Whenever someone first comes into a relatively large sum of money, one of the first things they are told is to find a financial advisor. This is because it is believed that with more money, one needs to practice better financial management or find someone who can.
Though finding an advisor is a fair suggestion, I believe that we care more about how our money performs than anyone else. Therefore, we should learn and practice good money management habits as I have been trying to convey throughout this site, whether we have a little or a lot. In doing so, if we choose an advisor in the end, we would at least have a better understanding of what they should be doing.
Most of us are either distracted by the struggles to get ahead, never taught about basic financial matters or a combination of these and other factors. Therefore, we will handle a large sum of money in the same manner we handle a little…if we blow through a little we will blow through lot. We would be our same selves but with more expensive habits that more money allows and it is unlikely that poor financial habits will change.
Do not wait to reach milestones to start managing your finances because our insatiable human nature will cause those milestones to change as they get near. It is therefore important that we start managing our finances as if we are already financially wealthy, whether we have a little or a lot by our or someone else’s definition. Remember though that we should set our own goals based on our own standards. By doing this, you are more likely to reach those goals much sooner than you ever imagined.