It is Not All Dollars and Cents!

Yesterday I met with a local CPA. I appreciated the time that we spent together as CPA’s typically charge their clients for their time. I felt honored to be able to sit down and pick his brain about reverse mortgages. I am a firm believer in teamwork. We all can’t “know” everything. Nor can we assume we know all situations that people experience in life. Everybody’s life has its own story and each of us carry our own dreams and goals, including financial dreams and goals. Thus, to learn from one another and be challenged by one another is the mark of a growing person.

One of the things that I appreciated about my open conversation with my friend, was that he identified the key issue that seniors struggle with as they age. This one issue becomes more and more critical as we all grow older. In fact, this one issue is what drives most financial decisions and one that marketers use to sell their product. That issue is Emotion! Emotion and Peace-of-Mind often override “dollars and cents.” Don’t get me wrong, I am not someone who uses emotion to manipulate, as I consider it unethical and one that many hardcore salesmen in our country use to sell their products. Rather, when seniors see themselves having the opportunity to live their life the way they would choose to live it, it removes a lot of stress and anxiety, and creates positive emotion.

The other side is the emotional connection with their belongings. People in general find it hard to fathom the reality of having to move from the home they have lived in for many years. They often can’t see themselves parting with the things that they closely identify with whether it be animals, furniture, sourroundings, or collector’s items. This emotion is what drives many of their decisions (actually it drives many of our decisions), including financial. In fact, it often is more important to have the emotional peace-of-mind, than to hold on to the dollars and cents. You see, it is not always about dollars and cents!

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