ST. CROIX INSIGHTS
Enhancing Your Wealth One Step at a time
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
It’s time to start enhancing your wealth one step at a time. But how do you accomplish this? Break it down and take it slowly. It doesn’t happen in one day.
It starts with small decisions that build up over time to create a big impact. Take a step back and look at your life. How do you feel about money? Do you feel secure, confident, and covered? Do you worry, get upset and feel insecure about money? Do you avoid the topic altogether? Assessing your relationship with money is important before you start to take these steps.
Once you understand where you are coming from, it will be easier to begin to shift your thinking. Money is just a means to be able to do the things that you enjoy. If you aren’t enjoying your life, no amount of money is going to change that.
1. Determine your values. What is it that sets you on fire and gets you up in the morning? What do you look forward to at the end of the day or the end of the week? What truly brings you joy and happiness in this world? Maybe when you think about all of this you realize that the best things in life are free for you. In that case, wonderful. However, the fact of the matter is that life costs money. Even just spending time with those you love usually involves a meal, a destination, or some type of entertainment.
2. Cut out the unnecessary stuff. Do you have a junk drawer at home? The one with miscellaneous pens, rubber bands, and free giveaways? Why is it that we hang onto so much that has no value? We live in a culture that loves stuff. It somehow became a sign that someone has ‘made it’ when they have a bigger house, more toys, and a flashier lifestyle. But what in your life could you do without? I’m guessing most of it.
3. Reframe your thoughts. When you think about saving vs. spending, shift your mindset. Would you rather get an expensive coffee drink with a flavor shot and whipped cream on top every day of the week or retire to a house on the water where nobody knows your name? Life is full of trade-offs, and unless we begin to think of the future as something to consider in this moment, we will never have what we think we need down the road.
4. Finally, discuss with others. Yes, it’s taboo to talk about personal topics. But get a feel for what other people make, spend, and save. Determine whether you’d like to make your money go further for you now or in the future. Talk to trusted advisors, friends, and people who are willing to engage in conversation. Especially if you’re struggling financially, talk about it.
In short, I am simplifying your life and saving your time by taking care of this end of the deal. You can focus on your kids’ sporting events, family birthdays, and work deadlines while I worry about your money. Know that it is in good hands.
One common thread that you and I have is 24 hours in a day. If you don’t protect your calendar, before you know it, you are no longer in charge of your schedule. We need to protect one our most important resources – time.
I’ve become guarded of my schedule over the years, so I don’t feel overwhelmed with the day to day expectations of my family and clients. I know I live by a calendar, I have to in order to keep it all straight each day. It’s even typical for my wife and I to compare our schedules to meet the demands of our family. Yet, that’s usually while we are in bed, with computers in each of our laps. Do you have a favorite calendar resource you use to track and schedule your meetings? Do you make a checklist on there too?
The bottom line is that neither you nor I can meet with everyone. I wish I could, I truly enjoy hearing each person’s stories. However, we need to protect our time and our calendar to focus on the items that are most important to us in helping us reaching our goals – personally and professionally.
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