You asked, and we answered! In honor of National Financial Awareness Day on August 14th, we talked with members of our Banking Relationship Management team to provide tips for achieving your financial goals.
Q: What’s your go-to tip for someone starting to build their savings or investment portfolio?
A: Pay yourself first to create routines that save money from each paycheck. Collectively, this mindset will build growth over time, yielding results. Make a goal, select your savings vessel, and let it grow.
Q: If a client has only 10 minutes a month to review their finances, where do you believe they should focus?
A: Track your spending and stop the bleeding. We all should take time to try to track our daily spending. There are tools to help people with budgeting [as] we all need to carefully watch the daily spending habits because every penny adds up.
Q: What’s one financial habit you believe every client should adopt today?
A: Automating their savings. When you automate savings, it removes willpower from the equation. By setting up automatic transfers to a savings/investment account every time you get paid, you make saving a consistent, non-negotiable part of your routine.
Q: Why is relationship banking so important to client financial success?
A: Having a relationship manager that understands your personal or business relationship is key to truly being able to make product recommendations that serve the client’s best interest.
Q: In all your experience, what is the best piece of financial advice you have ever received?
A: The best advice I ever received came from a quote I heard on a podcast “What you are not changing, you are choosing.” This can be applied to anyone in any situation they want to change. It is a powerful reminder of personal responsibility because if you have a situation in your life and you are not doing anything about it- in a way, you are silently agreeing to keep it. Inaction is also a decision and once you can realize that, you reclaim control. You can’t always fix everything overnight, but you can stop being a passive participant in your own life.
There’s no better time than now to put these helpful tips into practice! We are thankful for our Banking Relationship Managers for their valuable recommendations!
With their expertise, personalized approach, and community-based mindset, our Banking Relationship Managers show their commitment to clients every day, so they can feel supported every step of the way. Relationships with clients are the foundation of our business.
Want to connect with our team? Our Banking Relationship Management team are ready to help you achieve your financial goals!
Bank of Central Florida
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