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The other week I had the pleasure of attending a conference called FINCON.  At the conference there was a diverse group of companies and individuals focused on providing digital content related to finance and investing.  The thing that connected all attendees was that in their own way they were working to create something that would educate people or provide a solution to a personal finance issue.  With so many powerful takeaways I want to share some of the main ones that you can relate to your personal life.

Its Ok to Have Made Mistakes


Chances are that if you are of adult age you have made your share of financial mistakes.  Nobody likes making mistakes related to their personal finances, but the lessons you learn become critical to your growth.  If you are wise you learn from your mistakes or the mistakes of others and adopt better behavior.  The issue most people have with mistakes related to their finances is they dwell on it and allow them to consume them in pity, doubt, and stagnation.  By allowing yourself to face the reality of the mistakes and hurdles your must overcome you may begin to move past your mistakes.

It Pays to Have a Plan


With so many competing financial demands todays professional must prioritize their financial choices.  Part of prioritizing financial choices includes determining what are needs vs wants.  The costs of not having a plan really show up in the time, money and resources that you devote to certain goals.  Some things to consider when making your plan are timeframe, reason for setting up priority and risk if no action is taken.

Financial Literacy Is Not a Luxury


When it comes to investing and personal finance what you do not know can hurt you.  Mistakes can eat away at your savings, and take years to overcome.  Financial literacy must be made a priority.  Today too many resources exist to acquire knowledge.  Tons of financial bloggers are creating content everyday that relates to things in your life.  Also there are videos, books, webinars, and professionals to help.  For people who are able, seeking the help of a financial professional can make a world of difference.  Some people may look at the costs of working with someone like a financial planner as an expenses, but it should really be treated as an investment.  Over time the money saved, the targeted advise, and objective look at your financial situation a planner provides will be worth the investment.

Surround Yourself by People Focused on a Similar Mission

Having a group of people around you who can relate to your situation is critical.  When you are going through financial obstacles sympathy does not help, but empathy can move you forward.  Consider you have a goal to save more or pay down debt, but all your friends are compulsive spenders.  The association with so many people who are operating counter to your goals will become a challenge for you to be successful.  On the other hand if you associate with people also looking to save or payoff debt then you can share best practices or hold one another accountable.

Celebrate Your Milestones

To often people get so focused on the big picture that they forget about all the little pictures.  Lets say you are swamped in debt, with credit card debt, a mortgage, car note and student loan payments.  You can get so focused on the total debt load that you forget to celebrate small milestones like paying off a loan or an outstanding balance.  That's a big mistake, you want to acknowledge each milestone you pass as it helps to build momentum toward your end result.

 


Comments

01/06/2016 12:14am

Actually youngsters are not much aware about how can wisely manage money. They are not thinking about future and hence not interested in long term investment plan. If we have no financial planning it will led to crisis and may get into other troubles.


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