Episode 17 – Financial Affirmations Part 3 – Growing, Protecting, and Nurturing your Financial Life with Diligence, Wisdom, and Care
People often believe that positive affirmations are like magic — just say them enough and it will happen. However, it’s not that easy.
In part three of her financial affirmations mini-series, Danielle Howard explores the building blocks of financial affirmations. She uncovers how you use affirmations to grow, protect, and nurture your financial life in your fall season.
In this episode, you’ll learn:
● Tools to help you create and keep a positive vision of what’s ahead of you — and how Danielle uses them in her own life
● Why growing financially in your fall season isn’t all about getting bigger and better things
● How to deal with spending constraints when protecting and nurturing your finances in retirement
● The importance of “walking the walk” when it comes to your financial affirmations and when to lean on professionals for extra support
● And more!
Join Danielle now for another insightful episode about financial affirmations![00:00:02] WELCOME TO THE WEALTH DONE DIFFERENTLY retirement podcast. Danielle Howard a certified financial planner shares insight into the financial tools, techniques and temperaments needed to make the most of your retirement dollars and relationships. Danielle reaches the gap between Wall Street and Main Street bringing complex financial topics down to Earth. Danielle will educate and inspire you as you define and refine your version of prosperity. [00:00:36] Hello and welcome to wealth done differently retirement with Danielle Howard a certified financial planner. Today is part three in a series that Danielle’s doing on financial affirmations. Good morning Danielle how are you. [00:00:48] I’m well thank you Aric. Great. I’ve been watching a lot of old movies lately and I was able to take a look at one of the favorites out there. And I wanted to ask you a question. [00:01:04] All right. [00:01:04] What movie was it? The Wizard of Oz. Oh I loved that one was it color or was it the black and white version? [00:01:11] It’s kind of sepia. You know it’s you got to have that color in that because we’ve got ruby red slippers. [00:01:17] That’s true and one of the witches. I remember when I was a kid I loved it was the good which had like a baby blue dress that I just thought was fantastic yeah. [00:01:28] So how did Dorothy get home to Kansas. [00:01:32] Oh from from Oz? Yes well that’s I think you just mentioned that she had the ruby red slippers and she had to click them together three times and it was Oh there’s no place like home. Exactly. [00:01:43] Every time she’s at it again and again and again there’s no place like home There’s no place like home There’s no place like home. And I think many times people think that that’s what positive affirmations are that they’re kind of magic. [00:01:58] Just say them enough that it will happen. No not. And it’s not. [00:02:04] So we’re talking now about you know financial affirmations and why we would want to have them as part of our daily verbiage and repeat them. [00:02:14] It is so much more than having them in front of us and just repeating them. In my you know 23 years of working with clients when I talk about what is a positive financial, healthy life it is about our belief systems, of our mindsets it’s about the words we use what we’re saying to ourselves and to family members and to friends and I really want to encourage people to say yes it is the words but it’s not magic. There’s there’s pieces and components that go behind it. So let’s review what we’ve been talking about with the financial affirmations. Can you review those for us? [00:02:56] Yeah absolutely. The first one was I will receive money with integrity competency dignity grace and joy. The second one I will share my financial resources with moxie and momentum. Number three I will grow protect and nurture my financial life with diligence wisdom and care. And the fourth one I will spend my money within safe boundaries and joyful intention. [00:03:22] Thank you Aric. You know I continue to study this and I’ve been working with some clients and how to do this and we’re taking a look at shifting it just slightly from I will, to I am. [00:03:38] And putting it into the present tense and from the reading I’ve done on affirmations the more it can be in the positive present, affirmative context the better off you’re going to be and moving forward to this. So let’s take a look at how I am wording it now. I am receiving money with integrity competency dignity grace and joy. I am sharing my financial resources with moxie and momentum. I am growing protecting and nurturing my financial life with diligence wisdom and care and I am spending my money within those safe boundaries and with joyful intention. [00:04:21] I really like that I mean because if you’re making this decision to make that change then you are currently doing it, right? That’s the whole thing. I like that. [00:04:30] Well yeah. And as we as we look at it’s more than just saying the words that we have to have building blocks so the four building blocks that we’re going to lay down to construct your affirmations are the positive feelings that you’re going to have when you accomplish this. [00:04:49] And so if you’re still saying it in the present tense