By Jeff Gilbert

Defining financial success is a hard thing to do. Some people consider financial success to be a feeling of reassurance and safety, while others consider financial success to be a symbol of status and power. However you choose to define success is completely up to you, but there are certain core habits and behaviors that will get you there. In this article, we’ll explore the top 6 habits to keep in mind if you’re trying to achieve financial success.

1. Cultivate Financial Confidence

One of the best habits to build is financial confidence. Many people define financial confidence by how much money you have (i.e., having money gives you financial confidence). But it’s actually the opposite. Feeling confident in your ability to save money, build wealth, and make wise financial decisions is what brings financial confidence (and ultimately financial success), not the other way around. 

Making the conscious mindset shift from one of cynicism and doubt to one of determination and confidence can make a huge difference in your ability to achieve your goals. In fact, recent research suggests that a positive outlook on your own ability to accomplish something makes you more likely to actually accomplish it. (1)

Don’t be afraid to dream big financially. You have the power to achieve your goals by proactively planning, dreaming, and strategizing. Think of your most lofty financial goal and break it down into smaller substeps. Does it sound impossible to save $100,000 in five years? Think of saving $20,000 every year instead. It’s easy to get discouraged when it feels that substantial progress is so far away. So, try acknowledging and celebrating small milestones along the way. This can help you stay motivated to keep working toward your goals. 

2. Improve Your Financial Literacy

Another great way to achieve financial success is through improving your financial literacy. It sounds cliche, but there is a reason the saying “Knowledge is power” is so commonly quoted. As with any topic, the more you know about finance, the more likely you are to make wise financial decisions. Sure, you can hire financial professionals to advise you along the way (see point #6), but nothing beats having a sense of agency over your own finances. You can rely on professionals, but you should also rely on yourself to grow your financial understanding and improve your financial literacy.

Reading books by financially successful people, listening to podcasts, reading magazines like The Economist and Kiplinger’s, or taking a financial education course are just a few ways to take your financial future into your own hands and improve your chances of achieving financial success.

3. Avoid Everyday Debt

You’ve probably heard it said that wealthy people avoid debt like the plague. Financially successful people live by this concept, understanding that credit should be used sparingly and not as a way to live beyond your means. 

Credit can be a useful financial tool when purchasing large assets that will appreciate and bring value down the line (like a house), but it can be a slippery slope if used for everyday expenses or things you don’t need. Avoid overburdening your finances with credit card debt, and if you do use credit, make sure the balance is paid off every month. Revolving credit card debt is the quickest way to rack up interest charges and fees that can take years to pay off, which makes it exponentially harder for you to achieve true financial success. 

Try shopping without your credit cards and planning ahead for large purchases instead. Minimizing the amount you have to borrow and creating a repayment plan are two ways to avoid the trap of everyday debt.  

4. Don’t Keep Up With the Joneses

While you do want to follow the good financial habits of successful people, you don’t want to get caught up in thinking that your life needs to look exactly like theirs. This is especially true when you are working toward a certain lifestyle. You won’t be able to afford that lifestyle right away, so don’t feel pressure to keep up with the Joneses. 

In today’s social-media-driven age, it can be tempting to compare yourself to your peers, feeling pressure to surround yourself with nice furniture, designer clothes, expensive cars, grand vacations, and the latest technology. But these items will only set you back in your quest for financial success, especially if they were funded with everyday credit (see point #3). 

Financial success is often built from doing the things that other people don’t want to do: tracking expenses, minimizing your spending, saving and investing religiously, etc. These small habits, when done consistently over time, will generate compounding growth and provide the framework you need for financial success.

5. Manage Your Risk

There are many ways a financial plan can be derailed. Whether this comes in the form of investment risk (hello, market volatility!), health risk, auto, liability, or homeowner risk, properly managing these potential obstacles is one of the most important ways to protect your accumulated wealth and build financial success. You can have a sizable amount saved, but it can be wiped out in an instant if you get sick, get in an accident, or experience any number of financial curveballs life may throw. 

The good news is that though there are seemingly endless risks out there, many of them can be mitigated through proper insurance and estate planning. Get in the habit of regularly checking your insurance coverage amounts to ensure they’re adequate enough to protect what you’ve already built. Consider an estate plan to protect your wealth in the event of incapacity or death, and don’t forget that making sure you’re adequately covered now will save you time, money, and energy in the future.

6. Seek the Guidance of a Professional

Though many of these points mention the importance of building your own financial confidence and literacy, working with a financial professional is also a great way to achieve financial success. Not only are financial advisors a good resource for additional financial education, they can also help you stay on track and hold you accountable to the goals you want to achieve.

Advisors have access to industry tools, technology, and continuing education that make tracking, implementing, and projecting the overall state of your financial plan much easier and much more accurate than if you were to do it completely on your own. Consider working with an advisor you trust to maximize your potential to achieve financial success.

Take the Next Step in Your Journey to Financial Success

Are you ready to take the next step in your journey to financial success? To learn more about how Balboa Wealth Partners can help you achieve financial confidence through these habits and more, call me at 949-445-1465 or email me at [email protected] for a complimentary, no-obligation conversation.

