Lorraine Salvo, CFP, CDFA · Palisade Capital Management, LP

Planting Fresh Habits
this Spring

On a daily basis, how much time do you spend managing your money?

If you’re like most of us––probably less than two minutes, or no time at all.1

It’s understandable.  You’re busy, distracted.

Or, maybe there’s some intentional avoidance due to feelings of overwhelm and anxiety.1

When trying to navigate retirement, budgeting, or debt management, it’s natural for analysis paralysis to flare.2

“I’ll do it next weekend,” starts to play on loop.

Though sweeping money matters under the proverbial rug may feel like the safest option, there are better (even painless) solutions that could help you experience both short-and long-term abundance.

It starts with a few simple steps.

And, from there, you just might watch your successes grow.

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4 Steps to Nurture Your Potential for Financial Growth

Four bags with different vegetables on them

#1: Create a strong foundation.

Always assess your “soil.” If your finances aren’t rooted in solid ground, growth could be stunted from the start. And any “seeds” you try to plant (such as savings) may never sprout into the healthy and sustainable resources you want.

Check in:

  • What is my monthly spend?
    • Don’t forget about your “set-it-and-forget-it” items, like automated payments, subscriptions, and deposits.
  • What am I investing in my retirement and savings accounts? Exact numbers and dates can help––be specific.
  • What type of insurance coverage and other financial safety nets do I have (and need) right now?

#2: Remember what inspires you.

Re-energize “wilted” goals by allowing yourself a moment to reflect on your values. Do you dream about living in a certain house or city? What makes you happy? (Or what could make you happy?) Reviving your vision can encourage smarter money moves today and tomorrow.

Check in:

  • Are my current financial strategies and habits aligned with my vision?
  • What is my financial trajectory? Do I notice any patterns or seasonal ups and downs?
    • Whether it’s positive or negative, explore why (i.e., money is tight, but I haven’t asked for a raise).
  • What’s my success plan for: next month, 1 year, 5 years, 10 years?

#3: Learn new skills.

As individuals, we are constantly evolving––as are the economy, technology, and the ways we build wealth. Boosting your financial knowledge can provide the confidence and energy to expand your perspective and try novel strategies. It’s time to continue your personal development and shake off financial fatigue by planting fresh seeds.

Check in:

  • Listen to podcasts? There are endless financial options, whether you enjoy market updates, tips and trade secrets, even humor and “what NOT to do” stories.
  • How about financial webinars? There are several to choose from (including those hosted by Palisade!) and many of them are free.
  • Ask a financial professional for recommendations for both of these!

#4: Maintain your momentum.

Your finances are like any garden––you can sow the right seeds, but without the consistent care of rain and sun, your green may wither or droop. The great news is, once you have a well-informed strategy that is planted and in place, it’s much easier to regularly tend to your goals.

Check in:

  • Have I asked my advisor to arrange a monthly chat?
  • Do I have a set schedule for monitoring my portfolio or financial tasks?
  • What healthy financial habits can I start now to prevent stagnancy?

“It’s a lot harder to see our finances blossom when we’re not taking care of them every day.”

FINANCIAL LESSON:

Don't Let Abundance be Out of Reach

Whether you found those steps new and surprising or they’re part of your routine, it’s clear that our financial vision may not flourish without daily care.

If we don’t pull the weeds of uncertainty and inaction, we feel less control over our wallets and our lives.3

But with the right guidance to inspire, and some decisive proactivity, it's possible to strengthen your financial roots to watch them thrive.

And you never have to wait for Spring.

 

Sincerely,

    Lorraine Salvo, CFP, CDFA

    Palisade Capital Management, LP

    https://www.palisadeprivatewealth.com

    (201) 585-5455

Lorraine Salvo, CFP, CDFA

Palisade Capital Management, LP

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Get insightful info on finances and more in your inbox every month with the

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Lorraine Salvo, CFP, CDFA

Palisade Capital Management, LP

An icon of a planet, referencing an internet link.

https://www.palisadeprivatewealth.com

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lsalvo@palcap.com

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(201) 585-5455

Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.

Past performance is not a guarantee of future results. No assurance can be given that any Palisade strategy or allocation to a sub-adviser will be successful (each a “Strategy”). The performance of any Strategy can be volatile and involve a high degree of risk. Investors may lose some or all of their investment.

 

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Palisade Capital Management (“Palisade”) is an SEC registered independent investment management firm established in 1995. Beginning December 31, 2007, Palisade was redefined to include private equity investments. Based in Fort Lee, NJ, Palisade manages a variety of assets for a diversified client base including institutions, foundations, endowments, pension and profit-sharing plans, retirement plans, mutual funds, private limited partnerships, family offices, and high net worth individuals. Registration with the Securities and Exchange Commission does not imply a certain level of skill or expertise.

 

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