We often equate preparing for old age with achieving the financial security needed to sustain us throughout life. However, a truly successful and fulfilling aging experience requires planning and preparation in all areas of life.
Financial planning is indeed important, but money alone cannot “buy” happiness, good health, meaningful relationships, and purposeful activities. In The Late-Start Investor, John Wasik wrote:
“Instead of absorbing an obsolete view of retirement, you should consider what I call your New Prosperity. This includes a flexible life plan that provides for your financial, vocational, physical, emotional, and spiritual needs. Unless you look at your future holistically, merely saving up a pile of money will be a meaningless act.” (more…)
Financial capability is defined as the capacity—based on knowledge, skills, and access—to manage financial resources effectively.
All parents, of course, hope their children will grow up to be financially responsible, savvy, and confident adults. However, because financial education has rarely been taught at home or in schools, most parents themselves feel ill-equipped to train and guide their children in matters of money. (more…)
Failing to reach our personal and financial goals can be both frustrating and disheartening. And, to make matters worse, we often realize that we are our own worst enemies when it comes to sabotaging our dreams.
However, research has shown that we can dramatically increase our rate of success by first determining a meaningful and internally motivated “why” for each of our goal pursuits.
Self-Determination Theory (SDT) is a model of human motivation that is concerned with supporting our natural or intrinsic tendencies to behave in effective and healthy ways. This widely accepted model was initially developed by Edward L. Deci and Richard M. Ryan, psychology professors at the University of Rochester, and is now researched and practiced around the world. (more…)
Albert Bandura, Ph.D. is regarded as one of the most eminent psychologists of our time. Bandura started his career in 1953 and still maintains an active schedule of teaching and research at Stanford University. On the occasion of his 80th birthday, he wrote:
“As I reflect on my journey to this octogenarian milepost, I am reminded of the saying that it is not the miles traveled but the amount of tread remaining that is important. When I last checked, I still have too much tread left to gear down or to conclude this engaging Odyssey.” (more…)
Self-confidence is your own evaluation of your abilities to accomplish a given task. “Stepping outside of my comfort zone” is a phrase many of us use to describe how we feel in situations where we don’t know how well we will perform or how others will respond to us.
It is the level of your self-confidence that is likely to determine what goals you will set and what actions you will take. Many individuals can be self-assured in other areas of their lives, but not feel confident when it comes to matters of money management and financial planning. (more…)