I am and you are picturing the feelings the sense of accomplishment you are going to have when you accomplish this, and your it needs to be positive feelings which makes perfect sense if you want to build on the beneficial beliefs that you may have some things in your past that have worked for you in this regard. I remember when I when I made some money it made me feel really good when I worked hard put in a full day’s labor or when I use my creativity to bring to the table in my office space and it was really appreciated. Or when I made a good spending decision. And you’re going to build on those positive feelings. And you’re going to build on the beneficial beliefs of how this is going to play out in your life. It’s also really important to keep a visual in front of you of what your life will look like when you have these positive feelings when you have these belief systems in place around your financial life. With clients I have found that creating a vision board and even for myself I’ve done this personally that you can create a vision board you can create it either you go in and clipping out pictures from that from magazines. And it isn’t. And you know many times people it might be OK you want a new and new car you go find that version of a car that you want and you cut it out you put it on a board. It might be positive words that you’re going to create financial independence that you are going to have peace around your financial life so whatever it is to you that keeps that vision in front of you. Another really powerful opportunity here is to write a letter to your future self. [00:06:51] And that will keep you motivated and taking steps in the right direction. I did this several years ago when I was in the process of writing I had the idea of writing my book. And you know I’ve been wanting to write a book for years and years. I had all this content out there. I’ve I’ve got the context I’ve got all of the resources that I want to tap into. I’ve got a passion to help people change their financial lives. And I wrote a letter to myself that said you know I am so proud of you that you finally got that book published. It’s been so great to watch you with your grandchildren. It is so nice to see you traveling with your husband. Yes. So we I wrote all of this out and I go back and read it to myself. I am taking the steps to keep me moving in that direction of the future self that I really like. [00:07:49] That’s awesome. [00:07:50] So what this does is it keeps you making these behavioral changes. [00:07:56] And you know it’s just baby steps every day in your decisions on how you bring money into like your life how you’re growing how you spend it how you share it. Then as you’re repeating these affirmations they’re going to be sticking so see how it all just continues to build on each other and themselves. And it’s. It works. [00:08:19] Yeah it definitely works and it works. If you make those changes right if you make those small little changes along the way to help you accomplish this goal. To me that’s one of the most important parts. I’ve got a buddy of mine that he started balding at 30 and I guarantee probably stands in a mirror and says I am going to grow my hair back. [00:08:38] I am going to grow my hair back but if he doesn’t make certain changes or do something about it you know whether it’s Rogaine. Not endorsing Rogaine. Whether it’s some sort of growth formula that he puts up there or or stops wearing hats. [00:08:51] I don’t I don’t know what it is but he’s got to do something besides just tell himself I’m going to do this. [00:08:56] You’ve got to have those small steps to make those changes so it goes right in with with our affirmation for today. Are we ready to tackle that one. Let’s dive in. All right. I’m going to use your new word. Great. I am growing protecting and nurturing my financial life with diligence wisdom and care. [00:09:14] Thank you. Yeah. This is really it’s important. As we look at rewiring or refiring or the new version of retirement because we’re looking at a 20 to 30 possibly even longer life season it’s really important for us to continue to nurture and grow our financial resources in this fall season of life. And notice that we didn’t say I am making 10 percent in the market or I am going to be rich or I’m going to be the well biggest wealth manager in Colorado. I think it needs to be a little different and this is my personal opinion that building bigger barns is gonna leave you mostly unfulfilled and possibly unhappy. We look at you know Benjamin Franklin said money never made a man happy. Nor will it. There’s nothing in its nature that produces happiness. The more a man has the more he wants instead of filling a vacuum. He makes one. Well that’s pretty powerful. Yeah it’s powerful but I think it’s important to understand that if you want to have a positive perspective on what you want and growing your financial networth in this fall season of life it needs to be more than just about creating bigger barns and building bigger barns or having a nicer house or driving the best car because I don’t think that will ever will ever fulfill you. [00:10:52] And I think that’s one of our challenges in dealing with the media and the shame and the guilt that comes at us about what we are supposed to look like in retirement and what in reality