Thursday, July 23, 2009

Being A Wise Financial Consumer

Knowing your money personality—how you think and feel about your money; your habits, true values and priorities--is essential to being successful in money management. Yet, so many people are unaware that financial success begins and ends with their actions and responsibilities.

Financial Success Is Up to You

Whether you are attempting to develop a workable financial plan, a suitable investment strategy, or a relationship with a trusted advisor, your success begins and ends with you and the actions you take. Too many people leave themselves and their unique needs and wants out of the process for predicting success.

If It Works with Health, It Will Work with Wealth

We wouldn’t dare go to the doctors and be uninformed about our bodies. We’d be able to discuss exactly how we felt and what we needed from the doctor. We’ve learned to be “assertive and active patients”. Unfortunately, we have not done the same for our financial lives and well-being.

We’ve learned that we must be in control of the services and benefits that we receive to assure that we remain healthy. If we don’t take control, we become victims of the medical system.

It’s really no different in the financial arena and system.. We will either learn how to master the system or be victimized by it. It’s up to us to become better clients by knowing more about ourselves and what questions to ask and what is reasonable and realistic to expect from financial advisers and institutions. For too long, we have turned over money management to others to determine what’s right. We can still turn over the money management but it must be with knowledge, confidence and trust.

Become Your Greatest Financial Asset

Knowing more about ourselves—our financial personalities, needs for comfort and security, and priorities-- is imperative in becoming our greatest financial asset.

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