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Seven Investment Strategies To Turn Into Habits

BECU Investment Services

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In 1989, Stephen Covey, an American author, educator, and businessman, published his groundbreaking self-help book, 7 Habits of Highly Effective People. Regardless of income level, age, or career, anyone can learn and practice the skills he highlights in his book. Sometimes, however, it can be challenging for people to change their habits and introduce new ones. A financial advisor is someone without emotional ties who can help you apply these skills and work to develop a financial strategy that aligns with your financial goals.

  1. Be Proactive – You have to take responsibility for your life. Proactive people deal with their responsibilities regardless of what challenges or obstacles might be in their way.
    • For an investor, being proactive and taking action sets you apart from those who want to invest or look forward to one day having financial independence. It is important to have a dream, but you also have to act on it. A financial advisor can help you take the first steps as you pursue your financial goals.
  2. Begin With the End in Mind – Visualize who you are and where you want to go in life. You may be more motivated to pursue your aspirations if you have set goals.
    • Jumping into the world of investing without having an end goal may not be the most beneficial approach. Investing is complicated and risky, and not having a strategy and direction to work toward may lead to uncertainty and mistakes. A financial advisor can help you work toward creating a plan with an attainable end goal to motivate you to get there.
  3. Put First Things First – Establish a list of priorities and focus on the most essential first. It is critical not to become overextended and you should say no to tasks that can wait.
    • You don't have to do everything at once. That can become overwhelming. However, you also need to understand the importance of prioritizing which tasks should be done first and which can wait. A financial advisor can help you determine which responsibilities should be focused on first to align with your financial goals.
  4. Think Win-Win – Approach conflicts or challenges with an abundance mentality. A win-win attitude can make it easier to deal with obstacles that might appear and allow you to think clearly without becoming overwhelmed.
    • Everything will not always go your way. When you face challenges, it helps to approach them with a positive outlook and an abundance mentality. Thinking positively doesn't magically fix everything; however, having this mindset can encourage you to work toward your goals and help you have the confidence and optimism to work with a financial advisor as you learn from any mistakes and develop your financial acumen.
  5. Seek First To Understand – Make an effort to participate in active listening. Put your own experiences aside and try to understand someone else's point of view. Put yourself in their shoes. A common characteristic of people at the pinnacle of their professions or careers is that they are perpetually learning. These people are always reading or learning from others with greater or different knowledge than themselves.
    • Suppose you are interested in investing and financial planning. In that case, consulting a financial advisor can help you learn more about these topics and your risk tolerance while you create a strategy to pursue your financial goals.
  6. Synergize – Be open to working with others. Have an open mind and be willing to work as a team.
    • Getting the help you need and being willing to work with someone who knows more than you can benefit your financial growth and help you sidestep mistakes that would otherwise be difficult to recognize before it is too late.
  7. Sharpen the Saw – You are the most important asset to your future well-being. It is essential to care for yourself, including paying yourself when you get paid and caring for your physical and mental health before worrying about other responsibilities.
    • Enlisting the help of a financial advisor who can work with you, create a financial plan and strategy, and provide you with techniques for managing your finances can save you time that you can then use to work on yourself.

Stephen Covey's 7 Habits of Highly Effective People has inspired more than 40 million people. Schedule an appointment with a financial advisor who can help you apply these skills to your own investment and financial planning strategy.

Talk to a Financial Advisor

Financial advisors at BECU Investment Services are here to help. Our team will take the time to get to know you, understand your goals and plan, and implement a financial and retirement strategy that's appropriate for you. Set up a complimentary consultation or call 206-439-5720.

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Important Disclosures:
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 which investment(s) may be appropriate for you, consult your financial professional prior to investing.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

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