After a big loss in the Tech Bubble making Tom shy away from the stock market, I felt it best to introduce Tom to Gregory White, an Adjunct Professor at the Kellogg School of Management at Northwestern University.
While Gregory takes notes, he helps Tom understand the concern he has for his family's welfare in the event of an untimely death. But Tom says he also wants a 55 foot yacht since he wants his children to see the world from the water. Tom also admits that he has no provisions for retirement planning.
Greg challenges Tom to come to the conclusion that a retirement dream with no plans for retirement are crazy. Greg also recommends that Tom opens his statements so he can make moves to be more diversified and minimize any potential losses he may face do to inaction.
I don't blame Tom at all for wanting what he wants...that where most of us find ourselves.
But as Tom is able to share his desires alongside his financial responsibilities to not only himself but to his family, it makes it easier for Tom to align things properly with confidence and clarity.
Have you attempted to do this yourselves? Hint...don't do it alone.