Financial Success & A Mindset of Control

Imagine this: it’s the day after Halloween, and you are about to enter your local big-box store retailer. EVERYTHING about the store flashes “SALE!” Who or what is in control of your actions in this situation? Let’s consider two different mindsets and possible outcomes related to how we might approach our shopping trip in this scenario: Mindset 1: I can positively affect the wealth my household accumulates. Potential Outcome: I will shop and spend in[…]

Savings over time makes a difference.

What’s the Difference Between a 17% and 7% Savings Rate?

Our data consistently tells us that in the arena of personal-finance outcomes, behaviors matter. They matter a lot. So we thought it was time to try and quantify—from a dollars and net-worth perspective—exactly how much is “a lot.”  We have talked here before about the difference in savings rates between “high-potential” individuals and “low-potential” individuals, as measured by scores on the DataPoints Building Wealth assessment. As a quick refresher, Building Wealth measures behaviors and attitudes in[…]

Planning & Monitoring: The Obvious Wealth Factor We Love to Ignore

In pop psychology and social media, there seems to be more interest in money personality than in financial behaviors when it comes to talking about the things that will have the greatest impact on how successful we are at accumulating wealth. Who doesn’t love a one-question quiz that asks you about your favorite color and then gives you a report telling you you’re a terrible investor because you like magenta? Tests like the Myers-Briggs Type Indicator[…]

Mindfulness, Well-Being, and Spending: The Benefits of Being Aware

Have you ever dismissed a concept because it sounds too “soft,” that it won’t help or be applicable to your practice, life, or clients? One of those concepts that has suffered from a branding problem in the financial world is mindfulness. However, with the increased focus on holistic financial planning, it’s gaining some ground a an increased reputation as a way to help achieve financial success. Let’s consider it in light of spending. News-flash: Excessive spending can[…]