Skip to main content
  660-885-6195   info@cookcompanyfinancial.com Client Login

Ryan S. Cook, CPA LLC

Ryan S. Cook, CPA LLC

  • Home
  • About Us
    • Our Firm
    • Our Mission
    • Our Team
  • Who We Serve
    • High Net Worth Families and Individuals
    • Business Owners
    • Professionals
    • Agri-Business Owners
  • Wealth Management
    • Financial Planning
    • Investment Management
    • Tax Planning, Preparation and Advocacy
    • Life Insurance Counseling
  • Business Services
    • Overview
    • Accounting
    • Payroll Processing and Management
    • Cash Flow Management
    • Financial Statement Preparation and Compilations
    • Succession Planning
    • New Business Formation
    • Non-Profit Organizations
  • Resources 
    • Useful Websites and Articles
    • Financial Calculators
    • Video Library
    • Legalese & Disclosures
    • Wealth Management Resources
  • Testimonials
  • Contact

    You are here

  1. Home
  2. Blogs
  3. How Habits can Impact Your Finances

How Habits can Impact Your Finances

Submitted by Cook & Company CPAs + Wealth Management on February 18th, 2022

When people choose to eat healthier or lose weight, they know that they have to change their behaviors. That’s easier said than done, which is why weight loss programs and restrictive diets are popular. They provide a system for controlling portions, managing nutrition, and staying accountable. Within a few months, eating behaviors and habits can transform, leading to a healthier lifestyle.

Our behaviors can produce the results we see in our lives. If you don’t like the results, then change the behaviors. Though this sounds simple, it can be a struggle to practice in everyday life.

The average adult makes thousands of micro-decisions each day – many unconscious and unimportant. But added up along with the bigger decisions you make, they have the ability to shape your life in profound ways. So ask yourself:

What kind of life am I creating with my daily choices? If I don’t like what I see, how can I change my results?

When applying this to personal finances, think of your choices as you would interest compounding over time. Each choice builds on the consequences of all previous decisions. It could be upgrading to a luxury car with higher maintenance fees, impulsively buying the latest tech, or choosing to vacation in the Swiss Alps instead of Lake Tahoe. These may seem inconsequential and affordable at the time. However, over several years, these decisions may impact your ability to accumulate wealth, which could affect your retirement goals.

By reconsidering some of your daily choices, you could have a positive impact on your retirement accounts.

Assess Your Situation

What do you see when you track your daily financial habits? Do you:

  • Spend without a budget?
  • Shop without a list or goal in mind?
  • Rationalize large and impulsive purchases?
  • Struggle to focus on your long-term objectives?
  • Adhere to a defined savings plan?

In life and in finances, the difference between success and failure may lie in the choices you make daily – not one monumentally bad decision. Look at professional athletes: 78% of former NFL players say they’re financially stressed just two years after retiring. Though several factors can contribute to this, the unsustainable lifestyle choices made during their short careers are often a large part of why some players go bankrupt.

Change Your Behavior

Once you've recognized your behaviors, you can start to build a plan to improve them. Try keeping score with yourself. For many of us, when we keep score, we focus on improving our score. By incorporating this natural tendency into your planning, you may be more motivated to stick to your goals.

Here are some ideas to help you get started:

  • Establish realistic goals for the results you want to achieve. SMART goals are one way to create achievable goals that are clearly defined.
  • Monitor and track your activities. There are several tracking apps available, but a journal works as well. Both methods can be effective as long as you use them consistently.
  • Reward yourself for reaching milestones and desired results.
  • Consider talking to a financial professional – they can help you create a plan and stay accountable.

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2022 Advisor Websites.

When you click on any of the links provided in this article, you are leaving this website and viewing information provided by a third party. The information being provided is strictly as a courtesy. When you click on any of the links provided within these articles, you are leaving this website and viewing information provided by a third party. We make no representation as to the completeness or accuracy of information provided by any third-party website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. By accessing these websites, you assume total responsibility and risk for your use of the third-party website.
 

Book a Meeting

Tell a Friend

Looking to learn more?

Get in touch today

Contact Us

Additional info

  • Sitemap
  • Legal, privacy, copyright and trademark information

Contact info

  •   1112 East Ohio, Clinton, MO 64735
  •   660-885-6195
  •   info@cookcompanyfinancial.com

Contact us

Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

Securities offered through Avantax Investment Services SM, Member FINRA, SIPC*Investment advisory services offered through Avantax Advisory Services SM ** Insurance services offered through an Avantax affiliated insurance agency. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management SM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business.  This information is not intended as specific tax or legal advice. Please consult our firm and your legal professional for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by Advisor Website for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth ManagementSM or its subsidiaries. Avantax Wealth ManagementSM is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.

© 2022 Cook & Company CPAs + Wealth Management. All rights reserved.

Website Design For Financial Services Professionals