{"id":7440,"date":"2016-05-20T06:22:27","date_gmt":"2016-05-20T13:22:27","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7440"},"modified":"2016-05-20T06:22:27","modified_gmt":"2016-05-20T13:22:27","slug":"9-financial-best-practices-of-successful-people","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/9-financial-best-practices-of-successful-people\/","title":{"rendered":"9 Financial Best Practices of Successful People"},"content":{"rendered":"<p>During my almost 20 years in the business I&#8217;ve seen a lot of change. \u00a0Beyond the events of 9\/11 <em>(I was at the top of WTC a few days prior to 9\/11)<\/em>, I&#8217;ve also seen two &#8220;once in a lifetime corrections&#8221;, the advent of online trading, the proliferation of <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.investopedia.com\/terms\/e\/etf.asp\" target=\"_blank\" rel=\"nofollow\">exchange traded funds<\/a><\/span><\/strong> and one get rich quick scheme after another. \u00a0Change is not necessarily a bad thing but my clients who have been most successful are those who followed the most basic financial principles.<\/p>\n<p>While I like to think my hard work and objective advice has something to do with their success, what really hit home was how many of these clients exhibited the same, smart financial traits. \u00a0I have a number of clients who have gone from very little to sizable nest eggs primarily from making good financial decisions.<\/p>\n<p>I have the pleasure of meeting hundreds of new people each year and seeing what works and what does not work through real world experience. \u00a0Here are some practices used by many of my clients to help reach their long-term goals. \u00a0While not all of my successful clients followed these trends, most of them implemented at least a few. \u00a0<u>These are not based on opinion but rather what I have seen work time and time again.<\/u><\/p>\n<ul>\n<li><strong>Staying in the same home:<\/strong>\u00a0\u00a0Most of my most successful clients have lived in the same home for our entire working relationship. \u00a0Moving can be expensive and time consuming.<\/li>\n<li><strong>Driving 5+ year old cars: \u00a0<\/strong>Almost all of my 20 largest clients drive &#8220;well broken-in&#8221; vehicles. \u00a0<strong>\u00a0<\/strong><\/li>\n<li><strong>Investing on a systematic monthly basis:<\/strong>\u00a0Putting away a few dollars each month goes a long way over time. \u00a0One of my best clients started 12 years ago with a $30,000 portfolio and by maxing out retirement each year they now have over $500,000. \u00a0<strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/money.cnn.com\/data\/markets\/\" target=\"_blank\" rel=\"nofollow\">Market performance<\/a><\/span><\/strong> helps but diligent investing is the primary factor in their success.<\/li>\n<li><strong>Fewer portfolio changes:<\/strong>\u00a0\u00a0Replacing poor performing investments is not a bad thing but my most successful clients &#8220;fine-tune&#8221; their portfolios from time to time rather than trade on a regular basis.<\/li>\n<li><strong>More engagement with their Advisor:<\/strong>\u00a0My most successful clients meet with me or chat over the phone once or twice a year. \u00a0This is an opportunity to review portfolio direction and finances not hard sell new product.<\/li>\n<li><strong>Diversify:<\/strong>\u00a0My clients with well diversified portfolios are never in a position of having to &#8220;guess&#8221; what the next hot asset class will be.<\/li>\n<li><strong>Business owners:<\/strong>\u00a0\u00a0Over 50% of my top clients associate much of their financial success to the ownership of a small business.<\/li>\n<li><strong>Regular discussion of finances among spouses:<\/strong>\u00a0\u00a0My most successful married couples are those who periodically discuss finances and are on the same page. \u00a0I have seen conflict among families destroy the most well prepared long-term plans.<\/li>\n<li><strong>Retirement withdrawals less than 4% annually:\u00a0<\/strong>Keeping withdrawals to a reasonable amount gives the portfolio the best chance for long-term viability.<\/li>\n<\/ul>\n<p>Living below your means, delaying financial gratification and healthy communication are a common theme among the above items.\u00a0 Unfortunately, I\u2019ve seen an equal number of poor financial traits <em>(<strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.irs.gov\/uac\/newsroom\/early-retirement-plan-withdrawals-and-your-taxes\" target=\"_blank\" rel=\"nofollow\">early retirement withdrawals<\/a><\/span><\/strong>, over extended home purchases, etc\u2026) <\/em>that have ruined the best laid plans.\u00a0 Take some time today to think about what you might be able to change to increase your chances of a healthy, long-term retirement.\u00a0 Small changes, compounded over many years may mean the different between a low stress retirement and one filled with anxiety and worry.<\/p>\n<p><strong>To learn more about Spencer Corzine, view his <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.paladinregistry.com\/financial-advisor\/cedar-park-texas\/Spencer.Corzine\" target=\"_blank\">Paladin Registry research report<\/a><\/span>. \u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During my almost 20 years in the business I&#8217;ve seen a lot of change. \u00a0Beyond the events of 9\/11 (I was at the top of WTC a few days prior to 9\/11), I&#8217;ve also seen two &#8220;once in a lifetime corrections&#8221;, the advent of online trading, the proliferation of exchange traded funds and one get rich quick scheme after another. \u00a0Change is not necessarily a bad thing but my clients<\/p>\n","protected":false},"author":90,"featured_media":7444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"class_list":["post-7440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>9 Financial Best Practices of Successful People<\/title>\n<meta name=\"description\" content=\"I have a number of clients who have gone from very little to sizable nest eggs primarily from making good financial decisions. 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