Highly successful people excel in the concept of high-leverage decisions. Sometimes, these are high-pressure moments like negotiating a job offer. Other times, these are not high-pressure decisions, but they’re single decisions that have compounding benefits.
In the spirit of starting the new year with a strategic lens, here are 3 high-leverage financial decisions we want our clients to leverage for the year ahead.
1. Automate Ideal Behaviors
I know lots of people who love to brainstorm. I am one. The most successful people I know have mastered the art of follow through–not by brute force, but by low-friction systems. In this case, automating the actions that move them towards their vision.
Two key ways we see that happen in the financial planning sphere:
- Automate good saving habits. Maxing out employer retirement plans, HSA deposits, etc. Decide what your goal is, and automate the action.
- Automate goal tracking. So much progress happens when we keep our goals visible. From raising income to controlling costs to giving–create clearly defined targets and automate your goal tracking.
2. Establish a Strategic Check In Calendar
Many of the people I meet as an advisor are phenomenal at creating wealth, usually due to some area of expertise like pharmaceuticals or executive leadership. The challenge is stewarding that wealth towards the outcomes we wish to see personally and as a family.
A strategic vision is the asset that keeps our effort in line with our priorities. In our busy world, it’s all too easy to disconnect the two. This year, consider scheduling quarterly check-ins in advance. These are usually with your family, but consider engaging your financial team (advisor, CPA, estate attorney, etc) to help you make the most of these meetings.
Revisit the goals and core values you hold as a family and keep your priorities in line with your day-to-day activities. If you’re looking for a family meeting template to get you started, here’s the annual family meeting questionnaire we use in the Wagner household.
3. Create a Personal Development Curriculum
There are a small number of decisions that have changed the course of my life–high leverage decisions. One of them was to accept a challenge in my 20’s to read 50 books a year. I continue this habit to this day. Outside of marrying my wife, I’m hard pressed to think of another decision that has had such a positive formative influence on me.
Even in the midst of life’s busyness, cultivate the discipline of learning. It could be anything:
- Your vocation/skill sets
- Personal finance
- Family relationships
- Health and self-care
It also doesn’t have to be reading, though I’m partial. Find great podcasts. Talk to a counselor. Hire a professional coach.
Whatever the format, few decisions will be as profitable in every sphere of your life as to create a personal development curriculum.
Envizioning More in 2025
We want our clients to experience success and fulfillment that trickles down for generations. A critical part of that is the person you become (your character and behavior) is more important than your balance sheet.
If you want to Envizion More for you and your family in the area of finances, start by pursuing the person you need to become. By trade, our aim is to help you grow your wealth. By passion, our deepest desire is to help you create a life of fulfillment for you and your family. Let’s Envizion more together.