Ep 14: Financial Planning Personalities by Profession

<p class="p1"><span class="s1">People in certain professions tend to approach financial planning the same way as their peers. On today’s <em>How Money Works</em> podcast, we look at teachers, doctors, engineers and more.</span></p> <p class="p1"><span class="s1">In our experience, people in certain jobs tend to approach financial planning the same way. On today’s episode of <em>How Money Works</em>, we explain some of the positives and challenges of advising people in different professions.</span></p> <p class="p1"><span class="s1"><strong>Teachers</strong></span></p> <p class="p1"><span class="s1">Teachers have pensions that are pretty reliable, and they tend to be interested in having rental properties for extra income. They like investments they can have more control over, but they don’t try to dig in and micromanage everything when it comes to financial planning.</span></p> <p class="p1"><span class="s1">“Most of those folks are pretty risk-averse. They don’t want to be in a big volatile investment portfolio type strategy,” said Craig.</span></p> <p class="p1"><span class="s1"><strong>Doctors</strong></span></p> <p class="p1"><span class="s1">“How nice can I be here?” said Craig. “Doctors sometimes suffer from what I call competency extrapolation.”</span></p> <p class="p1"><span class="s1">In other words, just because you’re a brilliant doctor doesn’t mean you can translate that knowledge to everything else, including financial planning. Doctors also tend to be busy people who don’t always make appointments.</span></p> <p class="p1"><span class="s1">“Working with them is a beautiful thing once they get the fact that we’re there to help them,” said Craig.</span></p> <p class="p1"><span class= "s1"><strong>Engineers</strong></span></p> <p class="p1"><span class="s1">“Most of the guys in my industry do not like you guys, engineers,” said Craig. “They’re afraid of you.”</span></p> <p class="p1"><span class="s1">We work with a lot of engineers, and they love to analyze financial data. They want to know how the clo