Mindful Money

Make the Commitment to Financial Well-Being

• Setting financial priorities
• Mindful, productive spending
• Preparing for retirement
• Making 401(k) and other retirement account investment choices
• And much more!

As the new year begins, the most powerful financial choice you can make is to simply commit yourself to greater financial well-being. Begin envisioning yourself as financially secure. Pay close attention to what it looks and feels like to be in a confident financial state. Then begin to focus your energy and your resources around bringing your ideal picture to life.

There is a growing movement in the field of Organizational Development called Appreciative Inquiry (AI). In her book titled Appreciative Living, Jackie Kelm describes how to use the AI methods effectively in our personal lives. She notes the powerful effect of the Anticipatory Principle on our lives, which "suggests that the images we create in our minds about the future guide our present actions and create that very future." The researchers suggest that this holds true in the images that move us to more positive states of well-being, as well as darker states of well-being.

Therefore, take a strong step in a positive direction. Begin envisioning yourself as financially fit by making choices that will serve your future and fulfill today's needs in positive ways. Begin focusing on positive patterns in your life, and spend more energy leveraging those patterns to create more fulfilling days. For instance, begin making purchasing choices that meet the criteria of the 'triple play'. The purchases that will return the greatest sustained satisfaction in your life will fill an immediate need, while 1) minimizing the demands on your time and energy, 2) getting the most value for the least amount of financial resources and 3) placing the least amount of burden on the environment and our natural resources.

A recent example of a 'triple play' shared with me by a client, was his decision about purchasing a treadmill. While wanting to get in shape, he chose to commit to an early morning walking routine rather than to purchase the treadmill. He did not have to spend any incremental time purchasing, building and finding a spot for this big piece of plastic and metal. His choice took zero incremental financial resources to fulfill. Lastly, he did not have to drive somewhere to make the purchase, which he admitted, would more than likely be sitting on his curb in the future waiting to be thrown on a heap in some landfill.

So this is the year you will take control of your financial life and move yourself to a greater place of financial well-being. Remember that this will be a lifelong process. It will continue to grow better and better every year. But the first step is your commitment and your vision of a happy, balanced, financially secure life. We will provide you with the wisdom and tools to bring your vision to life over the coming months. No one can hand you well-being, but it is certainly within your reach to create it!

About the Expert

The above advice has been written by the Center for Financial and Consumer Outreach's financial expert and Penn State Graduate, Kathryn Nusbaum. Kathryn Nusbaum, CFP®, CPA is the Chief Executive Officer and co-founder of Middle America Planning, Inc. She is passionate about moving her clients towards a confident and secure financial state of mind. In addition to working with clients one on one, Kathryn speaks regularly to students and adults across the country on effective money skills and aligning conscious, financial decisions with personal goals.

 

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