Needing Each Other

June 15th 2018 | Posted in Behavioral Finance, Blog

When is the last time you went to the gym?

Where are you taking your next family vacation?

How much money do you hope to save next month?

The questions you just read have made it much more likely that you will go to the gym, take a family vacation and save more money in the near future.

For many of us, talking about money is not a conversation friends generally have. Surveys continue to show us that we would rather talk about death and politics than personal finances. But did you know that simply talking about money with others leads to a higher chance of financial success? Talking about anything for that matter makes it more likely that we will act on it in the near future.

This recent research continues to show the power of the people around us. We may think we are productive as individuals, but simply having conversations with our coworkers, friends and families instantly increases the potential of positive actions.

At Master’s we believe that conversations about setting financial goals, making financial decisions and visioning toward the future have this same effect. A recent study showed that people who use a financial planner save nearly twice as much for retirement as those who don’t. Even though our society continues to push an individualistic view of the world, evidence shows us how much we benefit from having each other.

So the next time you want to lose weight, take more time off or save more money, simply have someone ask you about it. Your chances of accomplishment will greatly improve with that simple step.

Garrison R. North | CFP® Managing Partner

Email Garrison R. North

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