You’ve probably seen articles across websites, newspapers and magazines with variations of a title that reads “The Most Successful People do ‘This’ to Stay Ahead.” The articles then proceed to identify key personality traits, work habits, etc. that benefit productivity and success. Why is this type of content so popular? Because a big part of success comes from positive habits that are exercised daily – and we want to know if we’re doing the right things.
“Successful,” however, is a fairly broad term and can mean different things for different people. What, for instance, does it mean for your financial health and planning for the future? Here’s how the recommended habits apply:
Organization is a habit that benefits us across every facet of our lives. Adding tasks on our calendars rather than a laundry list of to-dos, for instance, has proven to keep us more accountable for what we plan to get done – and more successful at actually getting to those things. You should dedicate time to evaluating your current financial planning strategy and making adjustments as needed. Many fall short by “setting and forgetting” their wealth management plan and not accommodating for changes that may occur in the meantime. Add “sitting down with your financial advisor” to your calendar at least once a year.
Change is necessary for growth, whether that change comes personally, professionally or financially. Most financially successful people get there on their own, as opposed to being born into wealth. Thus, learning how to manage wealth is difficult, and leaves the added responsibility of teaching wealth management across generations. The ability to balance this lifestyle and to know how to manage your wealth appropriately becomes a large factor in your everyday life, where seeking an advisor becomes a responsible choice in adapting to wealth.
Generally, setting goals means picking the one thing you want to get done anywhere from today to the end of the year. No matter the case, goal setting certainly applies to financial planning. Our financial goals are typically built around liquidity, longevity and legacy. How much will be set aside for education? What is your ideal retirement lifestyle? Beyond retirement – how will your assets be distributed? What plan is in place for business succession? These are the types of goals you should consider and talk through with a wealth manager.
Save Room for Fun
We all need to set time aside to enjoy the day. Maybe that’s playing with the grandkids, hitting the links or treating yourself to a dinner and a show. Whatever the case may be, this time allows us to enjoy the things we work so hard for and keeps us motivated. This isn’t just about setting the time aside, though, but also about setting budget aside to enjoy what we have, especially as we approach retirement. Creating a well-planned wealth management strategy will help you achieve your desired lifestyle that matches your goals with your financial reality.
Everyone’s situation is unique and, unfortunately, there isn’t a one-size-fits-all financial strategy. If you need help applying these habits to your financial planning, give us a call. We’d be happy to sit down and discuss your situation.