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals and to worry less about their finances and more on their passions in life. Based in Orange County, he works with clients throughout Southern California, as well as Arizona, Oregon, and Washington. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

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(1) https://medium.com/swlh/3-scientific-studies-that-prove-the-power-of-positive-thinking-616477838555

By Jeff Gilbert

At Balboa Wealth, we are passionate about bringing uncompromising advice, exceptional investment expertise, and outstanding service to as many people as possible. That’s why we are excited to announce our third office location in Tucson, AZ, and growth at our Scottsdale location. We want to introduce you to our five newest team members who will be serving our Arizona clients. 

Meet Ryan

Ryan Robinson, financial advisor and Chartered Retirement Planning Counselor℠ at our Tucson location, spends his days applying his investment knowledge and experience to build financial strategies tailored to his clients’ unique lives and goals. He prioritizes building long-term relationships with his clients so he can offer advice and service that truly makes an impact on their lives, both now and in the future. 

Ryan has a bachelor’s degree in business finance from New Mexico Highlands University, where he attended on a baseball scholarship. Born and raised in Flagstaff, AZ, Ryan now enjoys calling Tucson home. When he’s not working, you can find Ryan taking advantage of the Southern Arizona climate by participating in friendly (but competitive) rounds of golf. You can also find Ryan and his wife, Gloria, spending time with their young sons, Cole and Jace, trying to find outlets for their considerable energy! 

Meet Duane

Duane Shumaker, a Tucson native, specializes in investment and tax planning and is passionate about coordinating his clients’ entire financial picture, making sure every aspect of their financial lives is working together to get them to their goals. Duane is a CERTIFIED FINANCIAL PLANNER™ professional and an enrolled agent with the Internal Revenue Service, for which he is authorized to represent taxpayers at all administrative levels. He is managing partner of Shumaker, Wengren, LLC, one of the leading accounting and tax preparation firms in Tucson.

Duane has a Bachelor of Business Administration from the University of Phoenix and a degree in electrical and computer engineering from the University of Arizona. He also works as an adjunct faculty instructor for the University of Phoenix for their CERTIFIED FINANCIAL PLANNER™ program. Outside of work, Duane is an avid supporter of University of Arizona athletics and enjoys scuba diving, bowling, card games, and collecting and restoring classic muscle cars.

Meet Enedina

Also a native Tucsonan, Enedina Grijalva’s role is to assist in assessing clients’ current financial situations and create plans tailored to their lifestyles and goals. After years of working in cosmetology and training under award-winning hairstylist Michelle Helmke, Enedina made a career change to pursue her dream of helping people achieve financial security. She uses her vast experience in customer service and marketing to help strengthen the relationships between Ryan, Duane, and their clients.

On a personal note, Enedina is a fanatical animal lover! When she’s not putting together budget plans for her clients, she can often be found lounging on the couch with her dog, Blu, or playing Animal Crossing. Enedina is known for her inquisitive personality. 

Meet Gregory

Gregory Hermes serves our high-net-worth clients at our Scottsdale location. With over 25 years in the industry, Gregory has a plethora of experience in many years of financial planning and investment management. He grew up around family members working in finance and financial advising is in his blood (his great-great grandfather even worked for J.P. Morgan, Sr.). 

Originally from Chicago, Gregory was responsible for launching the investment advisory division at Harris Trust in Scottsdale, which was eventually recognized as the top-producing office in the U.S. His time working at upscale banks and serving professional athletes makes him a perfect fit for our Scottsdale client base. He considers his clients like family and is passionate about helping them take their finances to the next level.

Gregory loves spending time with his son. They are very involved in sports, especially baseball, and spend every other weekend at tournaments. Gregory himself was an athlete, playing hockey in his early years and winning state championships in his senior year on the swim and track teams at New Trier High School. He’s heavily invested in his community as a founding Arizona chapter leader of DePaul Alumni Association, board member of a brain cancer charity, a St. Vincent DePaul volunteer, and a parishioner at St. Theresa in Arcadio, where his son attends school.

Meet Ian

Ian Crawford comes to us from JP Morgan Private Bank, bringing a wealth of experience in banking and finance to our Scottsdale team. He is a candidate for CFP® certification and is dedicated to growing in knowledge and skill so he can exceed client expectations. Ian has built his career on the three key pillars of trust, responsiveness, and integrity so that he can provide the highest level of comprehensive wealth management services for his clients.

Originally from Southern California, Ian made Arizona his home after graduating from the University of Arizona with a bachelor’s degree in marketing. Outside of work, Ian enjoys spending time with his wife, Leslie, and their son, Grayson. Together, they love to travel and can’t wait to explore more of the world with their son. 

Moving Forward Together

We are proud to be expanding our reach and bringing Ryan, Duane, Enedina, Ian, and Gregory onto our Balboa Wealth team. If you want to experience the difference Balboa Wealth Partners can make in your finances, give me a call at 949-445-1465 or email me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With over three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.