Your Retirement Resource Destination

May 17, 2023 | Vanguard Perspective

Discovery Your Money Personality Type & Take Control of Your Choices

Money is much more than a medium of exchange for goods and services. Money reflects our personal values and the hard work we put into earning it. How we treat money, save it and spend it, is a reflection of our internal beliefs — our money mindset. When it comes to money, we all have strongly held beliefs, whether or not we realize it. Many of these beliefs grew out of childhood and come from lessons we learned from our families or picked up through life experiences. Why does mindset matter? Because understanding our internal beliefs helps us make smarter financial decisions and avoid the behaviors that damage financial health. So, how much do you know about your money mindset? Answer the questions below to discover more about your money beliefs and unlock key insights about your mindset and the behaviors holding you back from achieving your financial goals. FINANCIAL LESSON: Your Mindset is the Key to Financial Health What does the word "money" bring to mind? Are the associations positive or negative? Beliefs about money are complicated. It's a symbol of one's self: respect, love, freedom, control, power, worth, and much more (depending on the person). Having a healthy relationship with money and using it to create success require you to understand the beliefs and internal scripts driving your behavior. Trying to build strong financial habits without the right mindset is like driving down the highway with your emergency brake on. As a financial professional, I think about wealth in terms of the opportunities it offers and as a tool for good. But, I've realized that everyone who walks in my office doesn't view money the same way. For some people, money is uncomfortable and something they'd rather not think about. Others tie wealth to their definitions of success and self-worth. I don't think one mindset is better than the other. What's important is understanding your own beliefs and identifying how they drive your decisions and your behavior. If you can recognize the negative aspects of your money mindset, you can manage your emotions and fears better—and you can recognize and start to change bad habits. Identifying and changing negative behaviors associated with your mindset are key to making the best financial decisions. If you're looking to understand how to shift your money mindset and improve it, I'm here to help. One of the best services I can provide is that of a financial coach and accountability partner. I'd be happy to chat with you and shed more light on your money mindset. Give my office a call at (402) 502-1225 .

