Finding the Right Fit: Selecting the Right Financial Role Model for You

By
Jeff Motske, CFP®
February 4, 2019
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Role models have a very powerful function. They shape values and behaviors in all facets of life, including our relationship with our finances. Knowing the influence they have, it’s obviously important to select the right financial role model. However, many are selected with very little consideration, if any at all. When it comes to something as important as your financial independence, you need to be confident that you’re following the right example to ensure that you and your money work together for your greater good.

There are those who are fortunate to have great people in their lives to provide an example of what to value and how to live. If this good example extends to finances, you are very fortunate indeed. However, good behavior or strong values doesn’t always guarantee a good financial role model. A generous nature doesn’t guarantee a good budgeter. Support in your youth doesn’t mean they planned well for their future. When selecting a financial role model, you need to make sure you’re selecting them based on sound financial behaviors and a relationship to their financial independence that you would like to emulate.

Oftentimes, though, many haven’t realized they have already unconsciously selected a financial role model. They may assume that they are simply reacting to circumstances happening to them. However, their response may be a direct duplication of mom’s ardent saving, dad’s faith in the stock market, or Aunt Flo’s blatant disregard for a budget. When we really stop and study our financial patterns, we realize that we have adopted many financial behaviors that may or may not be aiding us in our path to financial freedom. Without any scrutiny of these behaviors, we may be in for a rude and unfortunate awakening in the future.

Rather than unconsciously mimicking behaviors, we should be consciously selecting a financial role model. As with all decisions, be aware of whose lead you are following and what you want that to mean for your finances. Selecting the right example of financial behavior will pave the way to our goals. Don’t forget that your money and your road to financial freedom is under your control – choose wisely.

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By Trilogy Financial
June 7, 2024

CryptoChameleon is a phishing-as-a-service kit that makes it easier than ever for cybercriminals to create convincing phishing campaigns. Criminals often use it to impersonate reputable companies to steal passwords, account information, and other sensitive data.

 

A recent scam using CryptoChameleon targets LastPass, a popular password manager. Scammers pretend to be from LastPass, starting with seemingly authentic support calls. They later send follow-up emails with links to fake login pages, designed to look like legitimate LastPass sites. Once victims enter their master passwords on these fraudulent pages, scammers can access their password vaults and potentially lock them out of their accounts.

 

Reputable companies will never ask for your master passwords through phone calls, emails, or text messages. To protect yourself from these scams, remember to:

 

  • Hang up immediately if you receive a suspicious call claiming to be from LastPass or another reputable company.
  • Do not press any options in automated messages or clicking on links in emails from unfamiliar sources.
  • Report suspicious activity to the reputable company, including screenshots of suspect text messages and forwarded emails.
By
Zach Swaffer, CFP®
May 19, 2020

Top 10 Ways To Improve Your Financial Health

  1. Create an emergency fund (3-6 months fixed expenses)
  2. Identify your priorities/goals
  3. Plan for unexpected life events
  4. Understand your monthly cash flow (money in vs money out)
  5. Discuss finances with your spouse/partner
  6. Reward yourself for hitting financial goals
  7. Save up for large purchases
  8. Use risk tolerances and an allocation strategy for your investments
  9. Give yourself a raise (increase 401(k) contributions)
  10. Have a financial plan and review it annually

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.

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