If I Could Only Teach Two Financial Lessons

Many people give financial advice. You may have heard some of this advice, such as the importance of living within your means, managing risk, and creating an emergency fund. While each of these has its merit, if I could only teach two financial lessons, they would be to take the emotion out of financial planning and to use your money with intention. Let’s look at these two lessons more closely.

‍

1. Take the Emotion Out of Your Financial Plan

This lesson essentially boils down to the adage “stay the course.” Don’t be wooed by the newest tech stock or panic when volatility strikes. Teach yourself to put blinders on as you pursue your goals so you don’t get distracted or discouraged along the way. That may mean ignoring media, such as TV, Instagram, or magazines. It’s easy to be swayed by the latest fads or spend your life trying to keep up or fit an image—but it’s not worth it. 

Living according to your values and aligning your finances to your vision is a lifelong process. As such, basing your financial decisions on what everyone around you is doing is a surefire way to make unwise financial decisions and lose yourself in the process (not to mention develop high blood pressure).

So take a break from the constant media barrage and go read a good book instead.

‍

2. Use Your Money With Intention

Many people don’t realize that intentionality is a key component of financial success. When you get to a point where you can pick and choose what you spend your money on, and which opportunities you invest in, you will achieve true financial independence.

It doesn’t happen overnight, though.

It starts by building an adequate emergency fund so that you have a cushion in case unforeseen expenses were to pop up. This is the first step in intentional wealth.

Once you have a solid financial foundation, you can expand your thinking about how to use your money with intention by identifying what it is you truly want from your wealth. Whether you want to travel, invest in your future, or help others the key is to be mindful and purposeful with your spending. If you’re not sure where to start, consider these ideas:

• Create a budget: A budget helps you determine where your money is going and where you can cut back so you have funds available for other things.

• Invest in yourself: Whether taking a class or investing in a business, put some of your money toward your future.

• Give back: Consider donating to a cause you care about or volunteering your time. There are many ways to give back without spending any money at all.

No matter what you decide to do, remember that you have the power to choose how to use your money. By being intentional with what you want to achieve, and the steps you are willing to take to get there, you become more likely to follow through with and achieve your financial goals.

Spend your money with intention and you’ll be on your way to financial freedom.

‍

We’re Here to Help

When it comes to staying the course with your financial plan and being intentional with your money, the key is to focus on the things you can control and then take the necessary steps to build the best life for you and your family.

At Coign Capital Advisors, we help you stay focused on your goals by looking at your financial situation holistically and creating a customized investment strategy. Through our services, investment philosophy, and high-touch approach, we hope to provide our clients with confidence in their future and a sense of empowerment so they can make educated decisions surrounding their finances and retirement. If you need help knowing, applying, or staying focused on your “why,” we would love to speak with you and see if our services are a good fit. Contact us today at info@coigncapital.com or call 801-676-4570.

About Coign Capital Advisors

Coign Capital Advisors is a fee-based investment advisory firm based in Draper, Utah. Specializing in serving retirees, business owners, and entrepreneurs, the firm provides holistic wealth management that goes far beyond investment consulting and strives to attain suitable performance combined with solutions that make clients’ financial goals achievable. Led by J. Matthew Zundel, ChFC®, M. Brandon Riley, CFP®, Adam G. Lefler, Daniel R. Zundel and Courtland Adams clients receive a high level of service from a team with more than 90 years of combined experience. To learn more, visit www.coigncapital.com.

‍