant to the “gunk” they have to deal with and the time it takes to do it.

What if these perceived barriers are just that…perceived? What if you had someone to walk you through the “gunk” in a way that feels more like a collaborative conversation? You can make the process easier by partnering with a professional. A professional will guide you through identifying what got you to this point and collaborate to create a list of bite-size action steps to get you where you want to go. We call it True Wealth Planning.

1. Combine past and present

True Wealth Planning is both a retrospective and forward-thinking process. First, it challenges you to consider what shaped the way you view finances today by asking questions such as, “Did your family view money as a tool or a possession to be obtained? What were some of the best and worst financial decisions you made in the past?” 

2. Identify current priorities

Next, True Wealth Planning allows you to gain insight into your current priorities, interests, needs, concerns, and frustrations. Oftentimes people are unable to fully identify these things in a written list, but True Wealth Planning provides an opportunity to discover what truly motivates each person intrinsically. This is where the fun begins!

3. Build the bridge

The next step to True Wealth Planning is building a bridge from where you are today to where you want to be. This is the step where professional expertise is applied. Every financial plan is as unique as the individuals creating it, and there are many vehicles to use to get you to where you want to go. Having a professional partner to walk with you through the True Wealth Planning process makes things both simple and efficient as you navigate the previously uncharted waters.

  4. Use the bridge

Finally, just as a dentist expects you to complete your daily brushing routine without professional assistance and expects you to come in for regular checkups (or more if there’s a problem to address), True Wealth Planning requires daily personal effort and regular checkups. It’s your responsibility to make daily decisions that align with your created plan, but the best results happen when you continually check-in with your advisor to ensure the created plan is on track and adjustments are made as needed.

Whether you're creating a vision for your life, examining your current resources, or you're ready to take the leap to financial independence, we have created tools to help you take steps towards a more meaningful life. Access free resources at DoWealthDifferent.com/Tools.