I worked for a short while for a semi-retired independent CFP. He - let's call him Phil - was a character, but he loved working with his clients and helping them in all kinds of ways. It was eye-opening to see how an ethical adviser really can make a difference for people.
I've always remembered one of the things Phil said - "Half of my clients I have to stop them from spending too much money, and the other half I have to encourage them to spend their money to make their lives easier!"
We saw a very poignant example of the latter in one elderly couple who had been clients for over 40 yrs. They were delightful people but getting on in years, and were childless with no family except a few distant relatives on the opposite Coast.
The husband - a big (like 6'4") husky (around 260 lbs) ex-Marine - suffered an accident and had to have surgery. He would be released in a week to go home, but would need considerable caretaking for the next couple of months.
The couple decided once he was home, she would take care of him. We're talking helping him get out of bed and get to the bathroom and back again, plus getting dressed and shaved, eventually going downstairs and eating, etc.
Only trouble was, she was about 5'5" and maybe weighed 110 lbs. soaking wet and if she was holding a few barbells.
It took Phil two separate talks to convince them that yes, they had the money to hire professional caretakers and that it simply was not practical or safe for them to be still trying to be economical in their mid-80's!
Afterwards the couple thanked him and admitted they couldn't have gotten through the convalescence alone, as they had originally planned.
As he told them, "This is what you saved all that money for! To help you have a comfortable old age!"
So.....yup, I'm in favor of your buying that boat, too!
I've always remembered one of the things Phil said - "Half of my clients I have to stop them from spending too much money, and the other half I have to encourage them to spend their money to make their lives easier!"
We saw a very poignant example of the latter in one elderly couple who had been clients for over 40 yrs. They were delightful people but getting on in years, and were childless with no family except a few distant relatives on the opposite Coast.
The husband - a big (like 6'4") husky (around 260 lbs) ex-Marine - suffered an accident and had to have surgery. He would be released in a week to go home, but would need considerable caretaking for the next couple of months.
The couple decided once he was home, she would take care of him. We're talking helping him get out of bed and get to the bathroom and back again, plus getting dressed and shaved, eventually going downstairs and eating, etc.
Only trouble was, she was about 5'5" and maybe weighed 110 lbs. soaking wet and if she was holding a few barbells.
It took Phil two separate talks to convince them that yes, they had the money to hire professional caretakers and that it simply was not practical or safe for them to be still trying to be economical in their mid-80's!
Afterwards the couple thanked him and admitted they couldn't have gotten through the convalescence alone, as they had originally planned.
As he told them, "This is what you saved all that money for! To help you have a comfortable old age!"
So.....yup, I'm in favor of your buying that boat, too!
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I decided to DIY and spent about $200 on lumber & hardware at Lowes. It took a little head-scratching and a couple afternoons, but I got her up on the lift yesterday. 
