We’ve all heard the phrase “time is of the essence” right? Well in wealth management, it really does ring true. It could be your greatest advantage, the edge you could seize and wield as the not-so-secret weapon in the financial game. Whether you’re growing your own business, beginning to invest with intention, or climbing the career ladder in your chosen profession, time is what separates those who find lasting success and those who under perform. It’s all about grabbing opportunities when they’re in reach and not letting them slip away. Those who understand this AND the impact it can have on your life, daily, shouldn’t be the ones wishing they’d acted when time was in their favor.
In the bestselling book Atomic Habits, author James Clear discusses the concept of making 1% improvement each day, saying –
“Habits are the compound interest of self-improvement. The same way that money multiplies through compound interest, the effects of your habits multiply as you repeat them. They seem to make little difference on any given day and yet the impact they deliver over the months and years can be enormous. It is only when looking back two, five, or perhaps ten years later that the value of good habits and the cost of bad ones becomes strikingly apparent.”
So with time on your side, these four items are what you need to take care of today, that ten years from now you can point to and say “that made all the difference.”
1 – Use your time efficiently. We each only have so many hours in the day. You, with big ambitions and time on your side, need to set aside those tasks that don’t help you and only focus on those that do. Focus on your business and the actions you need to take to make the next big move. Focus on your career and the actions you need to take to position yourself for the next climb up the ladder. What’s the goal? Focus on that and the necessary steps to get there.
2 – Build a wealth framework that works for you. Just like you’ve found efficiencies in your work – managing your employees well, giving yourself space to dream and grow, focusing only on what will benefit your future – you also need to build this same discipline in your wealth management. Consider what stumbling blocks you have that could be removed. Maybe it’s the tools you use to see your current position, maybe it’s the expertise you’ve yet to consult. Whatever the hurdle, identify it and then consider what action you need to make it work to your benefit.
3 – Establish a stable foundation. In times of uncertainty, whether that’s during life changes or market shifts, your financial foundation needs to remain solid. You need to have a partner to support you, guide you, and keep you on the right track. Now is not the time for DIY investing with little overall strategy. Now is not the time for being reactive, but it’s time to be proactive – lean into a trusted expert who will help you navigate and provide clarity along the way.
4 – Position yourself to have access to unique opportunities. You know that guy at the cocktail party who brags about that key investment he made due to knowing a guy who knows a guy – all above board of course, but he just had access to the right investment at the right time. You need to be that guy. By doing steps 1-3, you’re setting yourself up to have the tools and experts you need to be able to strike when the iron is hot.
Ultimately, most of us don’t want to look back and think “oh man, I missed it. If only….” As a financial advisor, I don’t want any of my clients to have regrets. Sure, we all have decisions in life we can admit we should have done differently, but what I strive to prevent is FOMO – I never want my client to have a fear of missing out. Why? Because with time, and a plan, you won’t.
The greatest asset is time. The goal is no FOMO.
