Beyond Voting: 4 Ways To Take Control Over Your Finances

“While our lives may not always go according to plan, what’s within our power is how we respond.” Thus spoke renowned psychologist Viktor Frankl from within a German concentration camp prison cell.

Context adds so much meaning and weight to that statement, doesn’t it?
Compare his scenario with ours today–following what has likely been one of the most contentious presidential election cycles of my lifetime–where many did their part by conducting research, casting ballots for candidates they favored or opposing them, then feeling either disappointment or delight about results either way; but now what?

Your ability to influence what transpires on the national political stage may be severely limited; but, on a brighter note: while macro events may feel beyond our reach, our personal financial decisions play far greater impactful role than election outcomes in shaping daily lives and shaping financial destiny. Voting allows voters to exercise power at polling booths; we too can exercise powerful control of our financial future through intentional choices each day that shape financial destinies directly.

Let’s examine four fundamental ways your money can improve your life–areas where the decisions you make have both an immediate and long-term effect:

PROTECT and increase your investments and income potential.
No one can control the markets; but you have complete power over how much money you save. While building an investment portfolio to maximize return is certainly possible based on risk tolerance levels and requirements, what truly determines our wealth accumulation success in life is consistent saving habits rather than any specific savings vehicle chosen as savings vehicles.
How are you faring on the saving part of investing? Or are you searching for that next great product to invest in?
As far as your income and potential is concerned, unless you own or are directly compensated based on revenue generated or managed, chances are the ownership of your company has limited influence over salary brackets (typically determined based on industry norms over which they have even less control), cost-of-living adjustments, bonuses for 2024; however only you have control of investing in yourself to increase career and income potential.

Imagine enrolling back in school to obtain another degree or certification, selecting books to read next, podcasts to listen to, coaches to hire, connections to make and people whose help has made an impactful impression on your career path. Now what?

PROTECT your family, lifestyle and property by developing an effective risk management approach. While you cannot always predict or prevent weather-related events or random acts of misfortune from arising, risk management strategies offer you complete control.
Emergency savings and higher deductibles provide some self-insurance; you can reduce physical harm in car accidents by wearing seatbelts; Uber/Lyft services can eliminate alcohol impairing driving abilities altogether; catastrophic risks cannot be assumed or reduced without recourse to various forms of insurance such as life, health, home, auto, disability income and long-term care policies.
GIVE to those and causes that matter the most to you.
“Don’t wait till after death to show kindness,” writes author and former hedge fund manager Bill Perkins; rather you can leave behind your legacy by creating estate planning documents carefully drafted during life that allow for that control to remain even after you pass on.
Most people wouldn’t consider themselves charitable or philanthropic; however, we all care deeply for certain causes that matter to us, and giving is more than simply giving money to your alma mater for them to put your name on a building.
Example of giving: 529 education savings plans that help fund college for your children are GIVE accounts. Estate planning documents also play a large role, while experiences you plan for your family come at the cost of one or more other “buckets.”
Chris Guillebeau recently wrote in a recent blog post: Helping someone in need can take our minds off what may be troubling us and help make things better for everyone involved. Chris notes “it doesn’t solve everything, but at least makes things a little better!”
And would it surprise you that every major religion praises generosity, while medical science confirms our bodies experience numerous physiological and psychological advantages from giving? Further research shows that those who give more often tend to receive in return; Dr. Daniel Crosby states this principle beautifully in his wonderful new book entitled, The Soul of Wealth by asserting “Giving is the path toward abundance!”
Financial Freedom. WANT IT? While you may not have as much control over whether mathematically speaking you qualify as “financially independent”, but you do possess full autonomy over living confidently with financial independence.