Perfect Time to Kick Those Old Habits

For many, Fall represents new beginnings. As the leaves on trees are changing colors, so should we. This is the perfect time to KICK your negative habits and form successful habits with positive rewards. After all, your habits determine your quality of life.

Think this doesn’t impact your finances?  …Think again!

A habit is something you do so often, it becomes easy. This list may help you identify your negative habits:

·         Not tracking expenses

·         Not saving first

·         Tapping into Savings

·         Ditching a list when Grocery Shopping

·         Buying Groceries that aren’t on your list

·         Eating out

·         Paying bills late

·         Impulse buying

·         Procrastinating

·         Ending your day without reading information on how to improve your finances

Changing old habits is not an easy task. However, the longer you practice new habits, the harder it will be to revert back to old ones.

Fortunately, you don’t need complicated strategies to create new habits. Follow these steps and you’re on your way:

1.       Clearly identify your unproductive habits

2.      Define your new successful habits

3.      Write down 3 immediate action steps to put them in practice

Conservative Returns Making a Come Back

According to “Financial Realities: Changing Time frames,” a recent study conducted by Northwestern Mutual, Americans have shifted their views on money. For the first time in 10 years we appreciate Conservative Returns.

This implies that in large part, we’ve abandoned dumping huge sums of money into speculative investments in hopes of vastly reducing the accumulation period. Unfortunately this shift came at the expense of millions suffering tremendous losses

and having to widen their time frames to reach Retirement.

A hefty majority feel “the most attractive financial products are conservative, yet flexible.” In the past, people shied away from anything conservative because, to them it meant merely socking money away to preserve principal. When, actually if done right, investing conservatively can have many fruitful advantages.

Although one may be able to stomach the volatility of more aggressive investing, it’s important to have at least a small percentage of your capital diversified into a conservative leg. And, in case you need a point of reference to lend credibility to true diversification, recent years’ devastating market fluctuations provide a very realistic outcome for not taking such an approach.

Refer to previous blog ‘The Critical Ingredient to Perfect Decision Making.’

The Critical Ingredient to Perfect Decision Making

Making your own financial decisions, doesn’t mean making them on your own. Many people have qualms about seeking professional guidance. And, as a result they adopt the ‘do it yourself-ism.’ 

As I stated in a previous blog, ‘A Thirsty Mind Should Be Fed’, I’m an avid proponent of educating yourself on relevant financial topics.  However, taking ALL matters into your own hands leads to haphazardly building a solid plan.

The single reason why it’s so critical to enlist a financial professional to guide you through this process is because of natural human behavioral tendencies. In short, we need someone to steer us through our own emotional reactions to things like market fluctuations. Sure you have an abundance of financial information available to you. The problem is not with accessing the information. The problem is knowing how and when to act on the information.  

The best athletes in the world don’t train themselves, and the best physicians in the world don’t treat themselves. Why should you tackle financial planning by YOURself? It makes perfect sense to call someone with expertise in this arena. After all, you do deserve it, don’t you?

A Thirsty Mind Should Be Fed

Naturally our minds thirst for simple ways to improve finances. Like with anything else you desire to learn, you read or study it, Right? Well, becoming financially savvy should be no different.

On this journey you have two options: 1.) Take another person’s word for it
   or 2.) Heighten your awareness by learning the basics

Granted, the process of achieving financial freedom may seem daunting. So, it’s probably easier to just let someone else handle it. But if you choose this option, you’re also choosing to relinquish expressive control. Now, by going with the latter option, you increase the probability of making informed decisions.

There are several websites and books dedicated to teaching women the keys to financial success. (See examples below). Through these and similar resources, you can explore tried and true ways of building a resilient financial house. Word of Caution: Be prepared to apply what you’ve learned. Otherwise, you’ll continue to get the same results.

The following resources will help quench your thirst:

Great Links…

http://www.msmoney.com/home.htm

http://www.barbarastanny.com/index.html

http://www.myinspirationlounge.com/get-money-savvy-iconsmenu-196.html


Powerful Books…

Secrets of Six Figure Women by Barbara Stanny

The Power of Focus by Jack Canfield, Mark Victor Hansen & Les Hewitt

It’s Not About the Money: Unlock Your Money Type to Achieve Spiritual and Financial Abundance by Brent Kessel

This Article is featured @ http://fridaygirltv.com/blog/2010/09/01/money-a-thristy-mind-must-be-fed/