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Don’t Let the Fear of Missing out Bleed Into Your Financial Planning

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Don't Let the Fear of Missing out Bleed Into Your Financial Planning

Written by: Graysen Blazek

The rise of social media has brought with it many blessings and curses.
 

Being connected allows us to keep in touch with old friends and establish connections with acquaintances who may one day become close friends or professional contacts. It has also created the ability for us to see what others are up to in real-time. Often, these posts highlight an exciting time – perhaps a big vacation, home purchase, new job/promotion, or a shiny new car.

Viewing these highlight posts and pictures may serve as a source of inspiration, but often, they instead instill a sense of envy – or a fear of missing out.

Being bombarded by these brief glances into another person’s life on a daily basis can cause us to fantasize about what could be – and it’s easy to get wrapped up in always feeling the need to compete and keep up with others. I see this as a modernized ‘Keeping up with the Jones’s’ scenario.

It can be difficult not to compare one’s highlights to your own, but it’s important to remember that at the end of the day, the only person you should be comparing to is yourself.

You should be much more concerned with if you are achieving the personal goals you have set out for yourself and your family. Ask yourself, “Where does the true enjoyment stem from? Having others know I did something, or actually being able to participate and enjoy it?”. Knowing whether each portion of your personal ‘highlight reel’ is achievable calls for a comprehensive financial plan.

A great financial plan begins with defining and establishing your goals.
 

During the goal development stage, you will be able to discover and share what it is you truly want to accomplish. Part of our job as financial planners is to incorporate each of these goals into your financial plan, educate you on how each will affect your long-term plan success, make recommendations to optimize your plan, and determine what must be done to make sure you stay on track.

Each of us is on a unique path that requires personalized planning solutions. By having a comprehensive financial plan in place, implementing the recommendations and monitoring your plan over time, you can move forward with confidence knowing that each step along the way has been incorporated and planned for.

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