11 Mar Be More Confident In Your Financial Future by Bonnie Gortler
Are you struggling to grow your wealth and sometimes intimidated or overwhelmed and want to be more confident in your financial future? Making good financial decisions is a skill that anyone can learn by deciding you are willing to commit to create change. It’s time to develop a plan where you are in charge; you invest in you and take responsibility for your financial future. You don’t have to make a dramatic change all at once so it’s hard or even a painful process. You can make small changes, one at a time and before you know it, you will be more comfortable saving and investing in a natural manner that becomes easier and more rewarding each day.
Realize that your financial goals change at different stages of life. You want to decide if you are investing for the short or long term. There are periods in life when taking risks is warranted, but other phases in life when it is best to be extremely careful with your finances. Everyone’s risk tolerance threshold varies depending on the different situations in life. Some of you are just beginning to build your wealth and still have your entire life ahead of you. Because you are just starting out you have more time ahead to replace capital if lost. A new investor starting out in life has different objectives than one who is now retired after working his or her whole life or living off of money they have saved; and therefore have a lower tolerance for risk because of the lack of time to recover should there be a loss.
Risk is the potential loss you can have on an investment. No matter what circumstance you are in, your risk tolerance needs to be established along with the appropriate investment strategy for your lifestyle, age that fit into the dreams you have for your future. Develop an investment plan that includes a mix of equities and bonds that you match your style in order to manage risk. Some investments are more uncertain than others. A simple and quick way to decide your portfolio mix of how much equity and bonds is by your age. The older you are the more bonds and less equity you want in your portfolio. For example, if you are 30 years old then 30% bonds; and 70% equity would be your mix. Another example is if you are age 55, then a good investment mix would be 55% bonds and 45 % equity. (Note: future results cannot be guaranteed).
Investments that are too aggressive and keep you up at night are simply too stressful and most likely don’t align with your commitment to achieving wealth and well-being. Capital preservation is the key to your investments and growing your wealth. If you are losing sleep then these are not the correct investments for you. Consider altering your portfolio by making a small change at a time. No need to change everything all at once. Decrease in phases to give yourself more peace of mind and less stress, so you can be more comfortable with your investment situation. In the long run, having investments that are quieter, (low volatility) as part of your portfolio will be the most consistent way for you to make the most money.
Be More Confident In Your Financial Future
- Write down your short and long term goals and keep them by your side and look at them often. You can make this a fun process by creating a vision board. E mail me at Bonnie@bonniegortler.com if you would like some assistance
- Know where your money is going by writing down or create a worksheet on the computer what your monthly expenses so you know what you are spending each month. Notice money spent on items that really have not much significance or that were not high priorities. Be mindful of not spending more than you earn.
- Start saving a few dollars at a time to begin accumulating wealth. Start small, a twenty dollar bill saved today will continue to grow for your future. You will be amazed how dollars turn into hundreds, then into thousands. It’s never too late to begin saving and investing.
- Remember when investing that all trades will not make money. You will not be perfect. Learn how to let go of past mistakes and to not let emotions rule your decisions.
- Give yourself the gift of peace of mind by doing a little research before you invest. Be realistic with your expectations.
- Track your investments that you invest in the stock market is a key to mastering your finances. Watch your portfolio daily, check on the price movement of your individual stocks or mutual funds.
- Time is your friend when you are investing. Money will grow if you leave it to accumulate and don’t spend it.
- Manage your risk! Protect your assets. Prevent large losses on your investments. Remember the best loss is the smallest loss. It is more important not to lose than it is to win. Slow and steady consistent growth is much better than a roller coaster ride up and down with your investments.
With you making a commitment to a few simple changes carried out a little each day with consistency, you will, over time achieve your dreams and enjoy a bright financial future. A proper plan will not only save you money, but will also be enable you the flexibility to use your money on what gives you pleasure rather than only using it for meeting the basic needs that fill your life. Making even a small change is something that you can do without too much effort; when you do you will find the benefits are worth every step taken. Even the smallest action steps add up and are enough to make a true difference in your life. You have the power to turn things around. Learn to become accountable to you and take charge of your financial future so you can reap the benefits for years to come.
Your Journey to Wealth Is Within Reach!
Discover the right wealth building attitude with my book, Journey to Wealth: A Practical and Mindful Approach to Growing and Sustaining Financial Well-Being. You will have your own stock market toolbox to help manage your finances to be a more disciplined profitable investor.
Bonnie Gortler
The Inspired Wealth and Well-Being Coach
Bonnie Gortler, Consultant, Coach, and Author specializing in Wealth and Well-Being, is a successful stock market expert who has been instrumental in managing multi-million dollar client portfolios within a top-rated investment firm during her over 35-year corporate career. As the author of “Journey to Wealth,” Bonnie has made it her mission to share the importance of risk management and how to enjoy real financial well-being by applying the technical and mental sides of investing. Bonnie has an M.B.A. and is a certified life coach. It is through her love of coaching, consulting, blogging, and social media that she creates change in the lives of many and inspires people from around the world. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights about investing, personal development, and inspiration through her articles on Wealth and Well-Being.
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