3 Reasons Why You Need a Personal Trainer For Your Finances

August 14, 2017
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You know how it is. You have the best of intentions to get in shape and may even go as far as buying a gym membership and mapping out a workout schedule. But a few weeks in, you lose motivation, life gets busy, or you get hit with a cold. Even if you prioritize your health, making excuses is easier than getting down to work and plowing through the obstacles to achieve your goals.

Personally, I have attempted to get healthier and be in better shape, but no matter what I tried, I couldn’t seem to lose the ten extra pounds I’ve gained in the past few years. I didn’t find success because while I knew the answers to my problem, I couldn’t stay on track. If you want long-term success at anything in life, consistency is key. I decided to take the plunge and hire a personal trainer despite my hesitations about whether it would be worth it. Through this process, I observed three ways hiring a personal trainer relates tothe value a financial advisor can add to your financial life.

1. The Right Coach Makes All The Difference

It doesn’t take much to become a run-of-the-mill personal trainer or advisor these days, but what makes the right coach stand out is the passion they bring to their job. An effective personal trainer will dig deep to understand your goals and then customize your workout regimen to meet those goals. If they see you losing motivation or showing signs of pushing yourself too hard, they will reevaluate to ensure your plan is just right for you.

The same goes for your financial advisor. Are they asking the right questions to help you design a roadmap that will bring you closer to realizing your dreams? Do you even know what your goals are? If you have an idea of what you want to achieve, you will be able to measure the success of the path you are on.

2. Structure = Efficiency

Time is money, right? Well, if you don’t have a solid structure to your workout routine, you may end up wasting precious time and energy for minimal results. When I worked with a personal trainer it provided structure to my exercising and made the time I spent working with him more efficient. My trainer also helped me focus on my nutrition to maximize my health.

In the same way, a budget gives your finances structure so you can focus on the specific goals you should be working towards for retirement. A budget keeps you in line and opens your eyes to your spending habits. Once you are aware of where your money goes, you can tighten things up and allocate that money to the areas that will work the hardest for you, like paying off debt and investing in a way that is right for your unique situation.

3. The Follow Through Is All You

You can hire the best personal trainer out there and they can design the perfect workouts and meal plans for you, but if you don’t follow through, nothing will happen. When it comes to your finances, your advisor can map out how much you need to save and how to invest, but if you don’t actually save that money, you won’t meet your goals. Your success is in your hands.

Additionally, you need regular contact with your coach to help you stay focused, motivated, and tweak your strategies when something in your life changes. Your advisor is there for you to talk through the impact that life milestones such as getting married or having a baby will have on your financial situation. They will also make sure your portfolio is rebalanced on a regular basis so that your portfolio stays aligned with your risk level when the market goes up and down.

Hiring the right coach, adhering to their structure and advice, and following through will bring the results you desire. After just three months, I have lost 15 pounds and 6% body fat and feel better than ever! If your finances need a personal trainer who is passionate about what they do and wants to partner with you to help you improve your finances, contact me at (949) 221-8105 x 2128 or at michael.loo@lpl.com.

About Mike Loo

Mike Loo is an independent financial advisor with more than 20 years of experience in the financial services industry. His mission is to provide a meaningful impact on the lives of clients and the people they care most about, help them make educated decisions with their money, and build a strong financial foundation for both themselves and their next generation. Mike is committed to meeting a high standard of excellence, taking the time to listen to clients’ needs, and designing strategies that aim to help clients save money and reduce debt. He seeks to fit a client’s investments into their life and educate them so they’ll understand their investments. To learn more about how Mike may be able to help, connect with him on LinkedIn, call his office at (949) 221-8105 x 2128, or email him at michael.loo@lpl.com.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Trilogy Capital, a registered investment advisor. Trilogy Capital and Trilogy Financial are separate entities from LPL Financial.