When should you be most wary of making a costly mistake? It’s not when things feel difficult or when you’re in the middle of solving a big problem. It’s when things are going great and you’re experiencing big success.
Massive layoffs at Facebook and Amazon. Stumbles at Google and Lyft. A shaky year in the stock market for the tech giants – all capped off by a tremendously spectacular blowup at crypto platform FTX.
If we met for a cash-flow planning consultation earlier this year, you might’ve heard a certain recommendation from me or seen it in your recap email. “Practice mindful spending.” But what does that mean, exactly?
Mindful spending is conscious consumption. It’s taking a moment to seriously think about how you’re using your dollars. No, that doesn’t mean you need to scrutinize every item in your cart before you check out, holding each piece of merchandise in your hands and asking, “Does this truly bring me joy, and do I want to bring it into my home?”
At least once each year you will likely experience some big financial change. It could be a large stock award or having a baby. Or it might be missing out on a bonus round or a major repair on your home.
This is simply part of life and knowing to expect the unexpected in your finances is a great step toward wisdom. When something like this happens, whether planned or not, it's important to know the long-term perspective.
When it comes to personal finances, there are many challenges women face that their male counterparts don’t. This shouldn’t be a surprise. Most men and women openly acknowledge it. Asurveyconducted by Hartford Funds showed that more than half of investors believe that the financial needs of men and women are different. In particular, they said the differing needs focused on the areas of career considerations (60%), long-term care planning (56%), and budgeting (55%).
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.