Resources: Retirement Success Course
Here we are on principle #7 out of 10 Principles for Building Wealth For Life: The Butcher vs the Dietitian
My name’s Denver Nowicz. You need to know the difference between a butcher and a dietitian when it comes to building your wealth and here’s why.
If I want to go out there and I want to create a meal plan for myself and I call up my butcher, he’s going to give me some great advice, right?
He’s gonna go, man I’ve got these rib eyes, they’re about one inch thick, I got some ribs, I got some skirt steak, you know this stuff looks awesome.
He’s going to give me great recommendations on meat.
Because he’s a butcher, that’s what he sells.
Well if I talk to a dietitian, I’m going to get something different.
That dietitian is going to look at the big picture and they’re going to say, ah, you know what, you need to have some salads, you gotta have some salmon, maybe some chicken in there.
Eat your fruits, some nuts, you know all the good healthy fats.
They’re going to look at the big picture and give me some different advice.
Now how does this pertain to your financial plan?
Well, as an example, let’s say you go out and you have a job change…you have an old 401K, you need to move it over.
You’re going to call up your financial adviser, and you start asking him all these questions.
…Hey, what should I do with my money?
Okay, but the thing you don’t realize is, you’re talking to the butcher, because that adviser usually has just has one product, and that’s what they sell.
But you think you’re talking to the dietician right?
You think you’re talking to someone who is looking at the big picture.
This is the difference between fiduciary and just a regular adviser or a regular planner.
A Fiduciary is going to look at the big picture.
They’re going to act in your best interests, they’re going to look at all the different things, and they’re not going to have a bias toward any one particular strategy.
So if you want to learn more about how to know how to choose that, check out the retirement course that we have, if you haven’t already.
We’ve really put a lot of great information in there, so you can know, from start to finish, how do you plan your own retirement.
But most importantly, how do you know then how to go out and choose the right products, pick the right advisers, pick the right team, to put the things in place so you can have the peace of mind that you want so you’re not always worried about this for the rest of your life.
Thanks for reading, and we’ll talk to you on the next one.