Push Through Your Financial Health Plateau

Push Through Your Financial Health Plateau

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Has someone ever inspired you to do something different? Recently an Integrative Medicine physician told me, “I give you permission to throw out that stuff in your kitchen that doesn’t nourish your body,” and advised me on nutrient-dense foods and seasonings to restock my pantry.

Her words moved me to action. I cleaned out my cupboards, dug out the highly processed snacks wedged in the back corners, and tossed them into the garbage along with leftover holiday sweets. And as I did it, I felt great. I was getting rid of my toxic eating habits and replacing them with healthy behaviors that would sustain my body, mind, and spirit.

The Three Cs
You can feel free and fabulous, too, when it comes to your personal finances. Experience personal financial health when you maintain three Cs:

  • Clarity in what you are doing with your finances.
  • Comfort in why you are doing it.
  • Confidence that you are doing what you can to set yourself up for financial success.

And you experience these 3Cs when you:

  • Accept the things that you cannot change—such as macroeconomic policies and market returns.
  • Have the courage to change the things that you can—including savings, investments, insurance decisions, asset allocations, debt payment strategies, and estate plans.
  • Make informed financial decisions that set you up to achieve your goals.

Just as the Integrative Medicine doctor gave me permission to get out of my eating rut and guidance to chart a new way forward, I give you permission to push through whatever plateau might be inhibiting your momentum to optimize your financial health.

Change Your Narrative
Following are some toxic financial narratives that prevent some people from achieving greater levels of financial self-care, as well as examples of healthier mindsets and activities to ease financial pain points.

Toxic Financial Narrative: My partner manages our finances.
Financially Healthy Mindset: My partner and I share financial responsibilities; we split up the details and both understand the big picture.

2022 Activities for Relief
Clarify the six pieces of your financial picture with your partner:

  • Income
  • Expenses
  • Insurance
  • Investments
  • Debt
  • Financial obligations to other people

Confirm contact information for any professionals that issued policies (e.g., insurance), created plans (e.g., a will), and manage your accounts on an ongoing basis (e.g., fiduciary financial advisor).

Toxic Financial Narrative: It is overwhelming to think about my finances. I’m too busy to think about them.
Financially Healthy Mindset: My wealth is like my health—both have the capacity to positively influence my quality of life. Time that I spend understanding my financial choices and making informed decisions may increase my likelihood of living the life I desire.

2022 Activities for Relief
Reserve 15 minutes in the next month for a “financial checkpoint” and consider:

  • What do I like about my finances?
  • What do I not like about my finances?
  • How would I like my finances to be different?

Act on your answers and revisit the questions on a regular basis (e.g., monthly, then quarterly) so that a healthy money mindset supported by constructive action becomes routine. 

Toxic Financial Narrative: I’m all set with my finances. What I’ve been doing for years is working out just fine.
Financially Healthy Mindset: My wealth and health are dynamic and fluid, influenced by variables both within and outside of my control. What worked in the past may not work in the future.

2022 Activities for Relief
Review your financial vitals and monitor them as part of your financial checkpoints:

  • How much do I have in emergency savings?
  • What % of my gross income am I investing?
  • What is my target asset allocation given my financial plan, and how do my current
    holdings compare to this allocation?
  • What kinds of insurance do I own, and do the policies continue to make sense for my needs?
  • What debt do I carry, and what is the payoff plan I am following?
  • When did I last review beneficiaries on my accounts and my estate plans?

Toxic Financial Narrative: I have been working with the same people for years on my finances. While there are things I don’t like and I want something better, it’s easier to stick with who I know.
Financially Healthy Mindset: People I have worked on my finances with in the past have served an important role. As I look forward, I deserve to surround myself with fiduciary professionals I trust to understand what is important to me and support me in realizing my goals.

2022 Activities for Relief

  • Check whether the financial professionals you work with are fiduciaries.
  • Seek a second opinion on your existing financial plan and investment strategy from an independent fiduciary, such as a Certified Financial Planner™ (CFP®).

If you want more clarity, comfort, and confidence in your financial life, push through your financial health plateau and resolve to make financial self-care your goal for 2022. Allow me the privilege of a complimentary consultation; my competent, experienced, and passionate fiduciary team is right here.

Caroline Wetzel is a Certified Financial PlannerTM (CFP®) and Vice President, Private Wealth Advisor with Procyon Private Wealth Partners, LLC. Procyon Private Wealth Partners, LLC and Procyon Institutional Partners, LLC (collectively “Procyon Partners”) are registered investment advisors with the U.S. Securities and Exchange Commission (“SEC”). This article is provided for informational purposes only and for the intended recipient[s] only. This article may also include opinions and forward-looking statements which may not come to pass. Information is at a point in time and subject to change. Procyon Partners does not provide tax or legal advice.