Morningstar research reveals a direct link between savings behavior and mental time horizon.
In fact, the research says mental time horizon is more influential than their age, income, and education.
Thus, the more vivid and clear your future, the more likely you are to change your behavior.
So, when you’re working with clients and planning for their future selves, you have to take their future goals from the clouds to the street. From vague to vivid.
Once you help your clients do that, you've created motivation, improved their behavior, and enhanced their lives for the better.
In this episode, we'll share:
- The research detailing the benefits of creating a clear and vivid image of the future
- What a vague goal sounds like compared to a vivid vision Ideas for how to turn vague goals into vivid visions
- The story of an advisor who made a lasting impact on his clients' lives
The featured partner for this episode is Knudge, an automated system to help clients actually follow through on their tasks and reach their financial goals.
Related: A Three-Step Guide To Transform Your Relationship With Money with Bari Tessler