“I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is the victory over self.” – Aristotle
Behavior is the number ONE area that affects financial wellbeing. This can be living above your means, investing without some type of strategy, or buying stocks for sport, just to name a few.
It takes real courage to take an honest look at our situation and decide to improve it.
That honest look is both an outside job and an inside job. Self-reflection is to understand our own tendencies and blind spots, which is something most of us have a really hard time doing. It takes real courage to admit our weaknesses. This self-discovery is necessary for growth. We must first notice where we can improve, then seek truth.
So how do you know areas of weakness? Notice where you are uncomfortable. A friend of mine said, that when he is reading the Finger Financial Five newsletters, some mistakes people make bother him. I told him, where there is pain, there is a lesson. You just need to look for it.
Seeking truth is an outside job. Look to others for help. We are not alone. We can learn from others. In the book, the Alchemist, Paulo talks of a boy who makes some mistakes and learns from them. The premise is to buy diamonds from the diamond merchant and buy your wool from sheep herder, not vice versa. In other words, look for advice from someone in their chosen field of expertise.
MANY people get to retirement age. You just have to survive. Some even found a way to save a lot of money. Like a teenager who can eat anything and not gain weight, earning years can cover up financial mistakes. For example, maybe you bought an expensive boat or lost $50k on a speculative investment but earned and saved your way out of it. As we get toward the end of our life, we do not have the luxury of time or earnings, to make up for those mistakes. We need to do whatever we can, to get as much right as possible. To get retired and stay retired, is both an outside job and an inside job.
I have seen many of you, self-reflect, learn, and grow. Many of you have trusted me to guide you, to and through retirement. I am honored to help you and your family. From the bottom of my heart, thank you.
On the lighter side, website is updated. Click here to see it. What do you think? Elliott started practice with the Myrtle Beach High School tennis team. Looks like they can have a pretty good season. Go Seahawks!
Let me know if you have any questions.
Hope all is well with you and your family,
Jeremy Finger, CFP®, CIMA®, CRPC®, CPFA
Founder & CEO
Wealth Management Advisor
Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information. My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.
This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.