If you’ve ever played the Game of Life board game, it becomes clear that compressed into the colorful path there are various stages of life. Each stage holds its own major financial challenges as well as prospective profits in addition to surprises and forks in the road.
After the ball drops on New Year’s Eve, we dig up our hopes & dreams and make some resolutions; getting back in the gym, losing weight, and eating clean, are usually at the top of the list. But what about your finances? The health of your accounts, spending habits, and investments are just as important to evaluate.
After several years of wallowing in financial upheaval caused by a severe recession and financial crisis, Americans are looking to the future once again. A renewed confidence has many people setting their sights on long term goals that may have seemed out of reach just a few years ago.
Most people looking to implement a financial plan are making decisions with the long term in mind. While what long term means tends to vary depending on factors like age, individual, and family goals, it’s safe to say most planners and their clients would agree that long term is usually measured in years not months.
When it comes to our actions, we rely 99% on our rational decision-making and 1% on our emotions, and it’s often that 1% that actually triggers action. So, instead of following the rational line of thought that we so carefully forged in the left side of our brain, our actions are skewed by whatever emotion is swirling around in the right side.