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Column: Steps to take when financial frustration sets in

I‘ve been told that I am a “justifier.
Richard Vetter

I‘ve been told that I am a “justifier.” What this basically means is that I need to have a logical reason for most anything, including getting away for a break!

Because I’m always looking for ways to add value to what we do, I enrolled in a coaching program down in Santa Monica and was thus able to justify a quarterly getaway with my wife.

I’m glad we committed to it, as we have learned a lot of strategies that have helped us both personally and professionally.

Inspired at our last session, we created a client tool called “The Frustration Shift.”

Everyone has frustrations and we know that many of them revolve around finances. The reason these frustrations cause us pain though is because we do not unlock the important information they contain which will allow us to achieve a fundamental “shift” in our experience.

We created a process that allows people to learn from their frustrating experiences and develop steps to break through and shift to a more positive and impactful result.

As an example, we recently spoke to a group of people who wanted to learn from a significant negative experience last year. We asked them to go through the following process:

1. Ask what is bothering you most right now in regards to your finances. What do you wish could be different? What is distracting you? Try to articulate these frustrations as clearly as you can. We have a specific tool for this, but you can simply put it all down on a blank sheet of paper.

2. Once you have identified these frustrations, write down your ideal outcome for each one. Try to be creative for each one and visualize the result you would really like to have. How could your circumstance be different and what would that feel like?

3.Reviewing each frustration and its matching ideal outcome, think through the strategies that will help you achieve your ideal outcome. Think about the actions you would have to take to move forward. Take stock of the resources you have around you including the people who could help you. You can do this alone or with your family, but it might also be a great idea to strategize together with your financial advisors.

4. Commit to a 30-day action plan. What is your first step toward achieving momentum in resolving these frustrations? We believe that achieving 80 per cent progress is far better than trying to perfect 100 per cent of nothing.

The fact is that simply starting is the most important step.

You cannot allow your financial frustrations to build up inside of you. See them for informational tools they are to help you break through to your next level of progress.

The opinions expressed are those of Richard Vetter, BA, CFP, CLU, ChFC.  Richard is a certified financial planner and owner of WealthSmart Financial Group.