Mindset is crucial when planning

Investors have been on the stock market and interest rate roller coaster so long they may feel as though they have gone mad. Planning around continued volatility is a challenge unless you are committed to updating goals at least annually.

People who stick their heads in the sand and avoid planning “until the market settles down” are missing opportunities and are likely to go o track. is could take years or never rectify once you lose focus.

is is one of the many reasons why the Board of Certi ed Financial Planners has added psychology as an important component of nancial planning. Until the advisor and client can discuss fears, con icts, money beliefs and biases openly, it will be di cult to stay on track or even build the right kind of plan.

It is not easy to discuss these things, such as:

— Your rst recollection of money

— Your money story, beliefs, conicts, biases

— In uences on your nancial behavior

However having these conversations helps boost emotional intelligence. is includes self-awareness of mental triggers, taking responsibility