By Larry Weiss
Learn more about Larry on NerdWallet’s Ask an Advisor
Mindfulness means maintaining an awareness of our environment, thoughts, feelings and how the body reacts to the physical world.
Some of the most successful investors use this approach to meeting their financial needs.
When we practice mindfulness, we are thinking in the present rather than worrying about the past or visualizing the future.
By focusing on developing a financial plan today, we will help meet our needs better in the future. Living in the moment and focusing on today’s goals will create a better path to meeting future needs and obligations.
Take an inventory today of your resources and needs. Do not look to your past failures or shortcomings in meeting savings or other financial goals. By living in the moment, you are starting today to improve your well-being.
The financial industry and press focus on what happened yesterday, try to predict what will happen in the future and try to come up with sensational headlines to explain today.
The most successful clients carve out time to focus on today’s goals. What is important to you personally? How can you make your life a little bit more secure and the world a little better?
By being centered and in the moment, we ask questions and create plans today that will benefit us and our families now and in the long-term. This focus will lead to greater satisfaction and will bring a sense of inner peace. Once goals are established, then we can breathe and look at other opportunities in life.
Essential in this process is dedicating a small amount of time to re-examining these goals by living in the present, which can produce new thoughts or reaffirm goals.
I have often heard from young people new to the workplace that they are worried about the future. They are feeling a great deal of stress. One simple action that can help provide them a sense of well-being is to participate and contribute to their 401(k) plan at work. By focusing on the present and this one act, they can establish a practice that will make them feel better and provide them a long-term benefit.
Many people are not aware of the benefits of contributing to a 401(k) plan. It will lower their current income tax burden. Many companies offer an employer match that can greatly increase their investment success and return and, most importantly, establish a successful savings plan.
Breathe, focus and stay in the moment. These simple acts will improve your life and financial well-being.