Advice iq advising your future self

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Remind yourself why what you want to make sure you do is important to you ... write yourself a note for the future!

Remind yourself why what you want to make sure you do is important to you ... write yourself a note for the future!

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  • 1. Advising Your Future Self Submitted by Larry Frank Sr. on Tue, 05/20/2014 - 3:00pm How do you encourage yourself to do something that you swear today you’re going to do? Easy: Send yourself an email today for delivery to you in the future. “Send your future self some words of inspiration. Or maybe a swift kick in the pants,” reads the introduction on futureme.org, where you write and store emails to yourself for eventual, scheduled delivery. You can write to yourself on any subject, of course – personal, professional, familial. How can you use this tool to commit yourself to a financial or savings plan? Our memories are pretty short. We’re sure today that we’ll remember to do something in years ahead or that we’ll stay committed to take some action to help ourselves. Then the good intention slips our mind when the time comes. Want to save your income tax refund? Pay off your debt and begin to save money instead of yet again spending it? How many times, when blessed with such good ideas, did you say to yourself, “This year I’m going to do that.”? Don’t beat yourself up. According to a recent survey by America Saves and the American Savings Education Council, only slightly more than half (54%) of Americans have a savings plan with specific goals. Most (57%) also lack a savings plan or don't save automatically (59%). About half (51%) don’t save enough for a comfortable retirement. In your email, explain to future self why your current feelings about money and your financial tomorrow are important.In your email, explain to future self why your current feelings about money and your financial tomorrow are important.
  • 2. Let’s say you always feel cash-strapped now and can’t seem to save anything. When you get money, you always pay off old debt or spend the cash fast. You know you want to save – it’s just that when the time comes to fill out the deposit slip or set up the automatic transfer your penniless panic takes over and you forget your thrifty intentions. Your money evaporates, leaving you with those same old feelings. Again you swear you’ll save and again you spend. “Nobody,” said the Roman scholar Marcus Tullius Cicero, “can give you wiser advice than yourself.” In your email, express your current frustration with yourself in your own words. Schedule the email to arrive the day before you face your next savings decision, perhaps a payday. Options to suggest to your future self include:  All possible courses of action – in this case, savings tools to explore and use.  Organizing your own future excuses to spend – and the good reasons to not follow them.  Cheap ways to get your mind off money problems, such as exercise, listening to music or artistic expression. Also slate your message to arrive multiple times around when you will need to decide to sock away money. Maybe it will take a couple of times but your messages to yourself will take hold. You can change your own financial future. Also schedule congratulatory emails to your future self, along with notes of encouragement to keep your savings going. Keep ratcheting up the encouragement further and further into your future. Eventually you may reach a completely different and positive financial situation with a completely different outlook and set of possibilities and choices. You will then have yourself to thank. Follow AdviceIQ on Twitter at @adviceiq. Larry R. Frank Sr., CFP, is a Registered Investment Adviser (California) in Roseville, Calif. He is the author of the book, Wealth Odyssey. He has an MBA with a finance concentration and B.S. cum laude in physics with which he views the world of money dynamically. He has peer-reviewed research published in the Journal of Financial Planning. http://blog.betterfinancialeducation.com/. AdviceIQ delivers quality personal finance articles by both financial advisors and AdviceIQ editors. It ranks advisors in your area by specialty, including small businesses, doctors and clients of modest means, for example. Those with the biggest number of clients in a given specialty rank the highest. AdviceIQ also vets ranked advisors so only those with pristine regulatory histories can participate. AdviceIQ was launched Jan. 9, 2012, by veteran Wall Street executives, editors and technologists. Right now, investors may see many advisor rankings,
  • 3. although in some areas only a few are ranked. Check back often as thousands of advisors are undergoing AdviceIQ screening. New advisors appear in rankings daily. Topic: The Different Types of Advisors Personal Spending Debt Problems