Not long ago we began using Your WealthConfidence Scorecard to increase awareness of the eight mindsets that contribute to improved WealthConfidence. These mindsets are gratitude, open-mindedness, cooperation, respectfulness, abundance mentality, connectedness, optimism, and realism.
WealthConfidence is dynamic, it ebbs and flows depending on what is happening in our individual situations and the overall environment. In light of current events, your WealthConfidence may be taking a real blow. Recognizing this, it is even more important to nurture the mindsets that contribute to improved WealthConfidenceso that you continue to make smart decisions about your money and enjoy the financial future you have in mind for yourself and your family.
The mindset to nurture today is open-mindedness.
o-pen-mind-ed (adjective) willing to consider new ideas; unprejudiced
With so much information available at our fingertips today, much of it can appear to contradict itself. Examples of this are everywhere when it comes to the coronavirus. There are stories about successful treatments for those infected, at the same time as stories that these treatments may not be safe. Stories about shortages of hospital beds and ventilators, and apparently contradicting stories about temporary hospitals being shut down because they were unnecessary and a reserve of 10,000 ventilators ready to be deployed where ever they are needed. Shortages of toilet paper that appear to be caused more by panic buying and hoarding than by any actual shortage.
Examples of apparently contradicting information are also prevalent regarding your finances. There are stories in the current news recommending that you buy stocks, sell stocks, buy gold, don’t buy gold, have debt, have no debt, all at the same time. How are you to decide?
In his groundbreaking book, The Paradox of Choice – Why More Is Less, Barry Schwartz describes how everyday decisions, both big and small, have become increasingly complex due to the overwhelming abundance of choices with which we are presented. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. This is not good for Your WealthConfidence.
To nurture your open-mindedness, it can help to put your choices into the context of your individual situation, goals, and aspirations. That way you can look at the various choices you have in light of their individual and collective contributions to your vision of your future. This helps to avoid the problem of contempt before investigation or being pulled off track by information that may not apply to you at all. Instead of classifying an idea or strategy as being good or bad right out of the box, decide whether it contributes positively or negatively to the future you have in mind.
When you have increased open-mindedness, it can help you to determine how your decisions might contribute to or detract from your financial future. Measuring how the growth of your financial resources is progressing towards what you will need to achieve your goals, can help clarify what you must do next. Once you know this, it’s much easier to make your decisions, adjust your course, and improve Your WealthConfidence.
Future WealthConfidence Connections will address each of the eight mindsets with suggested actions that can be taken to improve your WealthConfidence. You can take your own WealthConfidence Scorecard at https://bit.ly/3cdGSs3 to see how you score now and in the future to help determine which of your mindsets may need the most nurturing at any given time.
We are grateful to be connected to you and appreciate the trust and respect that we share. Please feel welcome to contact us for any and all reasons as we get through this time together.
You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.