is our personal version of true wealth. [00:11:09] When people are in that retirement phase it’s not like they’re creating or making new money while they’re retired. Aren’t they kind of say that they’re just kind of winding down their financial life at that point I mean maybe it is another 20 30 40 years. But wouldn’t you call that kind of the wind down stage. [00:11:26] Not necessarily I’ll challenge you on that. All right. I think people have to come up with their why. For some and we’ve talked about it in the past maybe some people do want to just wind it down and slide into the grave riding their last checking and balances. [00:11:42] I think for the bulk of people out there though we need to look at you know why would we want to continue to grow it and consider that we’ve got a lot of you know things that we are challenged with. We need to create margin in our financial life because we don’t know how long we’re going to live you know that longevity ambiguity. My crystal ball for my personal life expectancy is broken. How about yours? [00:12:12] I’ve never found it. [00:12:13] Yeah OK there you go. Now if we’re focused on personal health and wellness I know I am making healthy eating choices. I want to exercise. I have some good genes that run in my family. I’m expecting to live a good long life. And I want to have the financial independence to make choices about how I want to live it. [00:12:37] I think that there will be a time that there are reduced earnings for people either by choice or just ability there. [00:12:45] You know we do slow down we move from the all season of life and toward towards that winter that really slow go and no go time when we might not be able to you know earn so in a you know traditional sense we may not be able to go to a career or a job. [00:13:08] We may want to you know look at technology and the whole sharing economy and how to do something there that’s a whole other podcast but there will be a time when we have reduced earnings capacity personally. So that’s when we want to know that our money is working for us or that we’ve made the best choices around how to take Social Security or our pensions. We have to contend with spending constraints based on those sources of income. [00:13:37] You know depending on what size of a 401k you have or what outside money you have coming into your life with Social Security or through business ventures or real estate rentals or you know different different ways of bringing money into your life depending on how many have you may have some sort of a fixed income context there. We know that there is spending shocks out there primarily around health issues or you know I’m dealing with this one a lot with some aging clients is you know sometimes we make some mistakes you know like driving into the garage with the bikes on top of the car that I mean we all make those. I call them expensive. You know stupid things like cost a lot of money and the lifestyle and health care inflation that’s out there. We know that the price of bread today is going to cost something different down the road. We know that health care today the idea of what is different. What does Medicare pay for what kind of Medicare issues are we going to have down the road versus what what is not covered by Medicare and how do we deal with the long term care costs. And bottom line is we will experience some sort of declining cognitive abilities. Yeah and how do we work around the financial context of that. So I think creating that margin in our financial life we need to look at if there is a way if there are ways to grow our financial net worth. You know why do we want to do it and then how do we do it. [00:15:22] Absolutely. Daniel you challenged me on kind of my previous question and brought up a lot of good information. So for a retiree is has the desire to grow nurture and protect their wealth. What else plays into that that will help them? [00:15:36] Well as you’re looking at the why. [00:15:39] There’s a lot of other other pieces that can play into it from the idea of just looking at your life personally which we which we did with the pieces we just talked about and then I think we can expand from there too in looking at why would you want to create wealth in order to share with others and in healthy ways. Are there organizations certain family members that you want to help them build their human capital you know maybe pay for college or advanced education of some sort. Do you want to be a part of the co creation process to impact the world for good. You know many times if we take a look at our money and how we can use that as a flow of our intentions there may be companies that we want to invest in and that you know that these companies represent our values that they’re actually really doing some good things in the world and that we feel it would be a good idea to invest in those so to take a look at some of these other reasons as to why you are wanting to grow your wealth and that it isn’t just for your own benefit it’s for the benefit of others. [00:16:58] Okay that makes a lot of sense. Edmund Burke is a Irish statesman and a philosopher. I think his words are still true. [00:17:06] They’re still true today that if we command our wealth so if we tell our wealth where to go we shall be rich and free if our wealth commands us we