The normal standard answer is that it comes in with the following steps:
- Take your time. Think quietly about your life up to this point. Take days to think quietly. Take weeks if you need to.
- Ask yourself in these moments of quiet, “What do I want from this gift called my life?”
- Don’t talk to anyone else for a while; at least until you are certain you know what you think you want. All too often, people either innocently or aggressively want to impose what they want for you instead of what you want for yourself.The biggest killers of deep inner dreams are your friends and family members who say, “Oh don’t be silly,” or “You can’t do that,” or “What about me? Remember Bill Gates was in his 20s when he started with $50,000 and became the richest man in the world with $90 billion. It’s a good thing he did not ask too many people for their ideas on what they thought was possible for his life.
- Call a financial adviser. All investment plans begin with a financial plan. If you do not like what the financial adviser says, find another one. You would ask for a second opinion for a medical problem, so why not ask for many opinions for financial challenges? Financial advisers come in many forms; a reference list is provided later in this chapter. Choose an adviser equipped to assist you in developing a written financial plan.
Many financial advisers sell different types of products. One such product is insurance. Insurance is a very important product and needs to be considered as part of your financial plan, especially when you are first starting out. For example, if you have no money but have three children, insurance is important in case you die, are injured, or for whatever reason are unable to complete your investment plan. Insurance is a safety net, or a hedge against financial liabilities and weak spots. Also, as you become rich, the role of insurance and type of insurance in your financial plan may change as your financial position and needs change. So keep that part of your plan up to date.
Two years ago, a tenant in one of my apartment buildings left his Christmas tree lights on and went out for the day. A fire broke out. Immediately, the fire crews were there to put out the fire. I was never so grateful to a bunch of men and women. The next people on the scene were my insurance agent and his assistant. They were the second most important group of people I was grateful to see that day. Rich dad always said, “Insurance is a very important product in anyone’s life plan. The trouble with insurance is that you can never buy it when you need it. So you have to anticipate what you need and buy it hoping you’ll never need it. Insurance is simply peace of mind.”
IMPOR’IANT NOTE: Some financial advisers specialize in helping people at different financial levels. In other words, some advisors work only with rich people. Regardless of whether or not you have money, find an advisor you like and who is willing to work with you. If your advisor has done a good job, you may find yourself outgrowing your advisor. My wife Kim and I have often changed our professional advisors, which include doctors, attorneys, accountants, etc. If the person is professional, he or she will understand. But even if you change advisors, be sure you stick to your plan.