by Stacy Francis, CFP®, CDFA
Last night, the man in front of me in line at the grocery store spent a good five minutes taking things out of his cart, only to add them back a moment later, and then remove them again. Turns out he was running low on cash, and was only supposed to buy the bare necessities. Needless to say, the decisions were killing him.
I meet many men and women like him through work, though timid and indecisive investors rarely take home enough money to make a difference. But this doesn’t mean you should pounce on every opportunity that presents itself. Rather, handling your money with confidence means making quick albeit through-through decisions, and acting from a place of knowledge. But how make that happen?
You can learn about investments and the markets. We do live in the era of information, and news, articles, newsletters, and reports abound. You can attend conferences and speak to pros and gurus . . . or you can take the more convenient route and hire someone to do this for you. When you – or your advisor – can take the temperature on the markets, keep up with financial news and take the time to get to know the people who matter, you will be able to act quickly and without hesitation – to do it like you mean it!
With that said, handling money is much more than just making the right investment decisions. It is about planning and managing your finances on a daily basis. If you work out a budget and stick to it, you will have more room for the fun stuff too. If you have already paid all your bills and made your monthly transfer to your investment account, you can splurge without getting a stomachache, assured that the $200 you just spent on the must-have dress won’t plant you in the office for another year, or cost your daughter a college education!