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Many of us are naturally inclined to resist change, especially when it comes to our finances. This tendency is known as status quo bias, where we prefer things to stay the same, even if changing our approach might lead to better outcomes. Whether it’s holding onto underperforming investments, sticking with outdated financial strategies, or avoiding necessary adjustments to retirement plans, this bias can negatively impact your financial well-being.
Stay ahead of the markets with timely insights by uncovering the latest on the global economy, geopolitics and retirement, among other timely investment ideas - Student of the Market - January 2025
Check out our Quarterly Market Review - 2024 Q4 featuring world capital markets and a timeline of events for the past quarter.
With wealth comes an expansive list of financial opportunities: paying down debt, upgrading homes, maximizing retirement savings, or supporting future generations. The real question isn’t what’s possible, but what’s most important.
This is where clarity and intentionality come into play. Financial planning, done properly, helps you make choices in alignment with your values.
Establishing the “why” behind your wealth can provide a helpful foundation. What does financial success mean to you? Is it about flexibility and independence? Generational legacy? Giving back to your community? Your “why” serves as your guidepost, helping you prioritize and sequence your financial goals.
When it comes to personal finance, one of the most common—and frustrating—answers you’ll hear is, “It depends.” Whether you’re asking about the best way to invest, how much you should save for retirement, or how to minimize your tax burden, the response is often the same. And while “It depends” might seem like a cop-out, it’s actually the most honest and accurate answer anyone can give. Here’s why - your financial situation is unique and personal to you…
Giving kids and grandkids a leg up in the world is often an important goal of legacy planning. But just how easier should an "easier" life really be? If your legacy plan provides your heirs with too comfortable of a cushion, they may not gain the resilience they'll need to overcome challenges that money alone can't fix.
Encourage your loved ones to push themselves in these three ways and they'll learn how to carry on your family's legacy while also improving their Return on Life.
Being unsure whether to pay off your mortgage or not is a good problem to have. It means you have significant savings and have afforded yourself some choices. While the idea of being debt-free is appealing to many, there are also compelling reasons to keep your mortgage. Let’s explore both sides of the debate to help you make an informed decision.
The best habits often have applications in many different aspects of life.
We certainly feel that's true about our Life-Centered Financial Planning Process!
The transition to retirement is going to bring many changes, including how you feel about the relationship between your life and your money. But you can lean on the same principles that helped you secure your retirement to help you make that transition and enjoy your retirement more.
Let's review three cornerstones of Life-Centered Financial Planning and think about how we can reapply these concepts to living your best life in retirement.
Pick up your cell phone. If it's a few months or years old, try to remember when you first bought it. How shiny and light and scratch-free it was. How excited you were to sync up your accounts, take pictures and videos with the new camera, or play some games.
And now? Be honest -- it's just your phone. You might not be able to get through a day -- or an hour -- without it, but even if you've kept it in good shape the shine and the newness are gone.
That's due to a phenomenon that psychologists call "hedonistic adaptation." Over a very short period of time, the things we buy just become more things that we have, and that initial bust of happiness we feel when we crack open the box returns to the baseline.
On the other hand, buying experiences tends to create happiness that sticks with us, reverberates with our loved ones, and improves Return on Life. Here are three reasons why:
Stay ahead of the markets with timely insights by uncovering the latest on the global economy, geopolitics and retirement, among other timely investment ideas - Student of the Market - November 2024
