By: Daniel Colvin

In full disclosure, this is my first ever blog post…and likely last…writing is NOT my specialty.  For those of you who don’t know, my background prior to becoming a Financial Advisor is quite different from most.  I had the “pleasure” of attending the United States Military Academy (West Point) from 2009 - 2012.  After graduation, I served as an Army Officer, ultimately leaving the military in 2017 as a Captain.  My time in the service taught me many lessons, some good and some painful.  However, there was no lesson more important and more applicable than the benefit of being disciplined and sticking to a routine.  

I believe there are two types of people in this world:

        1) The person that says “I’m going to wait until I feel like it to do it”;

        2) The person that says “I’ve got to do it so that I feel like doing it”.

My question is, which type are you? Now, don’t worry.  The rest of this story isn’t going to be about Army stories and typical motivational Monday speeches.  My goal is to relate the “two types of people” to everyday life, specifically how I’ve seen in it impact individuals and families while serving as a Financial Advisor.

Being disciplined and sticking to habits has benefits when it is applied to any aspect of life.  Have you ever tried to go on a diet?  Was it the worst thing ever when you first started?  Most likely…yes.  However, if you were able to break through and develop a dieting routine that worked then chances are it changed your life dramatically.  I would guess that the change in your diet led to behavioral changes which had a rippling effect across the rest of your life.  Maybe such things as; a more positive attitude, better work performance, or stronger relationships with friends and families started to occur.

How does this apply to personal finance?  Stick with me…I’m still figuring out how to “blog”…

So far in my career, I have seen countless examples of how behavioral changes applies to clients. Ultimately, in order to be financially successful, it requires establishing a savings plan and being committed enough to stick with it.

For individuals and families who ultimately sacrifice short term pleasures for long term financial freedom…something magical happens.  They decided to make the switch from waiting until they feel like it to start saving and accumulating wealth to saving and accumulating wealth on a monthly basis because it is now a part of their behavior.   I have had countless first hand examples of what that change in behavior has done for families I have worked with.  

Just a few of the rippling effects of behavioral finance habits I have witnessed include;  motivation to become more healthy (diet and exercise), more confidence in work relationships, healthier family relationships and an all-around better quality of life.  

I will end with a simple thought. It’s never too late to change and alter your habits or behaviors.  Which type of person are you?

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