#LeadandLift | Episode 97 | Eunicia Peret
Many people don’t have a love relationship with finance, because it causes them stress and that it keeps them up at night. Our special guest in this episode, Eunicia Peret, is a visionary leader with a passion for empowering individuals to realize their true financial potential. She has years of experience in the finance industry and has successfully guided numerous clients toward financial independence and wealth accumulation. If you lack confidence in finances, then this is the episode for you!
There are a lot of ways individuals can get robbed of their money that the financial services industry doesn’t address because they are not incentivized to talk about it. Eunicia is passionate about bringing these blindspots to light because she and her husband had discovered before that these blindspots were present in their own finances. Her desire is for others to not fall for the same traps.
How does money make you feel like today? What Eunicia has found way too often, especially for high-net-worth individuals, is that the feeling of paying too much in taxes contributes to a feeling of anxiety about bills and payments.
Eunicia’s definition of financial independence is that when you’re thinking about the money that you’re earning in the present moment, there needs to be that freedom to know that you will be okay. You should be able to breathe a sigh of relief whenever you look at the numbers in your finances, that is true financial freedom.
The key to gaining that freedom and that peace of mind is to address the problems, and look into those blindspots and money-stealing mistakes. By doing that, you’ll be able to gain a level of awareness and comfort.
“We cannot look at the history and let it determine how the future outcome will play out for us.” - Eunicia Peret
The other side of financial independence is considerations of the long-term, like retirement. Even there, there are a lot of individuals out there who may already have enough set aside for retirement but still have the nagging question of “Will I be okay?”
Don’t be afraid to ask for guidance, don’t let yourself be swallowed by your fear. That fear can be cast out by the light of assessment and strategy.
When planning a journey, the destination is very important but just as important is the starting point. By knowing where you are right now, you’ll be able to properly plan out your route and have a sense of direction. The same goes for financial planning, it starts with figuring out where you are right now.
Think about what you feel and what you experience, put money aside, and talk about that first. As Eunicia said, “Let’s unpack those concerns and figure out what is driving them because those concerns, coupled with a wrong financial strategy, will do nothing more than continue to perpetuate those feelings of fear [and] uncertainty.”
It’s important that you and the team that gives you financial support understand what is truly important when it comes to managing your finances. The most important thing to have is an understanding of what works for you and being in full alignment with that plan. Financial management goes beyond just merely knowing where to put your money, but also in how aligned and connected you feel with the decisions that you make.
“To start gaining confidence with your finances, we gotta take ownership and find a company that offers a customizable plan for your situation that’s in alignment with your risk and what you want to do with your life.” - Chabidaye Jaglal Ramnath
It’s important to get the plan right because when it comes to finances, it’s only the individuals that are affected but the future generation. Realize that strategy, if not comprehensive, may help us but will leave a lot of things to chance. When you peel back all the layers, the very heart of financial planning is all about what legacy you want to leave to the future generation.
Rules, laws, and regulations are constantly moving and making it more and more complicated to establish and legacy and transfer your wealth to your loved ones or to the causes that you truly care about. How much are you willing to leave to chance?
Some illnesses can be prevented or perhaps their harm be minimized when addressed in an early stage. The same principles apply to finances. Don’t wait until the last moment before you ask for help. Acknowledge your fears and confront them by seeking the guidance of an expert. Take the first step towards taking ownership of your finances.
Also, it takes more than just one individual to properly manage finances. You need to surround yourself with a good team and make sure that you are keeping in touch with everyone regularly and that there is full accountability and unity within this team, including you. Reach out and ask questions.
Another thing you can do to take ownership of your finances is to look at what you’ve got. Assess the money that’s coming in and see where it’s going. Take note of all of the accounts and watch how you are spending it. People who do this sometimes find financial leakage. If we can identify where the leakages are, then we can redeploy them for our own financial gain, thus relieving some of those fears.
As you are looking at the money, especially those that are earmarked for the future, ask yourself for each one of those accounts how that money is going to be treated from a tax perspective. Is it “tax now”, meaning that you pay taxes on the growth that you accumulate year over year? Is it “tax later”, meaning that you’re going to pay taxes on that money when you start dipping into it for retirement? Or is it “tax never” or tax-advantaged?
If your financial team has not talked about the concept of tax advantage before, immediately you should ask yourself, “Are these people working for me or are they working for the financial accounts that I'm holding with that specific institution?”
The whole of this is very complex, like an onion, and when you peel back all the layers you’ll see a beautiful thing emerge. You’ll find money that otherwise would’ve been lost.
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