Financial Tricks or Treats?

Tricks: (Don’t start doing these things – or stop if you already have).

• Borrowing more than necessary
• Confusing volatility with risk
• Mixing politics with your investment choices
• Assuming your 401k alone will provide you the lifestyle you desire when you repurpose your time
• Worrying about disaster scenarios that keep you from investing today
• Waiting until tomorrow to increase your investment contributions
• Prioritizing safety of principal over keeping pace with the rising costs of life
• Focusing on outcomes instead of inputs
• Lacking liquidity and ample cash reserves
• Investing without a plan
• Excessive trading and tax implications
• Failing to quantify what “enough” means to you
• Mistaking robust income as wealth

 

Treats:

• Updating your balance sheet annually
• Working to exhaust all debt earlier than necessary
• Using automation to increase your savings and investments over time
• Understanding how your financial plumbing system works and where your money goes
• Adding to cash reserves to increase your planning margins
• Assigning each of your accounts a job description and purpose
• Setting time aside to think, and gain clarity, on short and long-term goals
• Feeling increased confidence in all your financial decisions
• Knowing exactly what “enough” means to you
• Understanding the importance of goals, planning, and then your portfolio in that order
• Working with a financial professional
• Spending without guilt or worry
• Repurposing your time to do what you want, when you want, with whom you want, for as long as you want

If you would like to learn more about how you can increase your bag of treats, and avoid the tricks listed above, please reach out to us.  Adding structure and a repeatable planning process to your money is not nearly as scary as you think!

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