By FirstWave Financial
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 WealthConfidence so 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 optimism.
op·ti·mism (noun) hopefulness and confidence about the future or the successful outcome of something
Sometimes, when circumstances happen, we can immediately jump to conclusions about whether it’s a good thing or a bad thing that just happened, only to find out in hindsight that our call about being good or bad was completely wrong.
“Life is 10% what happens to me and 90% of how I react to it” – Charles Swindoll
If we are not careful, it is easy to fall into a pessimistic mindset in our current world with its 24-hour news cycle. Bad news attracts viewers and drives up ratings. As a result, bad stuff appears to be happening everywhere, all the time. Even good economic news can be presented in a negative light. Interest rates are at an all-time low (good news), but pessimists say that is because the economy is in trouble (bad news). The stock market is near its all-time high (good news) but pessimists say this may mean a correction is coming soon (bad news). This constant barrage can erode your optimism and damage your WealthConfidence.
The worldwide pandemic has certainly been a bad thing for many people. Some companies have economically benefited from the resultant national shut down and social distancing (Amazon), but many more companies have had to lay off workers and reduce operations. The facts are the facts. How you react and the actions you take are greatly influenced by the mindset you have about them.
Bad things can and do happen to your personal financial situation. By having a WealthPlan, based on everything you know at the time, you are better able to adjust your future strategies and actions in response to your new set of circumstances.
You lose your job, a bad thing, but because you have a WealthPlan you know how long you can search for your next job, how much you need to make to stay on track, and where you’re going to get the cash flow to live on in the meantime.
Having a WealthPlan can help you nurture your optimism and contribute to improved WealthConfidence. That way, when life throws you a curveball, you’ll have a better idea about the effect it will have on your ability to stay on course, respond creatively, and be more optimistic about what comes next.
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.