From the Desk of Chad Teders, CFP® | Teders Quackenbush Wealth Management
Why do most New Year’s resolutions fail — and what does that have to do with your investments?
Every January, the gym gets crowded. Every March, not so much. Chad Teders, CFP® and founding partner at Teders Quackenbush Wealth Management, has noticed this pattern year after year at his local YMCA; and it got him thinking about the surprisingly close connection between the resolutions we make on New Year’s Eve and the investment plans we make for our financial lives. Both tend to fall apart for the same reasons: too vague, too ambitious, too easy to abandon when life gets in the way. In this letter, Chad makes the case for a different kind of resolution; one that’s built to last all year, not just through February. Read on in Chad’s own words.
Every January, I notice something all around the Southeast YMCA. The fitness and weight rooms are just a little more crowded. There’s a longer wait to be chosen for the pick-up basketball games because the “competition” is more plentiful (and perhaps because I’m slow and can’t jump very high); the heated pools seem just a bit hotter — probably from the increased number of swimmers; and you better come early to the Yoga and Pilates classes to be assured a place.
Of course, we know why… New Year’s Resolutions. A tradition dating back centuries in which we resolve to change undesired behaviors, accomplish personal goals, and otherwise vow to improve our lives.
But then, around the first of March, I notice the “Y” crowds have subsided, because you see, research has shown that 80% of New Year’s Resolutions don’t survive February.
Whether our Resolutions are about diet, exercise, temperance, or you name it, they often come up short because they may be too complex, too ambiguous, they may be ill-defined or unrealistic. That can lead to frustration, stress, and capitulation — just what we are trying to overcome. While it may be hard to believe, the same emotions disrupt your investment plans.
We have the privilege of helping our clients develop and implement investment plans that could be viewed as a series of continuing resolutions — although I promise they’re more reliable than the ones discussed on New Year’s Eve. Your plans address a multitude of investment and wealth management issues designed to help you achieve your unique goals and objectives. And our team and I will be there for you — every month of the year — year over year — to provide guidance, manage your progress, suggest ways to minimize risks, and to provide an environment that welcomes you, listens to you, and always has your best interests at heart.
From all of us at Teders & Quackenbush, we wish you and your loved ones a happy, healthy, and prosperous New Year.
Sincerely yours,
Chad Teders, CFP®
Download Chad’s Letter Here:
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