Coming Clean With Your Advisor: Part Four, Debt<\/strong><\/h2>\nIt can be hard to admit a mistake or a problem to others, especially if you feel bad about your choice or believe you will face judgment. Embarrassment, regret, and a host of other emotions can spur decisions at the moment that we want to forget about in the future. Debt is one such monster. This is the last of a four-part series of things that you shouldn\u2019t hide from your financial advisor. Don\u2019t make another bad choice today by hiding a condition that would impact proper guidance for your future.<\/p>\n
<\/p>\n
Not all debt is evil, and some debt is justified. Debt is often known as leverage in the financial world. You are using future income to finance something today.<\/p>\n
<\/p>\n
Emergencies can sometimes lead to debt, and not all of us have the money saved in our emergency fund to cover the cost. We knowingly or not, usually classify things into two primary categories: Urgent and Important. Urgent is the disconnect notice or eviction notice that has to be paid now. Important is the emergency fund to take care of surprises. The urgent usually wins over the important, and when the two collide, bad things happen, like unplanned debt. The most notorious debt we see comes from medical emergencies and health issues.\u00a0 Sometimes there just isn\u2019t enough money to cover the cost of all the medical bills.<\/p>\n
<\/p>\n
The most difficult situations we have to often deal with is the denial of debt or \u201chidden\u201d debt. Hidden debt is just as it sounds: Debt hidden from the other spouse, examples might include gambling, shopping, other relationships, and even helping the kids against the will of their partner. Some of this debt is tied directly to credit cards.\u00a0 Once you pull out the magic plastic card, for whatever reason, you are providing today by borrowing from your future. For many families, this is the beginning of a long term battle with robbing Peter to pay Paul. This type of debt can often lead to emotions of shame that make it hard to admit.<\/p>\n
<\/p>\n
Working with a financial advisor requires honesty if you want accurate recommendations. Keep track of your credit report and be open with your partner, financial counselor and other trusted advisors such as your Real Estate Attorney. Remember the four things to share with your financial planner include other assets, your children & grandchildren, health issues, and debt. Should you have questions about your financial journey, please contact the Financial Enhancement Group.<\/p>\n
<\/p>\n
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see our\u00a0<\/em>Disclosure page<\/em><\/a>\u00a0for the full disclaimer.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
How often have you sat in the doctor\u2019s office with an ailment that you don\u2019t mention? Going to the doctor and not telling the truth is not only counterproductive but can be quite dangerous. The same is true with your financial advisor \u2014 many aspects of the financial world impact other areas of your life. […]<\/p>\n","protected":false},"author":4,"featured_media":4851,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","footnotes":""},"categories":[46,43],"tags":[55,198,199,200],"class_list":["post-4850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-retirement-planning","tag-debt","tag-health-concerns","tag-issues-with-children-or-the-spouse","tag-undisclosed-assets"],"acf":[],"yoast_head":"\n4 Things Not To Hide From Your Financial Advisor - The Financial Enhancement Group<\/title>\n<meta name=\"description\" content=\"Four things you will wish you told your advisor (or still can!): undisclosed assets, issues with children or the spouse, health concerns, and debt!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/yourlifeafterwork.com\/4-things-not-to-hide-from-your-financial-advisor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Things Not To Hide From Your Financial Advisor - The Financial Enhancement Group\" \/>\n<meta property=\"og:description\" content=\"Four things you will wish you told your advisor (or still can!): undisclosed assets, issues with children or the spouse, health concerns, and debt!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/yourlifeafterwork.com\/4-things-not-to-hide-from-your-financial-advisor\/\" \/>\n<meta property=\"og:site_name\" content=\"The Financial Enhancement Group\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-23T19:12:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T02:26:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/yourlifeafterwork.com\/wp-content\/uploads\/2019\/10\/FEG-Article-IMG-9.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Joseph A. 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