Sharing my latest thoughts on money and life, with an eye to empowering more women to financial confidence.

I'VE BEEN PONDERING

Here are a couple of things I have learned in the close to 30 years I’ve been working as a financial advisor. From my observations, and greatly supported by reading the insightful work of people like Meghaan Lurtz, PhD, Sarah Newcomb, PhD, Brian Portnoy, PhD, and Morgan Housel.

1. Many of our money patterns, our repeated behaviors, are driven by subconscious beliefs.
2. Most of our actions stem from our attempt to satisfy a need. Even things that may be categorized as “wants” (vs needs), or “discretionary” (vs essential), really are trying to meet some kind of need.

These came to mind recently as I had an a-ha moment about one of my own patterns. Here it is.

1. I identify a need. For example, the need to tackle the nagging, low-level tennis elbow pain in my left arm.
2. I know something about what could help. In this case, I actually went to PT for many months a couple years ago for tennis elbow on my right side. I still have the printouts (somewhere!) of the exercises they had me do.
3. I hold that knowledge about what could help in my mind, adding it to my mental to-do list – without actually doing it, mind you.
4. Then I make an impulse purchase. Like a book on maintaining strength as we age, or a supplement, or KT tape.

More often than not, that purchase sits around the house collecting dust! So why do I do it?

Because throwing money at the problem feels like productive action. I’m searching for an easy fix. Certainly easier than devoting 20 minutes a day, every day, for months, to those boring exercises. 😄

Doing the exercises is free. The book/supplement/tape costs money.

Hmmmm. Not perfectly rational, huh?

I’m not throwing shade here. I’m not judging myself. (OK, I’m trying not to judge myself!) But it is useful to know that this is one of my tendencies.

Maybe next time I’ll realize it and pause before I buy one more book that I want to want to read.

• On episode 139 of Take Back Retirement, Kevin and I tackled all the logistical stuff to keep in mind when you're planning to move investment accounts. And we tried to make it (at least somewhat) entertaining! Let me know how we did.
• Undoubtedly more interesting, on episode 140 we welcomed Amy Bernstein, who purposefully reinvented herself to follow her passion for writing. Even if writing is not your thing, I know you'll learn something from her experience.
• Let us know what topics you'd like us to cover in upcoming episodes!
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PERSONAL

It's (finally) time for family vacation! Back when our kids were young and in day care, the center would shut down for a chunk of time at the end of August. Which made it the perfect time to go away! Somehow that timing stuck, and while it's always a long wait, I do like going away while things start to slow down.

I'll be off for two weeks, sleeping in, soaking up some sun (if the weather cooperates), and floating in the salt water.

If you need anything, sofia@sofiafinancial.com reaches the whole team!

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LET'S CONNECT!

When's the last time you tried throwing money at a problem that really required sustained effort? What was the result? (Do you think I'll learn my lesson? Ha!)

Did you get away this summer? Send me a picture! I'd love to see - and maybe add to my bucket list. 😁🛫

Stephanie

Whenever you're ready, there are three ways we can help:

1. Download our free Roadmap for Financial Clarity.
2. Schedule a no-strings-attached meeting with us to see if we're a good fit by scheduling an appointment here: link to calendar.
3. Feel free to reply to this email with any questions you might have, and we'll do our best to provide a helpful response.