I mentioned in my previous blog post that we were running a mastermind session at London Vet Show 2019 and one of the things we would be exploring was financial paralysis. Well we did and it was a fascinating session. A huge thanks to everyone who attended but for those who didn’t it was basically a safe, facilitated space to openly discuss our financial worries, fears, knowledge, lack of knowledge or anything else that would help us better understand our attitude to all stuff financial. We also had an independent financial advisor present to keep us in check.
Unsurprisingly many attending the mastermind were of the head in sand mentality when it came to personal financial future and financial paralysis was, definitely, a common diagnosis in the room. Most attendees completely recognised the importance of financial planning and would love to have a financial plan but there seemed to be lots of barriers in place that meant it was constantly in the too hard/too scary pile.
For some in the room thinking about financial products to protect them or even the consideration of a pension provoked terror (and that was genuinely the word used). For others they felt a sense of embarrassment at not knowing what to do which became a barrier to doing anything. A common theme was that thinking about financial products was too complex and too big a job. I am sure that many of you reading this feel the same but for what ever reason we never talk about finances or what to do to protect our financial future.
Also from the session we realised that many people want to know more in a clear and simple way, they want it to be personalised to them and their stage of life (spoiler alert apparently it is good to review your financial security and products throughout your life.) It was also evident that cost is an issue (no surprise there) so it is important to understand the value to us of protecting ourselves financially and to have a portfolio that is affordable to our budget. Oh and we would like it be less boring!
So it was refreshing to be openly talking about the topic and that is the aim of VetYou. A place where we can talk together about financial things and encourage each other to take action; to find an independent financial advisor and get professional guidance. Basically to break down some of the barriers: terror, lack of knowledge, complexity etc and you never know we may even make it fun.
Would you like to know more?