Run Your Own Race

We all start somewhere. Whether we’re talking about our ability to cook, write, dance or play tennis, it doesn’t matter. We all start somewhere.

Former Clemson star Deandre Hopkins will play in the Super Bowl this weekend. But, as he gets set to suit up in the biggest event of the year, the Kansas City Chiefs wide receiver remembers where he started.

Hopkins’ message may have been directed at today’s youth, but it can resonate with anyone trying to get better at anything. That includes your financial life.

Each person starts with a unique level of financial resources, skills and desires. Each person has different goals for their money and for their life.? So, it’s important to understand your own journey and not get distracted by someone else’s.

You wouldn’t compare someone who just started dribbling a basketball to LeBron or Magic. Nor would you compare your 4-year-old’s art work to Caravaggio or Cassett (Picasso is so overused, I felt like it was important to highlight some of the other greats!)

If you want to be better off financially, try to resist comparing your financial journey to someone else’s. Instead, focus on your own.

Ask yourself the big question,

“What is it I want most in life?”

Then dive deeper. Start by evaluating your past. Of course, your brain is going to remind you of your past financial mistakes. That’s okay. It’s how humans are wired. Write down that list of mistakes or regrets so you can learn from them.

But, then, pivot. Pivot hard. Turn to your past successes. It may take a bit to get your list flowing. Again, we’re not wired to focus on what’s actually working. So, I’ll help you get started.

You’re here. You’re reading this, so you must have a phone or a computer. You must also have electricity. In short, you’re still here, alive in the world. You’ve made it this far. So, you should have confidence, you know how to survive. That’s not nothing. Surviving is step one. Now, let’s help you thrive.

Start documenting those winning moments from your past. Name your proudest money move. It could be paying off a car or making progress on your mortgage. Or it could be maxing our your 401k contributions and hitting a personal savings goal. Maybe it’s paying for your child’s education or helping?a friend start a business.

Keep writing down your successes. Don’t speed past this step, because your past progress is the fuel that will deliver future results.

Once you’ve sufficiently acknowledged just how far you’ve come, it’s time to look ahead to where you want to go. Make a list of those all-important goals. Write down every last one of them. Then prioritize. It’s challenging to focus on several goals at once so hone in on 3 or 4. Try to include a goal that can be reached in the next year.? It’s so helpful to feel progress early and often.

So, now you’ve looked at your past and laid plans for your future. It’s time to evaluate today.

• Where do you stand financially in this present moment?
• How well do your assets match your goals?
• Do you have stable assets like cash funding your near-term goals?
• Do you have growth assets like stocks or real estate taking care of your long-term plans? The right mix will depend on your goals and your tolerance for risk.
• How about your savings goals? Does your spending feel pretty efficient or are there lots of mindless expenses you’d prefer to eliminate?

Organizing your spending, saving and investing will help supercharge the power of your money. As I’ve noted in previous newsletters, nobody is perfect in any facet of life including their finances. The goal is simply to get better.

The better you focus on running your race, the easier it will be to achieve your goals!

Mike on the Money on TV

This week’s television segment focused on making more memories with your money. Yes, going on vacation with family and friends certainly qualifies. But there are so many hidden ways you can create more lasting memories from your money.

Give it a watch to find out…

Alright, time for you to respond:

Name an unexpected way you like to convert your money into a lifelong memory.

This material is provided as a courtesy and for educational purposes only.? Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.?

?All views/opinions expressed in this newsletter are solely those of the author and do not reflect the views/opinions held by Advisory Services Network, LLC.