It’s that time of year again – when we start thinking about all the things we’d like to improve in our lives. We resolve to eat better, move more and spend quality time with family & friends; yet it often feels impossible for us to keep these resolutions!
For me personally, this has got to be the umpty-umpth year in a row that I add “Get In Shape” to the top of my resolution list. However, despite all of my best efforts so far, this challenge has yet to be conquered. This time around could prove different and with renewed determination, who knows what possibilities may arise?
While weight loss and increased fitness are common resolutions for many people, there is also a strong desire to spend less money, decrease debt, and save for retirement. As I write this post, I am struck at the parallels between getting in shape (whatever that means to you) and financial health. As I outline my new year’s resolutions for 2023, it amazes me that the same principles used for successful money management also apply to health goals.
What are the 3 Ps?
When addressing how an investor might achieve long-term financial success through investment, my business partner and I regularly refer to “the 3Ps,” which is short for “Planning, Patience, and Prudence.” I’ve come to learn that the 3Ps are just as crucial for your physical and emotional health as they are for your financial wellbeing.
So, this year, I’ve decided to incorporate the 3Ps listed below – which I already use in wealth management – into my health and fitness plan.
The 3 Ps for Wealth Management and Health and Fitness
Plan: This year, I’m taking a more holistic approach to achieving my fitness goals. I’m using the same planning techniques and principles of successful investing when it comes to reaching my desired level of health and wellness. To start, I need to assess my current situation, and determine my short, mid and long-term objectives. By having an understanding of where I stand now, I’m better equipped to make improvements and reach my goals. I’ll then create a realistic timeline outlining the specific steps needed to meet my goal. This will include setting milestones and tracking progress along the way. Additionally, I will be tracking my real-time progress so that I can adjust course if needed. Lastly, implementing consistent habit-forming routines that are manageable will help me achieve my goals.
“If you fail to plan, you are planning to fail!”― Benjamin Franklin
Patience: Patience is a key factor for achieving your long-term goals in both health and financial aspects of life. In terms of fitness and dieting, having the willpower to resist temptation and stay on track with healthy meals can help you reach your ideal weight over time. Similarly, in investing, patience is required to reap the rewards from a well-crafted portfolio. Without the ability to stay disciplined, investors can be prone to making impulsive decisions that might not be in their best interests.
Unfortunately, chronic impatience can lead to detrimental consequences in both health and wealth. Impatience is often associated with stress, which can take a toll on heart health and weaken the immune system over time. Additionally, when it comes to money management, acting on short-term impulses can result in serious losses if investments are made without doing due diligence or taking into account one’s overall financial goals. Therefore, it is important to cultivate patience in order to make sound decisions that will benefit you both physically and financially over the long term.
“Patience and perseverance have a magical effect before which difficulties disappear, and obstacles vanish.” — John Quincy Adams
Full Citation:@newsmax. “Impatience May Cut Your Life Short: Researchers.” Newsmax, 23 Feb. 2016, www.newsmax.com/health/anti-aging/impatience-early-death-longevity/2016/02/23/id/715761.
- Prudence: Being a prudent investor requires forethought and planning, similar to the way in which someone attempting to lose weight must approach the process. In both cases, it is important to develop an action plan that will help you reach your desired outcome.
A prudent investor takes the time to research their investment options, diversifies their portfolio across multiple asset classes, and pays attention to both current market conditions and historical performance trends when making decisions. Similarly, a person hoping to lose weight sensibly will carefully craft an eating plan that incorporates a balanced diet of macronutrients such as carbohydrates, proteins, and fats; create an exercise routine tailored to their specific goals; monitor their progress by tracking daily calorie intake and output; and make changes or adjustments when necessary. Both techniques require discipline, patience, restraint, and careful consideration before any action is taken.
“Prudence: The virtue by which we decide what to do and what to avoid, discerning what is for our good.” — Author Unknown
Final Thoughts
By incorporating the 3Ps – Plan, Patience, and Prudence – into your daily life, you set yourself up for success.
Will you be joining me in making the 3Ps a part of your wealth and health resolution this year? Let’s work together in achieving great success and make 2023 a year of abundance!
The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.
© 2022, Wellington-Altus Private Wealth Inc. ALL RIGHTS RESERVED. NO USE OR REPRODUCTION WITHOUT PERMISSION.