are poor indeed. To me it’s just a perspective shift wealth. The core of wealth is well-being. So how are we using money to affect all sorts of different areas of our life. And as we move into the retirement season that fall season of life. If it’s important for us to maintain our well-being how are we growing our financial resources in order to undergird that. That philosophy that idea that we are in charge of our of our personal well-being. That’s a great shift. [00:17:56] How do you get somebody to that point where they make that shift of thinking. [00:18:00] I mean I think it’s a process. I think it is a decision when we look at you know how do we want to grow nurture protect our wealth with with diligence wisdom and care. [00:18:13] It needs to. We need to be diligent. It takes effort. What is working what isn’t working what needs to be reviewed, updated, changed whether it’s life insurance policies investment strategies learning about you know what the best way to take Social Security is how would you if you decide to have access to a pension before you take it. What is the best way to do this. What is your what is your plan and how do you manage each of those different pieces so that diligence is is huge it’s not a one and done it it takes intentional effort. [00:18:51] And I think one of the challenges now is again we have so much coming at us all the time that wants us to either focus on spending it which we’re going to be getting into it in our next podcast. [00:19:04] Yeah that’s fun. How do we do that wisely. But more more about how do we tune out the noise and be diligent about the things that are truly important. [00:19:16] I also talk about wisdom and building our financial assets. You know there’s a lot of there’s a lot of resources out there. [00:19:26] You know there’s all sorts of other gurus and financial voices that are coming at you and you need to take that knowledge and you need to apply it to what is important in your life. And don’t look at anybody else out there but to build your own personal view of you know what is your view of success. What is your version of true prosperity. What does wealth mean to you and then make wise decisions wise choices in how you are going to grow and nurture and protect that. [00:20:02] All right. I think it’s also important to build with you know care what does it look like to take care and build and protect your wealth. [00:20:12] It’s your own responsibility. Sometimes we like to abdicate that and I deal a lot with with couples or individuals that come to me and they say you know we just want you to do it and I’ll say you know what I will work alongside you to help you find your version of true prosperity. I will educate you. I will empower you. I will hold you accountable. But bottom line it’s your responsibility to walk the walk and talk the talk. It’s your responsibility to bring your team members into play that are going to help you accomplish you know whatever is important about building your version of True Wealth. So to have the conversations it’s your responsibility to talk with either family members that are aging or family members who are younger and and adult children about the impacts of your financial decisions it’s your personal responsibility to understand the tools that you have or to find the advocates the professionals that are going to walk alongside you and help you and hold you accountable too. Yeah again creating healthy financial life. [00:21:27] And I think it’s important in a lot of this theme is making sure that you’re educated. And again you’re not going to have the entire education of the professionals. So when you get the education that you need for the basics then bring in the experts who have the additional education to know what to do and to know how to answer those questions like you brought up earlier when we take Social Security what’s the best plan for me. You can study it all day long but if you just reach out to somebody who knows Social Security and what would be best for you and your timeline and can sit and listen to you and know what your dreams aspirations and all how all your other finances are going to fit into that picture they can definitely help plan out something that’s going to be appropriate and do it in a way that uses wisdom and care and diligence because you’ve sought them out. So I think that’s so vitally important that people reach out to people that know more than them. We all have to do that in our lives and really take that step to be diligent and find those people that can help them. [00:22:27] Thank you. Yeah I do. I think that’s really really important. And I think it’s important for people to do their homework as to the type of professionals whether it’s a CPA and a state attorney a financial advisor you know to to find the right person that upholds that fiduciary standard that is working for a year that is seeking your best interests. [00:22:49] And that looks you know as deep and as broad as you want them to. That you need to know what you want out of these professionals. And it is up to you know up to you to find the right ones that fit your particular situation. [00:23:06] That makes a lot of sense Danielle and I want to actually kind of circle back to something you were talking about earlier and ask you a personal question I guess earlier we were