Influencing Others

Many of my patients say, why didn’t you “make me _________”.

This blank is filled with something like quit smoking, have a needed procedure, lose weight or other recommendation.

I know, however, unless they buy in and make the effort-directive instructions just don’t work.

My usual response is, “I give you the facts, then my opinion.  You have to make up your own mind.”  In my vast years and years of experience (well 25 years anyway) when you “make” someone do something-they either have a bad experience, a complication, or a side effect-and you are the one that gets blamed.

Don’t get me wrong, I give them my recommendation, and may strongly word it, but I don’t do ultimatums-such as “if you don’t do this, I will not treat you anymore!” or “if you don’t do this, you are stupid!”  I just let them know the positives and negatives, and let it go at that.  I don’t treat kids-these are all adults.

Influencing Personal Finance Choices

Now that I am branching out into personal finance education, I run into a similar problem.

• If I ask 100 nurses if they know all they need to know about personal finance,  zero will say yes.
• If I ask 100 nurses if they have credit card debt, 75% will say yes.
• If I ask 100 nurses if they understand their 403b, what their money is invested in, 90% will say no.
• If I ask 100 nurses if they understand insurance, mutual funds, stocks and bonds, 85% will say no.
• If I ask 100 nurses  if will they spend time on learning about these subjects this year, 95% will say no, and I worry about the truthfulness of the other 5%.

Is It True?

Maybe I am exaggerating somewhat, as the readership of this blog is steadily growing.

Those who read the blog, downloaded my free e-book, and are getting my monthly newsletter are at least starting to wake up to the need to learn what is going on with their money.

They are tired ofwondering why they work hard every month, and have nothing to show for it.

And maybe a little of the skepticism is  “Who is he to teach me personal finance?” question.  A fair question indeed…..

If not Dr Dean, then who?

But let’s ask another question, “if you aren’t going to learn personal finance from Dr Dean, then who will you learn it from?

Do you have a plan for taking a course, reading books from the library?  Or maybe asking your different vendors, such as your friend that sold you that whole life insurance policy, or that annuity-you really don’t understand-to explain the pros and cons of that product?  To let you know his commission amount, and what the time value of that premium is in real dollars.

• Or ask your friend the car insurance salesman, if the price you paid is the cheapest for the same coverage?
• Or ask your stock broker if the fees and commission on your account are competitive with the industry?
• Or ask your tax preparer (your brother-in-law or cousin) if he is fully up on the current tax code?
• Or studied your credit card statement to identify your fees, interest, and annual fees to make sure they are competitive.
• Or ask yourself, (your most important adviser): “What is my financial plan-for getting out of debt, retirement, insurance coverage, savings, investing?”  If the answer is “I don’t know.”

Then you have identified the problem- YOU!

Get started changing -TODAY!

Reader Question:

What are you doing to get started on your personal finance education journey-your road to financial recovery?