It’s Not the Global Economy…It’s Your Personal Economy

canstockphoto20880801“Shiny Objects”

We don’t spend much time, (and neither should you), trying to predict economic inputs that we can’t influence. However, many of our clients sure worry about the direction of Federal Reserve policy, the price of oil and a myriad of other aspects of economics that simply can’t be controlled. The global economy matters, but what matters much more is your personal economy.

For those in their peak earnings years, the Run-Up Stage, the most critical variable is how much you save towards your long-term goals. For those already retired, in the Wind Down Stage, how much you spend is what matters most.JW-Financial-Life-Timeline%5b1%5d

It is easy to be distracted by the “shiny object of the day” in the news and become concerned about all sorts of things which actually impact your personal economy very little.

One of the reasons we write these weekly articles is to help curate the overload of information that flows toward you each day. The grand majority of information is of no importance to your particular financial journey.

The Four Factors

Your personal economy is centered around four primary factors: how much you save towards your long-term goals; how well you diversify your investments; how much time you have (time until retirement or the amount of time you need the resources); and last but not least, behavior.

The word behavior may have negative connotations but within the planning context, it means staying with your long-term plan throughout all cycles of the market/economy. Behavioral coaching, however, is much more than just helping you avoid poor choices; it’s about motivating you to take positive steps towards your goals. Breaking the stranglehold of inertia can create a huge push forward but is something that most clients simply can’t muster on their own.

How’s your personal economy? Ready for a real conversation?

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