What exactly do you do?

I teach individuals how to make money, save money, and reduce taxation. I have my life and health license through the state of California which allows me to work with individuals and small businesses. 

What got you interested in this field?

I was working as a hydroelectric powerplant operator, working long hours, working nights, weekends, and holidays, and all while I was growing my family, I concluded that I needed to do more with my family but my job wasn’t allowing me to. I shifted gears and started working in Financial Services because I love working with people, teaching, and sharing information, and I wanted to be able to work independently and also be there for my family.

What do you like best about what you do?

I enjoy working with hands-on people that I can inspire and empower. I love meeting with entrepreneurs, women, blue-collar workers, and anyone who is trying to secure a stable financial future for themselves and their loved ones.

Tell me something about financial planning that most people don’t know.

I think that most people don’t realize that there are three major problems facing retirees: (Someone who is already retired or someone who is 5, 10, 20, or even 30 years from retiring.)

1. Most Americans are in a position where they fear not having enough money to last them throughout their retirement, and they don’t have a plan or a way around that.

2. Most insurance agents don’t perform an in-depth needs analysis so they end up failing their customers by leaving families exposed to life events like ailments, disability loss of job, etc.

3. The retirement industry leaves families to fend for themselves when it comes to figuring out where and how to manage their money.

One of the things I’ve always feared about financial planners is that they are expensive and people like me, a single mom living on a shoestring, can’t afford such luxuries. Is this true? Are financial planners only for the rich?

That is not true. I was a single parent myself for a while. Retirement or financial planning sometimes does feel out of reach. You just need to find someone in your corner whom you can trust, who can educate you on how to utilize and plan around what you do have to work with. This is why within our company; our mindset is that we are in the relationship industry – we just happen to help people using financial services. We keep in touch with our clients and are beside them as their needs change. Being able to add value to people’s lives and not have them drowning in fees – that they don’t often even know they have – that’s important to me.

What do you think the most important thing you have learned about money is since you started this career that you’ve applied to your own family?

The biggest thing that I’ve learned is that money is a tool. It’s not inherently good or evil. Becoming financially savvy is a life skill, just like learning how to cook or drive a car. When I was learning how to shoot my bow, I wasn’t very good at first. But I scheduled time with a coach, someone who had passion and love for the sport, to teach me proper form and follow through. Creating a monthly budget is a great way to stay on top of your spending, saving, and investing.

Also, I heard the average person will spend about three weeks planning their vacation, but they are hesitant to spend a couple of hours looking at their retirement plan. Believe me, I was guilty of this too. Now I revisit my plan annually or more depending on if I have a change within my family.

I get really scared now that I’m in my 50’s about money, especially when I look back at all of the stupid mistakes I’ve made over the decades. What would your advice be to someone in my age group about investing?

You’re not the only one! We’ve all done stupid things over the years, financial and otherwise. I would say to someone in their fifties that it’s not too late. It’s never too late! Most people are not as far behind as they think. The best thing to do is just sit down with someone like myself who is going to take the time to analyze and listen to what you need and what your concerns are. You’d be surprised at how much you can accomplish just by taking those initial steps.

When a person meets with you, what is your goal?

My goal is to educate people on their options, really connect with them, help them evaluate and establish their goals, and then help them create a financial plan to reach those goals. If that means getting life insurance to protect their loved ones, that’s one aspect. If they are concerned about becoming ill and who would care for them, perhaps long-term care could be a benefit. If they need to go into a nursing facility or assisted living which can be very expensive, knowing that they have enough funds to support that is crucial.  Having the possibility of lifetime income is invaluable and several vehicles can help secure that – in some cases, even tax-free lifetime income.

Is there a way to find money you might have in an old 401(k) 

That is such a great question. Some so many people leave a job and leave their old 401(k) behind. But it is still their money. So typically, Yes! I sit with a person and ask a series of questions to help us locate the old 401(k). If we cannot gather enough information to locate it, there are companies out there that can also assist.

When you sell life insurance to your clients, do you work for a certain company?

I am a non-captive agent, meaning I can work with 150 companies that are A-rated and have been in business for many decades. Like Allianz who has been around since 1890. So this means lots of options for my clients and lots of security. Like clothing, finance is not one-size-fits-all, so your financial plan should be tailored to suit. Some of the companies I work with are AIG, North American, and National Life Group just to name a few. 

What if a client of yours doesn’t want or need life insurance? Can you still help them?

Absolutely. There are other products out there that can we utilize to help them. IRAs, ROTH IRAs, fixed index annuities, and other investment products may help them, depending on what their goals are. I’m going to shop the market and find the best product to find what will be suitable for their needs.

What if someone is really on a tight budget? How would they afford your services?

My services are complimentary. I meet clients where they are. We have a six-step process and any solid plan should take this into account. The process includes:

Increasing cash flow

Managing debt

Creating an emergency fund

Ensuring proper protection

Building long-term asset accumulation

Preserving your estate

Where should someone start with planning their financial future? What’s the first step?

I want to encourage individuals to start. Schedule a meeting with me and we can talk about what your financial goals are. I take an educational approach to finances, which means I don’t just provide education, but we have discussions about your options and then I walk you through the process. 

Now are we talking about everyone from the waitresses at our restaurants to the folks on fixed incomes?

Absolutely! I can sit down with all of those folks and analyze and evaluate their assets to ensure they are meeting their goals and that they will have enough income to sustain their lifestyle. Like I said, I was a hard-working single mother, who needed to ensure my budget and my finances were in order. I understand that every dollar counts and that why I love meeting people where they are.

Thank you so much for sharing your expertise and your time with us, Elizabeth!

If you’d like to reach Elizabeth with questions about securing your financial future, please find out more about her on the Pulse Service Directory here.