Financial Wellness is a Journey
What’s your financial spirit animal? Lion or ostrich…
Do you face financial challenges head on? Or do you bury your head and ignore potential problems?
Financial planning is necessary, but some avoid it consciously and perhaps subconsciously because it can be emotional. Seriously, we avoid things that don’t make us feel good or we believe are too difficult. Working out…finishing a deadline… Perhaps getting your financial house in order tends to be one of those things.
While Wall Street was my first foray into finance, my relationship (good or bad) with money was shaped heavily by personal experiences that preceded those moments. Subsequently, my decisions regarding money followed. Let’s see...
Lived in a 2-bedroom trailer
My parents divorce led to financial challenges.
We had unreliable transportation…and I watched the exasperation of my mother when she was denied a car loan we desperately needed.
My brother and I contributed to household bills and while I can smile about it today our money was often running a little low.
There was no college fund in place.
My decisions were driven by a desperate need to never have bad credit, be late on bills, or be denied something that could improve the trajectory of my life.
Why am I telling you this?
I remember how those moments made me FEEL and I DID NOT like being in that position.
THE RESULT. I had lioness tendencies and coined myself “fiscally responsible.” Let’s be honest…it also sounds better than cheap or frugal.
In college, this meant managing all household bills (think pen/highlighter), friendly post-it notes, and refrigerator reminders to my roommates. I thought I was doing pretty well, especially for my age.
Yet with the benefit of hindsight, I can honestly say that I didn’t know what I didn’t know. I still had so much more to learn. My knowledge about key financial principles developed. Goals changed during key life milestones (getting married, having kids). As a result, those decisions that I made throughout college are universally different as compared to my financial story in my late 20s, 30s, and 40s.
Your story might be the same, depending on your stage of life. In my 20-year career across the financial industry and non-profit sector, I’ve heard many people’s stories and questions. I find that most don’t understand and are too afraid to ask. They feel subconscious that they will look silly, or even feel like they should already understand key principles based on where they are in life.
A journey of a thousand miles begins with the first step.
-Lao Tzu
If I’ve learned anything in life, it’s when to raise my hand. Ask questions, find answers, seek advice from those qualified to give it. There are questions you most likely have about your finances, even if you have a retirement plan. I encourage you to ask them, seek out more knowledge. And if you are just at the beginning of your journey to financial wellness, I’ve got three specific steps you can take this week to get started.
Start asking questions. What do you need for retirement? What is your ideal lifestyle? Check out this post from April 2022 “Developing Financial Vision”.
Follow your curiosity. Getting your ideas on paper will likely leave you with questions, so go search for the answers. We are blessed to live in an age of information, so I’ve linked a few resources here that are a good place to start.
Talk to an expert. Friends and family will always have advice, and I encourage you to seek out a financial planner who can give you up-to-date information.