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Global Fuel Costs, WFH, and Financial Advisors

Commuting to and from work is becoming increasingly expensive with the rising fuel prices. With these record high gas prices, this surge is impacting all aspects of our lives including our businesses. Did you know that the average price per gallon in statewide California is now above $6 and just over $5 across the entire USA?

I recently posted about this on LinkedIn here as there was a time when I was a financial advisor road warrior, and way back in 2008, I shelled out over $500 a month to drive around 20,000 miles – all of which was to meet clients. Beyond the fuel cost, it was a time-consuming activity which stole hours from my day and days from my life. If I continued in that way to date, I would be out by almost $1,000 per month, let alone the precious daylight hours.

Of course, in retrospect, this is absolutely crazy! And I suppose this was one of the primary reasons behind my choice to go remote all those years ago.

Many of us, including me,  get stuck in thinking that this is the way it’s always been done, and this mindset is cemented further by seeing our friends, colleagues, and peers trudging along the same path. But does it have to be this way?

Let’s take a closer look.

I love what I do.  Being a financial advisor and fintech founder is awesome!

It really is great speaking with my clients, forming that human connection, and solving problems. Meeting my clients was worth the drive, and I occasionally take a trip to the other side of the country to meet my long-time acquaintances.

Unfortunately, the time and money spent on the road are resources that can be used to help more people within the same amount of time. Choosing to go remote has, in many ways, made the connection with my clients stronger. And while in-person meetings do have their perks and will never be taken entirely off the table, the benefits of remote meetings are hard to argue with.

As a financial advisor, you can start by replacing one physical meeting at a time with a digital one, and as you find your feet, add more and more to your list. You’ll quickly find that there are way more hours in your day and more moola in your pocket.

So, use the extra cash that would otherwise be spent on fuel to upgrade your system. Get a second screen for your PC, invest in a good headset, up your internet speed, invest in another tech solution to better run your business, etc. It’s these small changes that make all the difference.

Can you work from home?

Yes, you can. Let me add a disclaimer by saying that if your work can be unplugged from one place and plugged in somewhere else with ease and still functions, you may be the perfect candidate for the work-from-home life.

Talk to your employer. Are there alternatives where you don’t have to be in the office five days a week? For example, consider downsizing your vehicles from two to one.

While we don’t know what the future holds, now is the best time to evaluate your work commute and find a better way.

Do you have any thoughts?

Join the conversation on my LinkedIn post and share your view.

I look forward to interacting with you there.

Cheers,

Derek

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