Work hard. Do your research. Be proactive, not reactive. These are all mantras I find myself repeating. But there’s one more manta I find incredibly useful, even if we don’t discuss it as often in our Gold News & Views.
Right now, consumers are feeling down and out about the economy. On July 15, 2022, The Washington Post wrote, “Consumer sentiment remained near record lows in June, according to new data from the University of Michigan.” An article published June 27, 2022, by Bloomberg shared a recent survey showing that “financial stress spans all U.S. income brackets.”
Last week, we discussed a few strategies that might help you reduce some of your financial stress. This week, I want to look at the other side of that coin: acknowledging and celebrating your financial successes.
Celebrating one success can lead you to the next.
Some believe that hard work is its own reward—but that’s not always the complete story, is it? I love what I do for a living, but for me, the real reward is the feeling I get when I look back on my hard work and see how it's paved the way for something positive down the road. By acknowledging the effort we’ve put into achieving a goal, we allow ourselves to feel proud of our dedication, progress, and especially anything we’ve learned along the way.
Look online, and you’ll find article after article that discusses the importance of celebrating successes and achievements. Mindtools.com notes, “Celebrating achievement can boost confidence and increase motivation.” Likewise, Executiveleader.com says that “by celebrating our success, we reinforce the motivation that will carry us through the next achievement.”
While hard work can sometimes be its own reward, it’s important to make sure we allow ourselves time to acknowledge when we’ve done well so that we don’t lose steam as we continue to push forward toward financial freedom.
Even small successes can be worth celebrating, especially during times of financial stress.
Sometimes, we all need to take a break—especially when talk of financial downturns or even another recession is creating an environment of financial stress that makes every decision regarding your portfolio seem like it could make or break your future.
If it feels like it’s been a while since you’ve taken the time to step back, breathe, and appreciate how far you’ve come, keep an eye out for a financial achievement worth celebrating. It could be as simple as getting all your bills paid on time in a given month, putting a little extra toward the principal on your mortgage, or having enough extra cash to go out for a nice dinner without worrying about overspending. For some, these achievements may be months or years in the making, while others may take these things for granted. But every one of these can be an important milestone worth celebrating.
And of course, big achievements like paying off a car, mortgage, or student loan are always worth celebrating!
Celebrating financial successes can happen in many different ways.
Celebrating a financial success doesn’t have to mean having a big, expensive meal or taking a bucket-list vacation. While that sounds wonderful, not everyone can do this without increasing their financial stress down the road.
However you choose to celebrate—be it spending a quiet evening at home, enjoying time with loved ones, or buying yourself a special something—you may wish to tailor it to your own unique financial situation. It may also be helpful to consider what motivated you to reach this achievement in the first place and celebrate in a way that will help you continue to push forward.
For some, a celebration may even be in the form of taking a next step toward financial freedom. Maybe you finally have enough to add a little extra to a retirement account or explore your options when it comes to building a financial or retirement portfolio.
You might even consider starting or adding to a precious metals portfolio. Buying a little silver or gold for yourself or a loved one can certainly feel like a celebration. In fact, many Americans buy gold or silver coins as a celebration, using freshly struck coins of that year’s date to mark a particular accomplishment. If that sounds like something you would enjoy, you can learn more by calling one of our dedicated Account Executives.
No matter where you are on your financial journey, your successes are worth celebrating. Don’t forget to take some time out every once in a while to recognize all your hard work. You earned it!
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