Most of you will be familiar with this scene from the 1997 movie Good Will Hunting (warning: a couple of F-bombs in the clip):

Good Will Hunting

The character played by Robin Williams confronts Matt Damon’s character in order to make an emotional breakthrough.

Do you need an emotional breakthrough regarding your finances?

Are you managing your own finances and investments and find that they’re a mess, they lack direction or both?

Are you working with and paying a professional to manage your finances and investments and find that they’re still a mess?

Are your financial decisions supporting the life you want to live and moving you toward your most important hopes and dreams, or are your money matters completely disconnected from your family’s future goals and objectives?

The First Step

Though typically (I hope) not as explicit as the scene above, if you’re not happy with your current financial situation, a big part of and the first step in getting your finances in order and on the right path is to admit that you’ve been doing something wrong.

I’m no psychologist, but I believe that you can’t fix a problem until you first admit that you have one.

And I have a theory that this is a reason why many people will tolerate an unhealthy relationship with an advisor or continue on their own down a path of financial trouble.  They either don’t have the self-awareness or have too much ego to admit to themselves or their family that there might be a better way.

Whose Fault Is It?

So who’s to blame for this situation?  I mean something’s going on here; otherwise, we’d all be wealthy, right?

Well, as much as you might like to hear that it’s not your fault, you’re likely at least part of the problem.  Hopefully, you recognize that you’re the ultimate decision maker when it comes to your money and you’re responsible for charting the right course or seeking assistance from a qualified and trustworthy professional.

The other part of the problem?

The most likely suspect is what I refer to as the “Wall Street Marketing Machine” (WSMM).  We’ve all seen the TV and print ads showing how working with a huge financial firm carries with it prestige and an air of success.  And the WSMM has a big marketing budget and vested interest in making sure you see these ads and soak in their message over and over and over again.

Other messages that are broadcast to us repeatedly from the WSMM include scare tactics about how complex managing your finances is, how to beat the market, how to find and hire the best investment managers, and how to plan your financial future with a 100 page “financial plan” that is out of date as soon as the ink dries.  Also, most financial advisors are simply brokers looking for an opportunity to sell you something — this is very different from working with a professional advisor that actually is committed to giving you advice.

The Solution?

Have the courage to think for yourself and accept the important responsibility of doing what it takes to plan for and achieve the financial future that you want.  Don’t accept someone else’s vision of success or their priorities.

Maybe it is your fault; maybe it isn’t.  But this isn’t the movies.  Take charge of your financial future and be willing to challenge conventional wisdom in an effort to make the most of your family’s one, precious life.