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Reaching financial maturityThe tears, oh those terrible tears and tantrums of separation! What a hole it leaves in people’s lives – and that black hole of despair is most noticeably felt at the bank!
Yes, whether it’s goodbye hubby, employee, company or financial adviser, there is all too often a price to pay. Often, the damage is exacerbated by the innocent party insisting on fighting the good fight, with the misguided belief that a good, clean scuffle will ensure seeing the innocents emerge exonerated and better off.
Wrong! Time and time again the people who know how the system works are proved right and yet most of the time we choose to ignore them. “Trust me, I am a lawyer” may seem an oxymoron, but often it does unfortunately apply: you may not like the advice, but often you should take it.
I am someone who has experienced that you should frequently take the first deal offered, as all too often, it is gong to be the best. Even if it hurts, by taking it you can avoid being embroiled in human nonsense for too long, blindly hoping that you will do better later.
A good mate, and even smarter divorce lawyer, told me once to pay and have done with it. “It’s only money, old son!”
But no, old clever clogs here knew best and wasted a year, suffered endless cheap legal tactics and eventually paid out the original amount my pal told me to pay in the first place, plus the unnecessary legal costs, of course.
The next time I follow Rob Stewart’s advice on marriage: “Never again,” he said, “now I just go out, find a woman I don’t like and buy her a big house!”
Business issues are often the same as family tiffs, protracted disputes are simply a waste of time, so pay over the odds and get away from who or whatever is holding you back. This could be a partner, director, employee, service provider etc. Cut hard and clean, pay and move on.
Staff members who are bringing down your business through their negativity are destroying thousands of rands of goodwill a day – get them out sharpish and even pay more than a potential legal payout. That way, they don’t waste your or your staff’s valuable time, or get a chance to destroy the company’s reputation.
Cut and cut deep, that’s the old surgeon’s adage, and it applies to your financial adviser as well. If you are not completely convinced, or have even 1% of doubt, then end the relationship. You must feel 100% confident in his or her previous and current advice – if not, then get as far away as you possibly can.
In addition, don’t believe all the twaddle about ‘sticking with’ the old products you were sold.
Find an adviser you can trust, go through your entire position and portfolio together. Get all the facts. And if moving your money will cost you a couple of percent today to get out of an expensive or inappropriate product, then do so.
If the move saves you the same amount over the next year or two, then think of the cost saving over the next five to 20 years. The value of that decision will be considerable and the upside will be in your pocket!
So in summary, from a man who has seen and experienced more separations than Everton has lost away games, take the pain and take it early. Because whether you’re a wife, husband, company owner, business manager, or merely one of us ordinary folk looking for great advice, the toughest decision to swallow is often the best one to make.
Three years from now that mountain will seem more like a molehill and the financial pain will be long since forgotten, as will probably the name of the person who caused it. ▲
Ian Kilbride
For more articles,
see www.iankilbride.com
