Have you ever been so inspired by someone or something that it created both joy and a sense of fear at the same time?
Several years ago, I was attending my first conference as a newly minted financial professional when I met a veteran advisor who would change my path in the industry and the way I approach retirement planning.
I sat at a table with him on day one, and we hit it off right away. Over the next couple of days, we chatted during breaks and lunch. Then on the second day, he casually asked me, “So where do you see your practice going over the next three to five years?”
I was hesitant to respond because frankly, I just wanted to make sure I would still be in the business. During training, it was pounded into my head that only about 20 percent of people who start in this business can hack it for that long.
I mustered up the courage to share the one goal I did have—to make six figures, which was a staggering amount of money considering that I grew up in a blue collar, middle-class family in Detroit.
So, I said, “My goal is to make $100,000 and hire some junior advisors to run my practice.”
I tried to say it confidently and like I was almost there, but a part of me felt a little insecure about the real possibility of reaching that level.
Up until that point in my career, I had been blindly following a traditional path set by others, but all that was about to change.
Much to my surprise, the veteran advisor didn’t respond the way I expected him to, or frankly wanted him to. He didn’t say, “That’s a good goal,” or “If you work hard you can get there.”
He said, “Why are you setting your goals so low, and limiting your potential to just money?”