If I Could Only Teach One Financial Lesson

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Mark Ring, Wealth Advisor

People always talk about tactics. When it comes to finances (and everything in life, really) we want quick tricks, insider secrets, and easy hacks. The problem is, we often get so caught up in these tactics that we forget the basics.

So, today, instead of giving you a laundry list of superficial personal finance tips, I’m going to share with you one foundational financial lesson. No matter what fancy new financial technology the next decade brings, I urge you to not lose sight of the following rule:

Always have a plan, and always stay conscious of how well you’re following that plan.

Seems simple enough, right? Unfortunately, it’s often easier said than done.

The Reason Most Financial Plans Fail

Many people are tricked into thinking all they need to do is create a financial plan, set it to autopilot, and let their accounts magically grow. What they don’t realize is, while automation is convenient, it’s also dangerous.

Today’s financial institutions make it simple to spend your money with things like electronic transfers, automatic payments, and Apple Pay. But the problem is that when everything is on autopilot, we tend to develop a “set it and forget it” financial mentality. 

This is one of the biggest mistakes when it comes to wealth-building. To succeed, you need to be conscious of your finances. If you aren’t monitoring your spending or investment progress, how will you know if you’re heading in the right direction? Unfortunately, many people learn this lesson the hard way, wasting years of wealth-building opportunities simply because they weren’t paying attention.

The key to becoming wealthy is to constantly be aware of your financial self.

Set Up A Solid Plan And Stick To It

However, all this is assuming you actually have a solid financial plan in place to begin with. It’s not enough to simply save money every now and then, hoping that by the time you retire, you’ll have enough to sustain a comfortable life.

That’s like saying you need to travel from New York to Los Angeles, but all you do is walk a few miles to the east each day. Chances are, without a road map or a proper vehicle, you’ll never make it to your destination.

It’s the same with your finances. Without a well-defined financial goal and a personalized road map to get you there, you’re basically leaving it up to chance. And retirement is not something you want to leave up to chance. 

We’re Here To Help

At Jacob William Advisory, we can partner with you to design your own custom financial road map based on your current situation and future goals. We’ll also be there to help you monitor your progress and stay aware of your financial self. To learn how to get started, contact our office by calling 410-821-6724 or emailing info@jacobwilliam.com

About Mark

Mark Ring is the co-founder and Managing Partner of Jacob William Advisory, a wealth management firm whose sole mission is to service their clients’ needs beyond their expectations. Mark has over 30 years of industry experience and for the past decade, he has been committed to building Jacob William Advisory into one of the foremost wealth advisory firms. Mark graduated from the University of Maryland with a Bachelor of Science in Economics and spends his time outside of the office with his wife, Nancy, and his two wonderful children. He gives his time to numerous nonprofit organizations related to education and the arts, often serving as a board member. He enjoys playing tennis, golf, bicycling, cooking, and traveling. Learn more about Mark by connecting with him on LinkedIn.

For a comprehensive review of your personal situation, always consult with a tax or legal advisor.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Do You Need Help Consolidating Old 401(k) Accounts?

Published by Daniel Morrison, Founding Partner and Wealth Advisor   Staying with one employer for your entire career is now a relic of the past. American workers will have an average of 2.9 jobs between the ages of 35 to 44, and 1.9 jobs between ages 45 to 52.[1] Because you switched jobs s …

Paying for Health Care in Retirement

By Ryan Yamada, Senior Wealth Planner    When putting away for retirement, we often dream about all the things we’ll be able to do with that money – traveling, going out to eat, maybe trying new hobbies. 

Senate Addresses Taxes, Deficit, Inflation, Health Care in Proposed Bill

By Jamie Hopkins, Managing Director, Wealth Services  Sonu Varghese, Director, Investment Platforms; and Ryan Detrick, Chief Market Strategist, contributed to this report.    Senate Democrats have reached a general agreement on a bill to address climate change, taxes, health care, inflation …

Quarterly Market Outlook: What Lies Ahead for the Third Quarter of 2022?

By Scott Kubie, Senior Investment Strategist    The first half of the year proved challenging for even the most hardened of investors. High inflation. Continual losses in the S&P 500. Bear market. Fed rate hikes. It all added up to the third most volatile market in 25 years.  
1 2 3 111 112 113

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation