I opened the paper today…just kidding; I tapped on my Twitter appthis morning and went through the financial news section. Even though I kind of know the sort of ‘breaking news’ stories I’m going to find, I still read them. Dow Jones is down 12 points over night, EU political pressures on Greece continue, Facebook shares hit (apparently and surprisingly) new lows.
I take another bite off my toast and smile…
It’s time to switch the TV on. I can’t wait for the next ‘expert’ analysis of these stories in the regular money segments of the morning show. My two year old son screams in my ear, he wants me to change it back to cartoons. How do I explain to him that I simply need to know what is going on in the financial world out there and what impact it has on my money?
I know I am not the only one going through this daily morning routine. In one way or the other, we are all victims of the daily noise surrounding us from the moment we open our eyes.
It’s the culture we live in. It’s the news, the marketing, the advertising entering our head-space without our permission.
The media and marketers use good old fashioned fear, but more recently also frustration, desire and family values – all emotional drivers that stay stored in our memory bank. And they stay there for a long time. Until the right time comes, and a very important emotional and financial decision needs to be made, they reappear. And they subsequently drive the decision process.
In a nutshell – most people make their important (often life changing) financial decisions based on what they see, read and hear in the media. Permit me to say, that’s why most people are not financially independent and what’s worse, a lot of people become financially destroyed.
Financial independence comes from a thoroughly planned journey, where decisions are not made based on the latest news. It’s created by a series of sound financial decisions, which are made proactively. It utilises virtues as patience and discipline. It doesn’t chase the latest hot trends or funds and it doesn’t chase any price movements either.
Financial independence is shaped by a long term plan and strong fundamentals, but it’s flexible enough to adapt to changes in personal circumstances. It’s formed by a plan that never changes its course because of variables it cannot control. It only deals with variables that it has some chance of predicting and controlling.
But importantly, it’s designed and regularly assessed by a financial coach. He/she constantly makes sure you are on the right path to maximise the probability of achieving what is important in your life.
However, the timing needs to be right in order to hire a financial coach. It requires an acceptance that escaping the noise means gaining focus. It’s hard to gain focus when life sort of happens every day.
Without going into expertise and experience of a financial coach, the practical and emotional value added is priceless. Once you allow yourself overcome the fears of this new experience you’ll allow yourself plant a seed that will one day grow into a strong and healthy tree.