Everyone is looking for that “magic formula” or ‘sure-fire solution’ to help them achieve great wealth and prosperity. We all want a handbook for success, but in my opinion, the handbook is YOU.
Before any financial decision is made – before any money is saved or spent, or invested. Every single person needs to evaluate the ‘Why’, ‘What’ and ‘How’ behind their behavior. Finding the sincere desire behind financial decisions will keep you going during the discouraging moments.
-Why do you want it?
-What are you going to do to get it?
-How committed are you to getting it?
Once you know the answers to these questions, you can begin educating yourself on what financial vehicles best align with your personal values. From there, you can set up an efficient plan that will safely get you to your “destination” of financial freedom.
I like to follow-up with the rhetorical question, “If you do not know why you are doing something, then what is the point of doing it?”
At Paradigm Life, we often see our baby boomer clients fall into the trap of not knowing much about their retirement plan because their company or financial planner failed to have powerful conversations with them about their needs, wants, and goals (the why, what and how).
This type of financial intelligence is crucial to have when mapping out your road to wealth and security.
A recent publication by seeitmarket.com talked about five qualities that every investor needs to have to give their market performance an edge:
- Self-awareness
- Self-regulation
- Motivation
- Empathy
- Social Skills
To me, these characteristics need to be cultivated by everyone, not just by people investing in the markets. Any financial decision has the potential to make or break a person, but if you understand the why, what and how to your ‘personal investing’, then you are giving yourself the right financial strength – the intelligent way.
For better guidance, and information on making good decisions with your money visit the Paradigm Life Resource Page.
Jennifer Steed
