It is almost time to think about goals for the new year! This is when New Year’s resolutions are made with the best intentions of creating better habits and improving life in its next chapter!
According to a 2015 ComRes poll*, the top-three New Year’s resolutions were health related:
- Exercise more,
- Lose weight, and
- Eat healthier
How does one achieve all or even one of these resolutions? If I asked you to think back to a time when you felt like you were in the absolute best shape of your life (kudos to you, if you’re already there), you might remember having a coach, trainer, or accountability partner that pushed you harder than you would ever imagine pushing yourself. We’re talking about that mentor who wouldn’t let you quit until the work was done.
Now, if it were up to me, I would do cardio at the gym since it’s what I am most comfortable with. It’s very easy to control the amount of energy I want to exert, and it’s also a relatively mindless activity. Contrarily, in order to get stronger, I need to step out of my comfort zone and be challenged.
Those of you reading might by asking yourself, “Wait a minute. When did I subscribe to the ‘health and wellness’ commentary?!” Don’t worry, you haven’t!
Bringing this all together, you would want to hire a financial adviser for the same reason you would want to hire a coach or personal trainer. Just like exercise, in order to reach the best possible financial fitness, you need to be pushed out of your comfort zone!
As an adviser, I serve as that same accountability partner to my clients. We put a plan in place, making sure all their tax, estate, and retirement ducks are in a row, ensuring they’re saving enough to hit every item on their bucket list, monitoring risk levels and life changes, ensuring we’re not taking unnecessary exposure to the stock market, and so on. I help make all this easy for my clients, but I must say, no one gets fit overnight, physically or financially.
Working with a professional is key, but so is having discipline. If eating better is your goal for the new year, that is going to start with what groceries you allow yourself to keep in the house. You’ll want to create a meal plan designed for your goals then you’ll need to stick to that plan! If you don’t have discipline, well you know what happens. That is why 80% of New Year’s resolutions fail by February.**
It doesn’t matter what stage of life you’re in; retired, close to retirement, or just getting started; having a financial plan is crucial when it comes to the way you plan and invest! Without discipline, you are going to let your emotions get the best of you. Money is easily one of the most emotion-provoking topics in life. Complacency and greed are two emotions that can become the enemy to an investor who does the investment picking and management themselves. To avoid letting those emotions take control of your investment strategy, work with an adviser that has a plan with rules they follow. This helps remove the emotion from the investing equation.
Whatever your New Year’s resolution is for 2019, remember: Accountability and discipline. I might not be able to help with the fitness stuff, but if you’re needing a disciplined adviser and accountability partner when it comes to your ongoing financial success, let me know!