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Attitudes About Money Holding You Back?

March 01, 2020

Like many things in life, your feelings about money may have a lot to do with how you were raised. If you've heard yourself saying any of the following phrases, it might be time to take notice of your inner money dialogue and change the conversation.

"Life's short – you've got to enjoy your money while you're here."
Someone with this attitude receives an unexpected bonus at work or an inheritance and their first thought is: What should I buy? If this describes you, it might be time to calculate the cost of that purchase, beyond the price tag. The amount you spend today could potentially buy you more of what you want in the future if you invest the money instead.

"I didn't have a lot of money growing up. Now that I do I want to spend it on my family."
There's nothing wrong with wanting to show your loved ones you care for them by giving gifts. However, it's important to balance that desire with your own needs for the future. Consider having a plan in place that allows you to spoil others while still securing your future.

"I'm never going to retire, so I don't need to save."
If you enjoy your career, it's easy to imagine working forever. Unfortunately, no one knows what the future will bring. What if you can no longer perform the job due to illness or changing industry conditions? It's important to have a nest egg you can fall back on or a plan to protect yourself.

"I'll never feel financially secure, no matter how much I save." 
This attitude sometimes originates from either not having clear goals or having no idea what it will take to achieve them. A financial advisor can help determine what's most important to you and develop a strategy to help get you where you want to be. Sometimes simply seeing an amount on paper, and knowing how close you are, is enough to help you feel more secure. If not, there are protection strategies, such as insurance, that can help.

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