Throughout my fifteen years of experience in financial services, as well as my time spent managing businesses, I have come across many pieces of sound financial advice. You’ve probably heard some of them as well, such as the importance of living within your means, investing early, keeping your wealth invested to take advantage of compound interest, or the value of not keeping all your eggs in one basket (or all your money in one investment).
You would do well to follow any of those lessons, but today I want to focus on one piece of advice we almost never hear: don’t let the past keep you from moving forward.
It’s Never Too Late
We’ve all made mistakes in the past, but don’t let that hinder your financial future. You still have the chance to right some wrongs and find success. It’s never too late to start saving, grow investments, or reduce debt in order to change the direction of your financial destiny for the better. But it does require you to take controlled action now!
Here’s how to move forward to a stronger financial future:
Learn From the Past
As human beings, we tend to beat ourselves up for past errors, like lost time or investment mistakes. This can affect our finances going forward. Even if we avoid repeating errors, we may become immobilized and not do anything to improve our finances, which can erode our net worth further. Rather than focusing on the negative, look at failures as your best teachers. By analyzing the past, you can take a step back and see the big picture instead of moping about prior missteps. To avoid making the same mistakes again, you need to take decisive action in a planned manner.
Take Emotion Out of the Equation
I wouldn’t have seen it if I hadn’t believed it. – Marshall McLuhan
Instead of playing the blame game, which will get you nowhere, push aside regret and build up a positive, reasonable plan for saving and investing. I’ve seen this emotional and mental transformation firsthand on many occasions. In particular, one client, who is an independent business owner, had been experiencing a myriad of financial troubles in his business. When he came to me, he was so confused and disheartened by his circumstances that he couldn’t see the point of moving forward with his business. This was a pretty momentous milestone for him to arrive at, as he is an expert in his field and highly sought after.
When I investigated the details of his plight, I didn’t believe his business’s financial situation was at the point of no return. While it required a team effort from all of those around him, we were able to help him find the strength to pick himself up and try again. He now has a healthy, thriving business with plenty of financial safety checks in place to help him avoid repeating history.
All of this is to say that if he had let himself wallow in a self-defeating state of mind, he would not have seen the victory he was able to accomplish in the end.
Set Yourself Up For Success
Although not every business or individual can conquer all of their financial troubles, by changing your mental and emotional outlook, you are arming yourself with the proper mindset to achieve the most favorable results.
One of my greatest joys as an advisor is to see this unbelievable transformation in my clients’ lives. If you would like to discuss your situation with me, I’d love to hear your story and try to help you move forward. I’m available at 416-553-5004 or you can email me gino@blacksprucefinancial.com.
About Gino
Gino Scialdone is a financial advisor and the owner of Black Spruce Financial, an independent wealth management firm serving independent business owners. Having grown up in a family business and owning a business himself, Gino has a unique understanding of the challenges and needs business owners face. Offering a comprehensive array of wealth management and financial planning services, he strives to provide sound and creative strategies that meet a business owner’s short and long-term needs. Based in Toronto, Gino serves clients throughout the greater Toronto area and southern Ontario. To learn more, connect with him on LinkedIn or visit www.blacksprucefinancial.com.