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A Guide to Financial Fitness – Part II
By Rhonda Coblentz
I am a recovering couch potato.
In March 2008, I finished my first marathon.
There I was, remote control in hand, when I saw the commercial for the Sarasota Marathon. Two thoughts struck immediately: “I wonder if I can do that,” and “I can’t do it on my own.” Call it a moment of inspiration or one of insanity, but I called the race organizer and inquired about a coach. It was a crossroads, a choice to begin something new—to become an overcomer.
At first, my goal was to run the half-marathon, just 13.1 miles through beautiful coastal Sarasota. Halfway between wild idea and race day, my coach and fellow runners encouraged me to go for the full marathon. People said I was crazy; my daughters told me I couldn’t do it. The pain was often intense and there were days I could barely walk. But I kept my eye on the goal and pushed forward with every ounce of determination and perseverance I could muster. And when I was fresh out of determination and sorely lacking in perseverance, my coach was there. He motivated, supported, and eventually cheered me on during the grueling 26.2 miles of pain, pleasure, and sheer willpower.
The journey to financial fitness is never a 50-yard dash. We’re training for the long haul; we want to finish well. In health or in wealth, we do not plan to fail; we fail to plan. Nobody grows up thinking, “I want to be overweight and sedentary,” or “I don’t want to be financially successful.” But so often, planning and then getting there requires stepping out of your comfort zone.
In Part I of this series, I discussed the steps to get started on any fitness plan—whether physical or financial. The steps included getting a check-up to find out what shape you are in; developing a strategy; and taking the first step. In Part II, I want to look at three more areas: staying focused on the goal, examining diet and lifestyle; and overcoming setbacks.
Staying focused on the goal
How do you stay focused on your financial goal when the economic picture is shaky at best? It takes a disciplined plan and a strong support system. It requires an ongoing look at “YOU, INC.” We work so hard for our day-to-day finances, whether for our own business or our employer. But if you fast-forward to retirement age and look back on your income-producing days, what did you do for YOU, INC.? At the close of business, will YOU, INC. be thriving? Or bankrupt and dependent on your children?
As a financial representative with the Principal Financial Group®, I coach my clients to keep focused on their goals. I help them stay on track. Together we examine choices, adapt to changes, and fine-tune the positive steps we can make so that their future financial picture reaches peak performance.
Examining diet and lifestyle
To finish my marathon, I needed to make some lifestyle changes. I needed healthy calories that would provide stamina, strength, and energy. I needed less fat and more protein to build muscle. I needed to schedule in time to run. I took the advice of my coach who had run this race before.
Reaching financial fitness is no different, but what do you change? One of the advantages I provide personal and business clients is financial expertise and knowledge backed by a solid company with a stellar reputation. Whether you are just getting started on your financial planning journey or simply needing a review to be sure you are still on track, I help clients answer some hard questions. Do I have enough income protection? Asset protection against creditors? What will I need to retire? Am I paying too much in taxes? What is my primary business concern? What does financial security mean to me? At my age and income, what don’t I need? Where can I trim expenses to make room for more savings? How can I get there from here?
Overcoming setbacks
During my marathon training, I had made quick initial progress. But then I encountered a level of pain that almost sent me back to the couch. I kept in constant communication with my coach, and he taught me specific stretches, examined my stride, and adjusted my regimen. I’d never have finished without his expert advice.
My clients rely on me to help them weather economic setbacks. Regular communication is key; we are in this race together. When life happens and finances take a hit, it’s time to re-evaluate. When was the last time you reviewed your plan with someone who did not create your plan? The same asset allocation that has performed poorly may need a strategy revision to recover, just as eating the same foods may not help you to lose excess weight.
Reaching the finish line
What stops people from getting a personal fitness trainer? People usually think of the expense; but is it really more expensive to get fit than the cost of getting well again? We’re all trying to be health-minded, to feel better physically. But if we get fit and live longer, let’s make sure we won’t outlive our money! There are only two ways to make money: you at work for your money or your money at work for you. My goal is to help your money work harder so that you reach the finish line.
At the Principal Financial Group®, we specialize in both personal planning and in planning for the small- to medium-business market, providing buy-sell reviews and business valuations.
Action conquers fear. Many people are at a financial crossroads, afraid to make a decision. Inaction is often a passive decision to go broke safely. Are you ready to run your financial marathon? Call me for coffee—or a juice bar—and let’s get started on your financial fitness today.
Insurance products from the Principal Financial Group® are issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company. Securities offered through Princor Financial Services Corporation, 800/247-1737, member SIPC. Principal National and Principal Life, and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392. Rhonda Coblentz, Principal National and Principal Life Financial Representative, Princor Registered Representative. #6474082011
As a Financial Representative and Registered Representative with the Principal Financial Group®, Rhonda Coblentz works with individuals and business owners in the planning and execution of the steps to help achieve their unique financial goals. With a background in the real estate and mortgage industries Rhonda offers a well-rounded approach to her business. Rhonda acts as a resource for her clientele, who benefit from the firm’s 130-plus years in the industry. The Principal® offers financial products and services, including 401(k) plans, IRAs, mutual funds, investments, insurance, and banking services . Contact Rhonda at 941-504-9010 #6531082011
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