Speaker: Eric Litster, Owner, Cost Audit Solutions LLC
How was the planning experience with a Principles-Based Financial Planner different than what you had expected or experienced before?
Eric Litster: You know, it was great. Um it's like a, it's like a thermometer. You can quickly tell if you're healthy or unhealthy and having all of my financial information in one dashboard was absolutely fantastic and it makes it really, really simple as well, um that it's color coded and I can see if I am again healthy or not financially.
How do you believe your knowledge of the Five Principles of Personal Finance will help you in your finances going forward?
Eric Litster: It's like a puzzle, and in order for a puzzle to be completed, you need all of the pieces of that puzzle to create an image and having the five principles, really, I believe, for me personally rounded out my blind spots and helped me fill in those pieces that were missing and kept them and keeps them in the forefront of my mind constantly.
What did you feel was most helpful or valuable about the planning process?
Eric Litster: You know, a lot of financial planners have their quote products and they try to shoehorn you into their products. And um, the thing that I loved about this solution was, um, it really was about me and not about them.
Why do you believe others will benefit from going through the Principles-Based Planning Process?
Eric Litster: The book will absolutely rock your world because it really goes against the grain. Um, You know, we're definitely conditioned to think a certain way with respect to investing and some of the different classes of investments that are out there. And the book definitely helped open my eyes to frankly some of the false information that's out there. Um, and more importantly, it is, again principle based. So it helps you build your foundation and focus on, um, on that, because if you don't have a foundation of principles, then you're built on really nothing your foundation is false.
What helped clarify to you that Wall Street's Accumulation approach to planning cannot work?
Eric Litster: You know, it really made me think about the importance of not only uh increasing my financial health, but keeping my, you know, my resources and keeping the money from the investments that I have made. And that's something that is very different than I think a lot of financial planners. They don't focus on the potential risk of losing uh that money to accidents or things where insurance can protect you and help you if there are unforeseen uh instances.