Front Page|Our Services|Our Team|Client Center|Financial News|Events|Contact Us

Financial Briefs

More Articles  Printer Friendly Version

 

Three Easy Ways To Increase Your Chance Of Financial Success

(Wednesday, July 29, 2020, 10:20 p.m. EST) Changing your financial behavior can be an important step in determining your long-term financial success. Here are three simple activities that can help.

Automate. Infrequent interventions, such as budgeting once a year, are less likely to bring success than more automatic actions that occur quarterly or monthly. Enrolling in a salary reduction plan which takes money from each paycheck and goes into your qualified retirement plan illustrates the difference between decisions that require your recurring action versus those that automated. What else might you automate to increase your savings or make sure you pay your bills? Examples include signing up for a newsletter, webinar series, or class about tax and investment planning. The easier you make it to become educated about a topic you might not otherwise research regularly on your own, the more likely you are to seek out the knowledge you need to be more fully engaged in learning and find answers to the important questions.

Write It Up. Whenever you make a major financial decision, write yourself a note about your decision. By jotting down your analysis at the time you make a decision, you’ll create an introspective record that, over the years, will help reveal successes and failures. 

Increase self-awareness. Your financial personality can help or hinder your financial success and you may be entirely unaware of it. Increasing self-awareness can help you avoid sabotaging yourself. The burgeoning social science of behavioral finance can help you learn about your financial personality traits. For example, would you rather receive $160 today or $246 in 12 months? How about $160 today or $180 in 12 months? Your answer to a series of questions like this can reveal your predisposition toward deferring rewards now in favor of reaping financial benefits from a long-term plan. Similar questions can guide you in determining how likely you are to tolerate losses in bear markets, whether you are overconfident about your financial decision-making abilities, and offer hints of the types of investments that might work best in a long-term portfolio designed to help you accomplish your financial goals.

If you are interested in increasing your self-awareness about your financial personality by taking a behavioral finance assessment or would like to talk about other steps you can take to ensure healthy financial behavior, please do not hesitate to contact us.


Email this article to a friend


Index
Act Before Hitting The Crossroad Of Fiscal And Tax Reality
The Bull Market Broadened Recently
An Important Investment Idea To Remember In 2021
New Covid Aid Law Waives 10% Penalty On Pre-59½ Retirement Plan Withdrawals
What Business Owners Need To Know About The New Aid Package
A Call To Act On The Coming Tax Hikes
Staying Focused On Strategic Financial Planning
Will M2 Be The Big Investment Story Of 2021?
Test Your Knowledge Of Urgent Wealth Management Issues
Neither Red Nor Blue, Tax Planning Is All About The Green
Urgent Year-End Tax Planning Moves
Investors Beware: SEC Is Struggling Amid Covid
Food For Thought
Starting A Business? Plan To Succeed
Stock Market Rally Broadened In Past Three Months
3Q 2020 Wealth Management Report

This article was written by a professional financial journalist for Vantage Point Financial Services, LLC and is not intended as legal or investment advice.

©2021 Advisor Products Inc. All Rights Reserved.
© 2021 Vantage Point Financial Services, LLC | 329 Regency Ridge Drive, , Centerville, OH 45459 | All rights reserved
P: 937-432-1111 | F: 937-432-1110 markblack@vantagepointadvisor.com |
Contact Us

Securities offered through First Allied Securities, Inc., A Registered Broker/Dealer, Member: FINRA / SIPC.
Advisory services are offered through First Allied Advisory Services, Inc., A Registered Investment Adviser.

This site is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. We suggest that you consult with your financial or tax advisor with regard to your individual situation. This site has been published in the United States for resident of the United States. Persons mentioned in this site may only transact business in states in which they have been properly registered or are exempt from registration.

Privacy Policy | ADV