"What do you want this money to do?”

This is the most common question I ask prospective or current clients when talking about money or accounts that are new to Majestic Financial.  This question is often answered with a “DUH” look – or it’s even verbalized “I want to make money!”

However, Saturday night at Ford Field put this question into perspective for me.  Laurie and I were attending our 2nd Kenny Chesney concert at Ford Field.  Sixty thousand people gathered to hear Chesney, Uncle Kraker, Megan Moroney, and Zac Brown Band.  Thank you Laurie for a wonderful day!

Imagine if I asked the people surrounding me “What are you here for?”  “I’m here to listen to music, DUH!”  BUT… the young girl and her mom a few rows away went crazy for Moroney, and even wore brand new concert shirts with her name.  A client a few rows up from us was in Heaven over Uncle Kraker and ZBB.  A group of 20-somethings were singing to ZBB but all the young ladies were wearing new Chesney concert shirts.  Once Chesney came on stage, his performance of the older songs was accompanied by 60,000 people singing (poorly) along, while some of us also ruined his new songs.

The stadium floor was packed with people sitting on folding chairs or standing up near the stage the entire night.  The cost differential between our seats and those in the upper bowl or those in the suites was probably substantial.  Some attendees were probably given tickets or won them, while others saved for an extended time to afford backstage passes.

I saw dozens of old Chesney concert tee shirts, clearly from decades ago.  I didn’t know a single Chesney song 2 years ago when I took Laurie to Ford Field for her birthday with friends.  Yet I bought a concert tee shirt for only the second concert in a least 20 years.  We stayed at a hotel about a mile from the stadium, while our client was driving back to the West side after spending 6 hours inside Ford Field.

The point I’m making, is that of course I realize you want to make money.  But are you spending some of it right away, are you not touching it for 3, 5, 10 years?  Do you have other assets I don’t know about that you will be using as primary or secondary sources of income?  When you say you want to make enough money to travel, are you staying at a hotel or camping under the stars?  Do you have a long bucket list, or a few items that you love to repeat every year?

Sometimes, what seems obvious (“We’re here to listen to music”) is much more nuanced.  It’s important to be honest with Majestic Financial, and even more important for us to listen to you.  Thank you for your trust, and let’s make wonderful memories together.
 
Written by Sean Budlong, CFP®, AAMS, Chief Executive Officer, Majestic Financial, Financial Consultant, RJFS

*Disclosures: Any opinions are those of Sean Budlong and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.