There are four final beliefs about money that shape the way you invest and achieve your goals. Find out why the perfect investment doesn’t exist, why you need to plan for the unexpected, why you’re worth more than just the dollars in your bank account and portfolio, and what most financial advisors don’t want you to know about the word ‘fiduciary’.

• What we believe affects how we act in every area of life.
• It’s important to make decisions that aren’t driven by panic or euphoria, because they are usually wrong.
• Your beliefs about money provide a framework for the way you react to emergencies and events in the market.
• Your relationship with money and whether you feel like you deserve money also affects how you interact with it.
• The first four money beliefs were: Money is your method, not your message; No else will take care of you; Friend the FOMO; and Planning manages the transitions, timetables, and tradeoffs.
• Belief #5 - Perfect investments just don’t exist. With diet macros you are trying to balance health and fitness given your starting point, the three money macros work the same way.
• The three R’s of money are risk, reward, and ready access.
• To get a reward, you usually have to take some sort of risk, but risk and reward aren’t always the same and don’t always have the same readiness of access.
• The stock market comes with a high potential return and a high potential of risk, but can also be liquidated immediately. A bank account has virtually no risk associated with it and immediate ready access, but that means there is also no return. There are always trade offs with the three R’s.
• You match up your goals and the timeframes of your goals to the three R’s so you can achieve your goals.
• No perfect investment exists because you always have to trade off one of the three R’s.
• Belief #6 - The unplanned should be in the plan. There are a number of life events that can have a major impact on your life, each with their own odds of occurrence.
• You can either retain the risk if it’s small enough, reduce the risk if it’s catastrophic, or you can relegate the risk with insurance. Estimate the size of the risk and the odds of it happening and decide if it needs to be relegated or reduced.
• Not everything needs to be insured, but insurance does have a place in your risk management strategy.
• Belief #7 - Money is only a measurement.
• Money measures progress, but not your worth or value.
• “Build on what you really want, not on what you think you should aspire to.” -Mitch Anthony
• Use money to measure your progress against your plan and what you desire, not what you think you should desire.
• Belief #8 - Advisor not optional. A lawyer will hire another lawyer to defend their case. A financial advisor gives you perspective and clarity.
• There are lots of things you don’t know and that’s ok, that’s why we work with people that are experts in those areas.
• Advisors help you identify and manage the issues you may overlook. They also help you prioritize and quantify the issues you do know exist.
• A fiduciary financial advisor will put your financial goals above their own. The dirty secret in the financial world is that the vast majority of financial advisors are not fiduciary advisors. The only answer to the question “are you a fiduciary advisor?” should be “yes!”.
• An investment can be suitable but it may not be the best option.
• You only get to live your life once, you have to have beliefs and an advisor that helps you with those beliefs.

To explore working with Wayne Firebaugh to fireproof your money, please call 855-WAYNE KNOWS or check out at fireproofyourmoney.com.