A Day for Questions

“Today is a day for questions!” my then six-year-old sister exclaimed immediately after waking up one morning during a family vacation in Destin, Florida. The adults exchanged glances and poured coffee, and I remember laughing as she began her litany of questions: “When are we going to the pool? Are we going crab hunting tonight? Why is there sand? Can we play?”

Children have a sense of wonder that we seem to lose touch with as we become adults with responsibilities and routines. Novelist Fyodor Dostoevsky said, “Taking a new step, uttering a new word, is what people fear most. The real fear should be the opposite of course.”

Personally, I’m striving to ask more questions, take new steps, and be curious enough to “utter new words”. Professionally, I’m reflecting on the most impactful questions my family, friends, and clients can ask in regard to their financial lives.

The question that people typically start with is, “What should I invest in?” This has proven to be a difficult question for many people because there is not one universally right answer. Worse, there are many wrong answers that financial salespeople are skilled at presenting as right answers.

Asking what you should invest in is a great place to begin, but it’s not a great place to end.

Any true financial advisor will help you wade through the big questions. I have found that the advisors who do this and act as a fiduciary, meaning they are legally obligated to act in your best interest, offer “right” answers regarding investments as well.

So what are the big questions? Below is a list to get you started. They’re the questions that impact lives by bringing change, clarity, and peace of mind.

When will work become optional?

I am fortunate not to have to worry about money, but how do I build a meaningful legacy?

Am I saving enough? Am I saving optimally?

How can I protect against outliving my assets?

Can we travel and still meet our goals?

Is there anything else I should consider in my estate planning?

How do I account for unexpected economic and personal events?

What goals should I be considering and prioritizing?

What am I missing?

Are you asking yourself these questions? When you don’t have answers, do you have a fiduciary financial advisor you trust that you can consult with? If you’re working with a financial advisor, are they helping you work through these questions? If your financial advisor is retiring soon, are you confident those who replace your advisor will help you with more than just your investments?

If not, what is the cost of neglecting the big questions?

My recommendation is to allow yourself “a day for questions”.

Hannah Whatley, CFP®, AIF® is an Advisor with Rather & Kittrell.