Human nature calls for us to worry – this instinct goes way back to the days in which we had to protect ourselves against predators. Now in today’s world, there are many things that I see people worry about, and in particular, money is one of them.
When asking you (our clients) what value you receive from Financial Advice the number one thing that is conveyed is “Peace of Mind” that you are on track to achieving your goals or you don’t have to worry about keeping up with legislative changes in your situation as this is taken care of.
A lot of how we determine the best path for someone to build wealth in Financial Planning, is by considering what is in our control and what is not in our control.
So what can we control in the Financial Planning process?
- We can design a plan together based on what is most important to you;
- We can focus on diversifying broadly and keeping costs and taxes low when investing;
- We can re-balance your portfolio as markets as your personal needs evolve – as we all know, life isn’t stagnant, things will change all the time.
We can’t control:
- Market movements
- Economic trends
- Government policy (maybe influence with our voting rights, as witnessed in the recent election)
- Interest rates, currencies
- Media noise
By focusing on the things that we can control in our decision making around money, we can ensure that we make logical decisions and place our energy in the right areas to increase our chances of getting to a desired outcome.
Think about a time when you worried about something, and ask yourself the following:-
- Did what I worry about actually happen?
- And if it did happen, did worrying about it help at all?
So next time you find yourself worrying about something, maybe consider the words of the Dalai Lama, “If you can’t control it, why worry about it, and if you can control it, then there is nothing to worry about”.
Frances Easton | CFP®️ Professional, MFinP, BBus-Acc, SMSF Specialist Advisor is a representative of Alman Partners Pty Ltd, Australian Financial Services Licence No: 222107.
Note: This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person or entity. Accordingly, to the extent that this material may constitute general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. This is not an offer or recommendation to buy or sell securities or other financial products, nor a solicitation for deposits or other business, whether directly or indirectly.