If I Could Only Teach One Financial Lesson

If I Could Only Teach One Financial Lesson

February 17, 2022

People are always talking about tactics. In all aspects of life, we are constantly looking for quick tricks, easy hacks, and secrets. Unfortunately, in the world of finance, those who promise big returns and claim they can make you rich in no time are not always being honest.

So today, instead of giving you a list of superficial personal finance tips or selling you snake oil, I’m going to share with you one foundational financial lesson. No matter what fancy new financial technology the next decade brings, I urge you not to lose sight of the following rule:

Create a customized financial plan and follow through with it.

Seems simple enough, right? Unfortunately, it’s often easier said than done.

Create a Personalized Plan

Only 33% of Americans have a determined financial plan with financial goals in writing. (1) It’s not enough to simply save money every now and then, hoping that by the time you retire you’ll have enough to sustain a comfortable life.

That’s like saying you want to travel from California to New York but all you do is walk a few hundred yards to the east each day. Chances are, without a road map or a proper vehicle, you’ll never make it to your destination.

It’s the same with your finances. Without a well-defined financial goal and a personalized road map to get you there, you’re basically leaving it up to chance. And retirement is not something you want to leave up to chance. 

Stick to your Plan

Many people are tricked into believing that all they need to do is create a financial plan, set it to autopilot, and watch their accounts magically grow. What they don’t realize is that while automation is convenient, it’s also dangerous. When everything is on autopilot, we tend to develop a “set it and forget it” financial mentality. 

This is one of the biggest mistakes when it comes to wealth-building. To succeed, you need to be conscious of your finances. If you aren’t monitoring your spending or investment progress, how will you know if you’re heading in the right direction? Unfortunately, many people learn this lesson the hard way, wasting years of wealth-building opportunities simply because they weren’t paying attention.

The key to becoming wealthy is to constantly be aware of your financial self.

We’re Here to Help

At HBA Wealth, we can partner with you to design your own custom financial road map based on your current situation and future goals. We’ll also be there to help you monitor your progress and stay aware of your financial self. Reach out to us at (626) 529-8347 or email Ricky directly at ricky@hbawealth.com to get started. 

About Haydel, Biel & Associates

Haydel, Biel & Associates is an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at ricky@hbawealth.com.

The commentary on this blog/website reflects the personal opinions, viewpoints and analyses of the Haydel Biel & Associates employees providing such comments, and should not be regarded as a description of advisory services provided by Haydel Biel & Associates or performance returns of any Haydel Biel & Associates Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Haydel Biel & Associates manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.


(1) https://www.schwab.com/resource-center/insights/content/does-financial-planning-help#:~:text=If%20so%2C%20you're%20not,Schwab's%202021%20Modern%20Wealth%20Survey.&text=Of%20the%20rest%2C%20almost%20half,time%20to%20develop%20a%20plan.