How to Develop a Serious Mindset about Finances in the New Year

December 30, 2010by Hoy Grimm0

Alcoa, Tenn. – LeConte Wealth Management provides simple and useful tips anyone can use to get more serious about finances in the fast-approaching new year.

“If you find yourself in a hole, stop digging,” said Kevin Painter, co-founder and managing partner at LeConte Wealth Management.  “Folks need to realize that they can make a change in their financial lives, but they first must change their behavior; the first step in the process is to keep a positive attitude about making changes in the new year.”

LeConte Wealth Management recommends the following steps to create a new financial life in the new year:

 

  • Analyze your current situation.  Are you spending more than you are earning?  Have you clearly defined your saving, investing and retirement goals?

 

  • Push away from the table.  The next step to creating a new financial life is to change your current habits.  Do not go back for that second helping of eggnog for example.

 

  • You must have a financial vision and plan, then stick to it.  “Vision without execution is hallucination.”  Many people attribute this quote to Thomas Edison, but it is not confirmed where or when he said it.  Either way, this quote is great motivation to keep your New Year’s resolution to live a better life financially.

 

In addition to changing habits, getting serious about finances also includes assessing risk.  LeConte points out that there are many types of risks that investors face.  Most focus on the risk of losing money.  Many often overlook interest rate risk, the risk of inflation or higher prices, the risk of not being able to sell a home when they need to or the risk of not having enough money to educate a child or retire when the time comes.

“During the holiday season, it’s far easier to overindulge at a holiday party than to get up for a morning jog; excuses are much easier to make than appointment with your Stairmaster as old habits die hard,”  said Hoy Grimm, co-founder and managing partner at LeConte Wealth Management.  “If you’ve been financially irresponsible, it’s far simpler to continue to abuse the credit card rather than save your pennies for a purchase down the road.”

Hoy Grimm

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