“Your success will be determined by your own confidence and fortitude,” – Michelle Obama
Building financial confidence and developing the skills to make healthy decisions to achieve your goals is a fundamental focus for our team at WellsFaber. We want you to have the confidence to thrive in a way that defies obstacles and curveballs that life will constantly place in your way. Fortitude speaks to courage in pain or adversity, not the lack of challenges and setbacks.
Financial literacy is one way to build financial confidence as it opens our awareness of the concepts, skills, and choices that affect our daily lives and how they’re all connected to our wellbeing.
Financial planning is another way to build financial confidence and fortitude. It enables us to create a record of where we are, where we want to be and what we need to do to get there. A recent survey in the US revealed that only 17% of Americans feel confident about their ability to achieve their goals without writing them down. Having a plan, journaling and keeping a budget are all ways to increase your connection with your money choices.
When building financial confidence, it is also helpful to set small, attainable goals. Achieving these goals will spark the confidence and comfort to set larger goals. Once you’ve met one small goal, you’ll feel more confident setting the next. And, if you feel more confident about yourself and your financial future, you’ll be more likely to make better decisions, set higher goals, and take action.
This is where you begin to thrive and live in your wealthspace. It’s not about having lots of money, it’s about having the right mindset.
Another way to build financial confidence is by discussing your financial situation with family and friends. It helps to talk about money and empowers us to feel less alone. Having conversations about money will make you more comfortable with the topic. It will also make you feel less afraid of addressing financial issues with others, which can help you overcome fear and anxiety about your wealth.
This is where fortitude and grit come to the fore, knowing that tough times, emergencies and downturns in the markets will happen but that these events will not impede your ability to work with your money.
At WellsFaber, we want you to have the confidence to thrive. Through regular communication and personal meetings, we’re here to help you thrive in your wealthspace.