Broker Check

Were You Sold Something or Do You Need It?

Were You Sold Something or Do You Need It?

| January 13, 2020

There is a good chance you can think back to a time in your life when you felt like you were “sold something.” Perhaps you were a little confused - and still are - as to why you bought it. Perhaps you had buyer’s remorse. Or, just plain and simple, you bought something purely out of emotion and found a way to justify it. We have all been there - cars, toys, clothes (especially as a teenager). The worst salesperson is, well…. you. If your emotions are involved, you can talk yourself into almost anything. Though this is also true about someone else selling you something.

He could sell ice to an Eskimo” is not a saying that came out of thin air. Someone sold ice to an Eskimo in one sense or another. Most trained salespeople know they have to get to your emotions to sell you something. Once they have the emotions of fear or greed awakened in you, it is all over. You are SOLD!

Now the question remains, Do you need what you were sold?  We can tell you story after story of families who have been “sold” on something they didn’t need. Maybe they sold themselves or maybe someone else convinced them. Whatever the case, being sold something you don’t need can ultimately carry a high price tag—your future.

Take the young couple with two children that bring home six figures: They know they need life insurance, but they were sold on less coverage that cost more. They bought permanent insurance versus term insurance. This means more money out of pocket, less money to save, and a significant gap in their plan. If the breadwinner has an untimely death, his family will suffer. They really needed three times the amount of coverage. Unfortunately, this happens all of the time.

What about the couple retiring this year? They want their lifetime savings completely protected, but they also want all the upside of the market. They see an ad that appears to present the “perfect vehicle” for their money. The problem comes three years into retirement when they need to access additional funds to do some updates to their home and learn they can’t. Then ten years into retirement, they are feeling pressure on their monthly budget. They are barely scraping by. They ask to increase the amount they are receiving from their lifetime savings and learn they can’t. Their income is fixed for the rest of their lives.

These two examples appear to pick on insurance agents. Insurance agents get a bad reputation, but like most salesmen they are not entirely to blame. Their job is to sell insurance and annuities. You may truly need one or both of these. Where it all goes wrong is the “don’t ask, don’t tell relationship” that often exists between you, your agent, and your advisor who looks at your entire picture holistically. Everyone needs to be fully informed and on the same page. And…truth be told…this can happen with anything you buy.

Having 2020 Vision is about gaining clarity and taking control of your future so that you can live Life on purpose! Don’t be sold something you don’t need. Invest in something you do need. How? It all starts with clarity. You need a comprehensive plan in place—one that is unique to you. It is about you and your family, your present situation, future and goals, and feelings about risk. It addresses the what-ifs in the most economical way and puts the focus on the big picture. Then, when something comes your way, you have the buyer’s guide. If it fits your plan, great. If it doesn’t, no harm, no foul, and no buyer’s remorse.

Whether you are just starting out in life or have a few closets full of things you were sold that needs cleaning, make this the year you get 20/20 Vision!