In Life and Retirement Planning “It’s Never a Mystery”

Lewisburg, PA – The common phrase “it’s never a mystery”, should end with, “except for the people involved”.

Is it a mystery why the athlete medals in the Olympics? Not when you consider the coaching, training, years of perfecting technique, and all the pieces that it takes to win. In contrast, most people see a guy living on bench with ragged clothes and dirty long hair; the perception is “it’s not a mystery” often underlined with pity or sympathy. I am not sure if this old adage, “it’s never a mystery”, applies to life, but it does most often apply to financial planning. Why do we see so many planning mistakes made in the area of investments, insurance, and taxes?

Behavioral science tells us we need to be able to step outside of ourselves, observe how we are operating, reflect on improvements, theorize how we could change it, and then test out a solution. The reality, this is very hard for most people, especially when their financial security is at stake. For those of us who are not natural-born scientists of self-analysis, coaching may well be the best possible solution for cultivating the skills needed to make personal decisions.

Coaching is important in life, but today it is vital. We do not have a lack of information today, rather a lack of clarity. Whether it is coaching from a doctor on an aliment we have or to prevent issues, the mechanic about a noise we heard under our car, or maybe a teacher with a suggestion we can use at home to help a child improve academically. We all need coaches, we all need support, we all need encouragement, but I believe more than anything we all need accountability. This has little to do with intelligence or even talent, rather a lot more to do with being one person, in one body.

In my personal journey, if for no other reason coaching has helped me be accountable. Because of it I am a better person, father, husband, and community leader. Only with accountability and striving to improve does one grow in life. That could be growing your relationship base of friends, our financial understanding, growing spiritually, and growing physically.  Whatever it is, it’s very rare that we can motivate ourselves to do what really is in our best interest by ourselves. For an example, the 6 billion dollar diet industry. The result is the finance industry has seen an increase in coaching the last several years to fill the void that traditional planning has not been able to address.  If we want to improve, we must be willing to accept valid criticism, explore options, and try to embrace change. What do you think?

About Paul Nichols

Paul is the founder of Financial Abundance, a Registered Investor Advisory firm and EDI, an Estate Planning Firm with offices in State College and Lewisburg. He has been working with individuals, families and businesses for over twenty years, including many Fortune 500 companies. He has educated tens of thousands of people through seminars, workshops and various international speaking engagements where he shared the stage with many notable individuals such as Ronald Reagan, Robert Kiyosaki (author of Rich Dad, Poor Dad), Mike Ditka, General Schwarzkopf, and Newt Gingrich to name a few.

In 2000, after many years of traveling to consult companies and individuals, Paul decided to relocate from Colorado to State College, PA (his wife’s hometown) to develop a local advisory firm.

Paul operates under the core belief that education plus understanding leads to clarity and confidence; resulting in peace of mind. He is a proud father of three and devoted husband of 20 plus years.

Some of Paul’s accomplishments:
Regular contributor to the Centre Daily Times, via the “It’s Your Money” blog
Featured in the movie Navigating the Fog of Investing
Regular contributor to Town & Gown as the publications Investor Coach
Host of the weekly iTunes Podcast, It’s Your Money
Member of the Western PA Better Business Bureau
Member of the Centre County Chamber of Business and Industry