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Created: January 18, 2019
Modified: June 7, 2023

Changing Your Financial Perspective

What You’ll Learn:
We often visit with folks who have a poor financial perspective. Whether it’s the economy or your finances, we want you to think rightly about retirement.

[1:31] – Retail Sales Were Up In December.

  • Fourth Quarter and Holiday sales were through the roof this year. In fact, the numbers were the highest they’ve been in six years. Joel links the data to the overall health of the economy.

[5:40] -Changing Your Perspective.  

  • We meet with clients and prospective clients all the time who have a poor perspective on all sorts of economic and financial issues. It’s our job to educate and correct those wrong ways of thinking.

[6:06]  – Relationship Must Come Before Strategy.     

  • We had a prospective client who expressed concern about how his money would be managed. He wanted to understand our strategy and where his money would be placed. While management strategy is certainly an important component of financial planning, you should be even more concerned over whether your advisor is a good fit for you and your goals. You should be making sure your advisor will be there for you when a crisis arises.

[8:54] – Don’t Get Caught Up In Designations.

  • For a bit of perspective, you don’t ask your doctor what chemicals are in your medication, and you probably don’t even ask your doctor where he or she went to medical school. Don’t get up in what letters accompany your advisor’s title. Instead, focus on their overall competency and ability to meet your needs as a client.

[12:21] – A Quick Aside About Basketball. 

  • We press pause to discuss Dan Hurley, Geno Auriemma, and UCONN basketball.

[15:27] – Bad Financial Habits. 

  • Speaking of basketball, Jim Calhoun once spoke on the importance of eliminating bad habits. It’s important to rid yourself of bad financial habits as well.

[16:02] – Don’t Ignore Your Financial Statements.

  • We’ve found folks tend to throw away their financial statements for any number of reasons. Perhaps you’re afraid to see what’s inside, or maybe you just don’t want to take the time to look. Regardless, you really need to know what’s happening in your financial accounts.

[19:09] – Don’t Procrastinate Your Financial Decisions.

  • Most people procrastinate important financial decisions. In short, don’t do it. Gather as much information as you can, and make your choice in a timely fashion.

[20:10] – The Dangers Of Being At The Mercy Of The Market.

  • Perhaps your emotions are tied to the market’s movement. When Wall Street is up, you’re a happy camper, but when it’s down, you’re a Negative Ned. If you fall into this category, you really need to take back control of your investments. Don’t be tied to Wall Street. Develop a financial plan to weather market volatility.
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