7 Tips to Becoming a Financial Samurai
Miyamoto Musashi is one of history’s greatest swordsman having never lost a duel. He was a philosopher, writer and strategist who wrote the Dokkodo, 21 principles for living a disciplined life of self-reliance. While swordsmanship and finances may not have much in common, you can apply some of these wise principles to your financial goals. Follow the tips below to learn from the master.
- Accept the ways of the world – You can’t control the market nor outside influences that may affect inflation or interest rates. Instead, focus on what you can control.
- Do not seek pleasure for its own sake – Spending money feels good. Having the fancy car and big television provides a temporary feeling of achievement but are you living beyond your means? Could that money have been better spent on investment instruments or in a retirement account where it may experience long-term growth?
- Do not regret your past deeds – We all make mistakes in life. Instead of wallowing in regret, use these miscalculations as lessons on what didn’t work and what not to repeat in the future.
- Do not be jealous of others’ success – Jealousy is toxic. Getting caught up in feelings of jealousy because of what your neighbor has, for example, may lead to poor decision-making. Focus on yourself and your own financial goals. Everyone’s path is different.
- Do not get distracted by preferences – What Musashi means by this is not to allow your focus to be diverted by luxuries, the easy road, or adversity. The pursuit of excellence may not be pretty or comfortable. You have to stay focused.
- Do not concern yourself with excessive things, only the tools of your trade – This doesn’t mean “Don’t enjoy life by owning non-essentials that make you feel good.” It means to be practical in your approach. Be pragmatic and understand what you can and can’t do.
- Never stray from the way of strategy – Find purpose in your journey and get the help you need from a financial professional. It may not be easy, but learn to enjoy the struggle, commitment, discipline, learning curve, and patience that is required to work toward your financial goals.
Great samurai throughout history learned their skills from the teachings of the masters before them. Becoming a financial samurai is no different. Consult a financial professional and acquire knowledge and skills as you pursue your financial goals.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
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