In this video, we talk about some simple strategies you can use to switch from a short-term mindset to a long-term one. Click to watch!

You can watch it here.

Transcript:

Hi, I’m Dr. Chris Mullis with NorthStar Capital Advisors, and I’m here to help you balance your long-term goals against your short-term reality.

As we start to emerge from the COVID-19 pandemic, and life shifts back toward “normal” for many, I have a lot of people telling me that they’re struggling with thinking about long-term planning.

And that makes sense, since we’ve seen how quickly our long-term plans and goals can be turned upside down, and we’ve spent the past year or so dealing with a lot of short-term changes.

So how do we bring the long run into focus without getting derailed by the short run?
One way is by thinking of the long term as a series of short-term challenges, rather than one uninterrupted straight line.

Here are three simple strategies that you can use to train your mind:

Strategy #1 — Create a “future-you” mindset.

Who is future you? What do they want? How can you help them get there?

Embracing your future self as someone who needs you will help you create a better future with smart choices now.

Sound a little woo woo? It’s actually based on the concept of “future-orientation,” or embracing the idea that not only is the future unwritten, but that you can write it — especially for yourself.

And this idea can have real benefits. Studies have shown that future-orientation is a strong predictor for achievement, health, and happiness in life.

Strategy #2 — Prioritize flexibility over certainty.

As humans, we’re wired to look for certainty.
It feels good to think we have everything figured out.
Our instincts tell us to act quickly in the short-term to avoid the discomfort we feel with uncertainty.

But in a complex world with complex problems, acting quickly isn’t always the best move.
We often get better results in the long term by keeping a flexible mindset and experimenting with different solutions.

Strategy #3 — Recognize how emotions affect our decision-making.

We’ve all had times when we’ve acted in the heat of the moment.

Something makes us unusually happy or upset in the short-term, and we make a snap decision that has long-term consequences.
One way this plays out in investing is loss aversion, a cognitive bias that causes us to focus so hard on avoiding losses that we often miss out on the big picture, long-term benefits of our investment strategy.

The reason you pay a professional to look after your financial life is so you can share your worries and have someone help you take action — both in the short term and the long term — so that ultimately you get to do the things you love most in life.

Which of these approaches — “future-you” mindset, prioritizing flexibility, and recognizing emotions — which of these would make a positive impact on your success?

Send me a message and let me know! I read and respond to all emails.

Thanks for watching and Take Care.

I feel like I should be talking really quietly right now.

Are you ready? Here it is…

Financial plans are worthless!

My wife thought I was crazy when I told her this.  But it’s absolutely true, and I explain why in this short video.

You can watch it here.

Helping you stay on course,