What are the traits of a genius? And do they apply to you? How about your financial plan, is that the work of a genius? Learn how you too can think and act like a financial genius.
(Click the featured times below to jump forward in the episode)
We’d all love to be considered highly intelligent or even a financial genius, but does your financial plan reflect that? There are certain patterns that are typical amongst geniuses, so in today’s episode of Cover Your Assets KC, we will unpack what those look like.
Adaptability and flexibility are traits at the top of the list for geniuses. Maybe you have an intricate and well-researched financial plan, but what happens if it needs to change? Because you can be sure of this–life throws you curveballs. As much as you might want to wallow in your sorrows if something goes wrong, it’s best to adjust your plan and move forward. So think, if there is a death in the family or you have a major health crisis, will your financial plan will have enough flexibility to pivot as needed?
Another trait of geniuses is the ability to admit when you don’t know something. For example, do you understand the annuities you own? You’d be surprised about how many people don’t! Maybe that’s a mistake you’ve made or a mistake you’ve seen someone else make. Either way, you’ll want to pay attention and have a financial advisor review your plan and help educate you on what you don’t yet know.
Whether you think of yourself as a financial genius or you’re just starting to figure things out, there’s always room for a little improvement.
To find out if you are acting like a genius with your financial plan, listen to the full episode or click on the timestamps below for a specific segment.
0:42 – Geniuses are highly adaptable and able to adjust to whatever situation.
1:27 – When a spouse dies unexpectedly, your financial plan has to be adjusted.
2:50 – Geniuses can admit, “I don’t know.”
4:16 – Sometimes when people own annuities they don’t understand what they have.
5:07 – Geniuses are able to learn from others and learn from the mistakes of others.