Have you ever thought of complacency as a threat to your well-being? The former head of the TSA was recently asked what the biggest threat to our security is, and his answer was complacency. You might have expected the former head of the TSA to have a different response, more along the lines of explosives or smuggled weapons, or something that was tangible as opposed to simply a mindset. But, before we discuss why complacency can be a dangerous threat, let’s examine the definition of the word from the Merriam-Webster dictionary.
They define complacency as: Self-satisfaction especially when accompanied by unawareness of actual dangers or deficiencies. They go on to further say: When it comes to safety, complacency can be dangerous. The main point appears to be that the combination of being satisfied and unaware of what’s going on around you can be quite dangerous. Ignorance might be bliss, but it might also put you at risk.
Financial Advisors might not be on the front lines of battling terrorism, but when it comes to financial planning, we’re well aware of the threat complacency represents to someone’s financial future. Sure, we focus on things like rates of return, inflation, and tax minimization strategies, but none of those things matter if people don’t take the necessary steps to protect themselves. The “sticking your head in the sand” mentality has done as much, if not more damage to someone’s financial security as volatile markets have.
One way to protect yourself against complacency is to make sure you stay engaged and are willing to take action. You can start getting yourself back in the game by scheduling a complimentary financial review. This is a great opportunity to ask questions and get comfortable with how the planning process works. CLICK HERE to request your no cost, no obligation financial review! Our mission is to help you safely achieve your retirement goals without taking on unnecessary risk.
So remember, when it comes to complacency, stay vigilant because it’s not only a threat to national security, but to your financial future as well.