Love and Money
Some of you who know me are aware that I am a Registered Financial Advisor and the proud possessor of a series 65 license. I come from a family of stockbrokers so it’s in my blood. My heart though, belongs to the wealth of the written word.
Are You Friends with Your Money?
I had a conversation recently with a friend about having a relationship with money. It went something like this, “What kind of relationship do you have with your money?” “Excuse me?” I said. She responded, “Are you on good terms? Do you have a positive connection and a healthy bond?”
This was getting a little strange, then I considered, markets are kind of like marriages. The value can look different on any given day, and they each benefit from long term effort. I began seeing many similarities and they were actually quite interesting.
Markets (or any platform for wealth building) and marriage (or any long-term relationship), both need a foundation of respect, patience, positive actions and the desire to see it nurture and grow into something stronger, healthier, and more valuable than what you started with.
What Kind of Return Are You Getting?
Value can be expressed as a return on investment, it is the strength of the foundation to support growth and withstand down turns. It is the trust and respect that with hard work, patience and perseverance you will create a powerful means of getting a greater yield when you need it most.
Do you see the parallels? The actions and behaviors stated above are vital in building wealth that will be there for your future lifestyle needs, it also stands true in developing profound and meaningful relationships that deepens into mature love. It means looking at the long-term goals and not judging it by its day to day value.
Markets fluctuate and so do relationships. If you sell out of a down market you may take a loss, lose investment value and miss out on future opportunities. The same can be said about life partnerships. Can you imagine being a day trader in relationships? The common term for that would be chasing one-night stands, fun and exciting in the moment but, offering very little return.
Risks and Rewards
However, to be successful in both arenas you need to know when to take risks, when to pull back, when to trust the power of patience, when to increase your investments and how to appreciate the rewards. You take risks in relationships when you support your partner through life’s challenges in hopes of a greater return. Patience comes into play when you trust the momentum of building your portfolios to grow and strengthen with time. Sometimes we just need to re-balance our money and our relationship priorities to make them stronger and more capable of enduring difficult times.
The fundamentals are essentially the same, whether you are building a portfolio that will blossom and grow into a plentiful garden of retirement wealth or creating a partnership of solidarity and love, always keep the long-term investment in mind for the best outcome.
How Is Your Financial Health?
I am forever grateful to Daryl Eckman, my friend of 40 years, my financial advisor for 20 years and my mentor for the last 4 years. Daryl guided me through a rough patch in my life and introduced me to the wild and wacky world of money management. I chose to follow a different path, but I’m appreciative that I have sound financial knowledge and good, positive vibes with my money. If you are interested in talking to Daryl about your own financial health give him a call and tell him I sent you. I wish I had a similar recommendation for a relationship advisor. There are good ones out there though, if you need one. But, if you get on good terms with your money it might improve your relationship. After all, money does not buy happiness, but it can buy a few great therapy sessions, or at the very least some awesome date nights!
Eckman Wealth Management
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