talking about four or five things on a list we had about positive feelings beneficial beliefs. We talked about the small behavioral changes I remember that and just going back to that little list of very important items. I would like to know how did how do you apply those in your own personal life and how they affected you. [00:23:34] Thank you for asking. I think I try to apply it and again more areas than just my financial life. [00:23:44] So if I am diligent about my personal health or in my finances I feel empowered. So much of our world is outside of our control nowadays but I personally I know I am diligent about making healthy eating choices or making intentional financial choices in whether it’s reviewing my portfolio or knowing what assets are where and how they’re working for me or as my husband moved into his new season of life. [00:24:20] Taking a look at what his pension options were, weighing those as we made a decision on how he could take that I felt I felt empowered. I felt like I have a choice in this when so much of the world is coming at us and telling us you know we don’t have choices and that we’re just victims of circumstance so that empowerment is is really important to me. I shared you know kind of how that creating a vision board or that letter to my future self really really helped me in keeping that vision in front of me. [00:24:55] And again it has to do with you know my choices on a daily basis to move towards that vision whether it is having more free time or working with the clients that I feel. [00:25:06] You know I really enjoy working with and and and how that plays out in my daily decision-making process. Yeah the behavior changes over time. I think that’s how that has impacted me. I’ve moved from that I should yeah I should look at our estate plan. I should really look at a new business model for how I want to work with my clients and I stopped shoulding on myself. [00:25:40] That’s a good thing. Yeah and started taking action steps. All right. OK what do I need to do. All right I need to call the state attorney. All right. I need to look at what’s working in my current business model or what things are working do I want to build on or what things are not working for me and I want to change. And so using these affirmations and looking at how I worded them we talked about at the beginning I even shifted how I did that I changed from I will which was future oriented to I am which is present oriented now and I do. [00:26:19] I repeat these I constantly look at how they work in my life I look at meanings of the words I look up you know how how I can make behavior changes or attitude changes in my daily choices. So whether these affirmations are resonate with with you or whether you want to come up with your own. I just encourage listeners to look at what it would take to create some affirmations from the financial context in your life. [00:26:54] If you would like to. I’ve got these listed on my Web site you can download a copy for yourself and one for your friend at www.DanielleHoward4U.com You can call us at 9 7 0 9 2 7 3 9 0 9 to discuss you know your own personal situation and if it may be of benefit for you to work with us personally you can check us out at www.wealthbydesign4U.com And we also have an e course starting January 1st doing dollars differently in retirement and that’s found at DanielleHoward4U.com. [00:27:42] Try on these affirmations see how they fit. See how they feel. [00:27:48] And you now you can’t you’re not going to click your red slippers three times and they end up in a different place. But I do guarantee that if you combine them with all of the belief systems the behaviors the vision of what it looks like down the road and the small behavior changes that you are going to change your financial life. [00:28:11] That’s great. Danielle thank you so much for your time today. I’m looking forward to the fourth podcast in the series on that fourth affirmation. Great talk to you soon Aric. [00:28:19] All right. And thank you all for listening to the wealth done differently retirement podcast with Danielle Howard. If you have not subscribed to the podcast yet please click subscribe now button below. This way when Danielle comes out with a new podcast it’ll show up directly on your listening device. This makes it much easier to share these podcasts with your friends and family. Again thanks for listening today for everyone at wealth done differently retirement. This is Aric Johnson reminding you to live your best day everyday. We’ll see you next time. [00:28:44] Thank you for listening to the wealth done differently retirement podcast. Click the subscribe button below to be notified when new episodes become available. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of well by Design LLC. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice always seek the advice of your financial adviser or other qualified service provider with any questions you may have regarding your investment planning. Danielle Howard certified financial planner. [00:29:25] Is an investment advisor representative of Cambridge Investment Research Advisors a registered investment adviser. Securities offered through Cambridge investment research Inc. [00:29:35] A broker dealer member FINRA SIPC Cambridge and wealth by design LLC are not affiliated.