Do you have the courage to pivot when you discover new information?

Are you humble enough to ask if there’s a better way?

I’ve never been the type to think my way is the only way. I’m not the strongest, the smartest, the most athletic, etc. There’s plenty out there that I don’t know much about. This is why I spend time on my personal growth. Luckily, I applied this mindset to my financial strategy.

When it comes to investing, I used to focus efforts on dollar cost averaging into mutual funds. Maxing out IRA’s and the rest in TSP was my strategy. Like most who follow this strategy, I was hoping that the market would keep producing a great ROR and that someday down the line, I’d have a big pile of money. That thinking has many holes, but let’s focus on one-cash flow. What was I going to do with that pile of money?

Somehow turn it into income. Otherwise, how would I enjoy it and live off it? I would need cash flow. I needed to change my way of thinking. Like many other situations in life, this called for a dose of humility. Had I been going about this the wrong way? How could I do it better?

The real problem with my strategy was the fact that I didn’t have one. I was using the fire and forget, hope and pray approach. So, I got clear on my core financial principles-cash flow from investments being a major one. Now, I focus on how much income my investments produce instead of worrying so much about ROR.

What about you? What matters more, your net worth or the amount of cash flow your investments generate?

Do you have the humility to ask if there’s a better strategy?

Do you have the courage to pivot if the answer is yes?

Do you have someone on your team helping you with these concepts? If not, please reach out to us at https://www.tieronelifeinsurance.com/contact/