Let’s imagine you’re standing in front of two doors. You have two options. Open Door 1 and get an ELECTRIC SHOCK. Or choose the mystery behind Door 2 . Door 2 could be better or worse than Door 1, but you won't find out until you open it. What do you choose? Which door would you open? Most folks would open Door 1. (1) That's because most of us would rather have certain pain than gambling with the unknown. And that's true even if we have a 50-50 shot at getting something better, not worse, with Door 2. (1) Why? Because we crave certainty. We're calmer when we know what to expect — even if it's certain pain — because we can prepare for it. (1) With uncertainty, we're hyper-vigilant to the possibility of pain. We're constantly on edge, waiting for the ball to drop. (1) That's stressful and exhausting up until the moment we get certainty. And that waiting and worrying creates its own pain, no matter what outcome we get. (1) That's how uncertainty hijacks our mind and outlook. And that can backfire BIG time. How? It closes us off from the priceless opportunities that can come with uncertainty. And that means we miss the chance to take advantage of all the good that uncertainty can really do for us. So, what type of lemonade can we make from the lemons of uncertainty? Let's find out by looking at some of the incredible silver linings of uncertainty. 7 SURPRISING ADVANTAGES OF EMBRACING THE BRIGHT SIDE OF UNCERTAINTY 1. Uncertainty...Inspires New Thought The unknown can captivate us. It upsets our assumptions and expectations. And it makes us pay attention and think more deeply. That can get us to think outside of the box and open us up to new possibilities we wouldn't have considered otherwise. 2. Uncertainty...Builds Character With the unknown, our choices may be the ONLY things that are 100% in our control. That can really put our judgment, our values, and our beliefs to the test. And it gives us the opportunity to learn from novel experiences, take on new challenges, and truly grow. 3. Uncertainty...Gives Us a Reality Check Unexpected new situations can peel back our blinders and open our eyes to what's really going on. That can ground us, so we're not chasing rainbows. It also empowers us to recognize the difficulties we face, so we can actually work through them, instead of ignoring them and hoping they'll go away. 4. Uncertainty...Spotlights Our Priorities Big uncertainties mute the little worries and distractions in our lives. When we don't know what's coming next, we're forced to focus on what really matters. As we do, our priorities can be a comforting safety net to fall back on — and a roadmap that gives us direction to move forward with confidence. 5. Uncertainty...Makes Us More Resilient Every time we deal with uncertainty, we face novel challenges — and new chances to adapt, improvise, flex our skills, and endure. That can strengthen our mental game and keep us flexible when things go off course. It can also give us better strategies for bouncing back, solving problems, and persevering. (2) 6. Uncertainty...Makes Us Grateful When everything's up in the air and nothing feels certain, it's much easier to appreciate what we DO have — like our relationships, our health, or our career. The gratitude we have for those dependable joys can keep us positive and clear-headed in the face of uncertainty. And that can help us get better at dealing with it and taking advantage of its silver linings. (3) 7. Uncertainty...Adjusts Our Perspective Without surprises, we tend to roll along with life. Uncertainty can stop us in our tracks. It gives us a chance to pause, stand back, and look at the bigger picture. That can give us a fresh outlook and a big-picture perspective. It can also help us make better choices, no matter what type of uncertainty we're facing. (4) FINANCIAL LESSON: ENJOY A MORE FULFILLING LIFE BY LEARNING HOW TO DEAL WITH UNCERTAINTY BETTER Have you experienced any of those windfalls of uncertainty? Whether you have or not, you’ll have another chance to in the future. That’s because, like it or not, uncertainty is an unavoidable part of life. Big or small, those unknowns can pop up at any time. And they can make us unsure about our options, our choices, and our future. But it’s not all bad. Uncertainty can be wonderfully rewarding. In fact, like life, uncertainty can become what you make of it — and how you approach it can make ALL difference in what you get out of it. That’s why it pays for us to get better at living with uncertainty. If we can do that, the silver linings can become golden opportunities for us to grow and prosper. So, how do we approach uncertainty better? We can start by accepting it, instead of resisting it. And we can focus on the positive and check ourselves when we’re spiraling into the worst-case what-ifs. We can also turn to someone we trust for support and words of reason. Sincerely, Boston Independence Group Sources: 1 - https://www.psychologytoday.com/us/blog/the-right-mindset/202002/why-uncertainty-freaks-you-out (2020) 2 - https://www.mpi.org/blog/article/building-resiliency-in-uncertain-times (2020) 3 - https://www.health.harvard.edu/healthbeat/giving-thanks-can-make-you-happier (2021) 4 - https://knowledge.wharton.upenn.edu/article/perspective-taking-brain-hack-can-help-make-better-decisions/ (2021) 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.

One of the most critical decisions you can make regarding your retirement is when you choose to claim Social Security. Deciding when to claim Social Security can make a difference in your monthly bottom line. Before You Retire Your monthly Social Security Benefit amount is calculated based on the number of years you have worked and the taxes you have paid into the Social Security Benefits program. Social Security counts the years you have paid taxes as “credits” for years that you have worked. For example, if you were born in 1929 or afterward, you must have 40 credits to receive Social Security benefits when you retire. This is equal to about 10 years of work.1 Your benefit amount is also calculated by the number of credits you have earned during your working years. Fortunately, the Social Security Administration has made it easier for you to verify your expected benefits by setting up an online account. It is worth double-checking your earnings to catch errors, if any, and factor in your expected benefits as you strategize for retirement.1 What Age Should You Claim? There are several ages that should be considered when deciding when to claim Social Security. Early Retirement Age: The earliest age you can claim Social Security benefits is 62. However, if you claim Social Security early, you'll receive a lower monthly payment as compared to waiting until the full retirement age.1,2 Full Retirement Age: This is the age when you are eligible to receive the full amount of your Social Security benefits. The full retirement age is calculated based on the year you were born. For example, for those born between 1943 and 1954, the full retirement age was 66. If you were born between 1955 and 1960, the full retirement age goes up to 67.1,2 Delayed Retirement Age: You can also delay the claim of your retirement benefits until age 70. If you wait until then, you will continue earning benefits. However, benefits stop accruing at age 70, so there may not be any reason to delay the claim of benefits past age 70.1,2 Deciding when to claim Social Security benefits is an important decision to make as you approach your retirement age. Talk with your us if you have questions about the best time for you to apply for Social Security. https://www.ssa.gov/benefits/retirement/learn.html https://www.cnbc.com/select/when-should-you-collect-social-security/ This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Advisory Services Offered Through CreativeOne Wealth, LLC an SEC Registered Investment Advisor. Trinity Financial Group and CreativeOne Wealth, LLC are not affiliated. Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.