Take a few minutes to think about all of the different areas of your life that receive your time and attention. This could include hobbies, such as golf or gardening, home maintenance, parenting, travel, or work. Was investing your money on that list?
Oddly, investing money is not on many people’s priority lists. There is a very interesting paradox here. Money is the very thing that either provides for those things that are on your priority list, such as travel, home maintenance and hobbies, or it is the result of things on that priority list, such as work. Financial management frequently, however, is not actually on the priority list.
What can be done to change this? The first step is an awareness of whether or not you give your wealth management the attention it deserves. If a financial professional is managing your money for you, do you monitor and evaluate that person as you would others to whom you outsource, such as your web designer or your child’s tutor? Once you develop this awareness, then you can decide the additional steps that need to be taken to improve your focus in the area of wealth management.