What Is Your Keystone Habit for a Better Return on Life?
Good habits can make our everyday experiences more positive and progress toward long-term goals more tangible. But the most effective habits don’t just lengthen our to-do lists. They create a cascading effect that helps us accomplish things more effectively and improve our Return on Life in multiple ways.
Consider investing more of your time into developing these five keystone habits:
1. Regular exercise.
You can’t be your best self at work or in your personal life if you aren’t feeling your best. Daily exercise can benefit your mood, enhance focus, reduce stress, and improve energy. Working out with a buddy or playing a team sport can also broaden your social circle or strengthen relationships with your family and friends.
After a few weeks of your new exercise routine, you might start making better decisions and executing tasks more efficiently at the office. And at home, you’ll feel more present with your loved ones and more excited to be part of your family’s favorite activities.
Before I started exercising to start my day, I read some helpful advice – prepare to exercise the next morning the night before. I lay out the clothes I plan to wear for my morning exercise at night. I also fill a bottle with ice and water – it’s still cold when I wake up. In other words, I decide to exercise even before I wake up. That makes it harder not to follow through the next morning.
After following a routine like this long enough, you will no longer need to prepare the night before as you have already built the habit. However, I continue to prepare the night before as that’s become part of the habit.
2. Pen-and-paper note-taking and journaling.
Studies show that putting pen to paper creates stronger memories and recall than typing on a phone or computer. Using a notebook can also help you block out digital distractions, making it easier to focus on the meeting you’re summarizing rather than something like the perfect guest list for your spouse’s birthday party.
At day’s end, crack open your notebook to reflect on what you’ve learned, what you want to remember, what you’re grateful for, or what you must get off your chest. Journaling can improve your perspective on your life and inspire you to spend more time cultivating the good.
3. Setting SMART goals.
Why don’t we ever achieve the resolutions and aspirations we set for ourselves? Because they’re not Specific, Measurable, Actionable, Relevant, and Time-Bound.
No one can “get healthier.” But you can set a SMART goal to go to the gym three times a week or walk for thirty minutes every morning. It’s also nearly impossible to “learn Spanish” before your big Caribbean cruise. But you can review your flashcards during your lunch hour and commit to learning new words or phrases every day to help make your trip more enjoyable. And if you’re organizing parts of your schedule around hitting the day’s action steps, you’ll have more time to work on other goals and activities that are important to you
4. Learning.
The world is changing faster than ever. What are you doing to keep pace?
Devoting part of your day to reading, taking an online class, or collaborating with coworkers from a different cohort can keep your mind and skills sharp. Learning might also lead you to new activities, sports, or wellness practices that could become keystones of your daily life. And opening yourself up to new ideas will only inspire more curiosity, which will keep you exploring now and well into retirement.
Apprise means “to inform,” which was one of the drivers behind the firm’s name. Our weekly blogs are designed to help readers learn. Our “Five Favorite Reads blog shares some of the most valuable content we have read recently.
5. Planning your financial future.
Saving and investing are keystone habits. You can see the benefits cascade – and compound – every time you look at your financial statements. But what good is a higher return on investment if they don’t contribute to a greater Return on Life?
Life Planning can help you get more from your money than just more money. Plus, it’s not only about the money. Money only represents one element of your TEAM of capital – Time, Energy, Attention, and Money. Our process focuses the planning conversation on what your TEAM of capital means to you, what it can help you achieve, and how it can help you prepare for and manage life’s transitions. We want to help you align your use of capital with your values.
Schedule a call so we can discuss how Life Planning can cascade your financial goals through every part of your life.
And if you need help curbing your spending, boosting your investment contributions, and preparing financially for major life transitions, we can help with those, too. We’ll help you develop a comprehensive plan to help keep your life and money in sync. We strive to help you live your most fulfilling life – a life you’ve worked hard for.
This Week’s Favorite Reads
This week’s favorite reads include articles discussing the following topics: staying financially resilient when your life changes, protecting your phone from hackers, estate planning tips for singles, the downsides associated with saving in place, and saving “too much” in a health savings account.
Here are the links to this week’s articles as well as a brief description of each and why you should check it out:
1. Four Keys to Financial Resilience When Your Life Changes.
At Apprise, we focus on helping women navigate new beginnings, providing tailored guidance for widows, divorcees, and those facing life transitions to help them thrive through such changes. Staying financially resilient during major life transitions like losing a spouse or divorce can be challenging. The article emphasizes the importance of building a strong support team of professionals, preparing in advance to reduce stress, reviewing financial goals to make informed decisions, and updating estate plans, including beneficiary designations for financial assets/accounts.
2. 11 ways to protect your phone from hackers.
Do you worry about your phone being hacked? If so, you will find 11 essential strategies that can help you safeguard your device. These include using password managers, enabling biometrics, keeping your phone’s software updated, avoiding public Wi-Fi, backing up your data, and using multi-factor authentication. Exercising caution when downloading apps and opening suspicious links is also recommended. These steps ensure your sensitive information stays protected, especially in today’s increasingly digital world where mobile security is critical.
3. 10 Things You Should Know About Estate Planning for Singles.
Estate planning for singles is different than for married couples. But that doesn’t make it easy. It can be even more complicated! Many older retirees are female, making estate planning for women even more critical. Women typically live longer than men. They also face greater pressure to serve as caregivers. This article highlights key points such as the importance of having a will, naming a power of attorney, pre-arranging healthcare and funeral plans, and the complexities of taxes for singles. Having an estate plan lowers the risk of courts and distant relatives making crucial decisions.
4. The Overlooked Downsides of Aging in Place.
When working with clients on their financial plans, we regularly ask about their living preferences as they age. Most clients say they would prefer to age in place. However, that can be harder than it seems. Seniors can face challenges when staying in their homes long-term. These include safety risks in homes not designed for aging, increased isolation as neighborhoods change, and rising home maintenance and caregiving costs. While the comfort of familiar surroundings is appealing, the article highlights the importance of planning for these potential difficulties. Aging in place can lead to mental stagnation and loneliness if not carefully managed. It can also require modifications to your home as your ability to get around changes.
5. Can You Save Too Much in a Health Savings Account?
Health Savings Accounts (HSAs) represent an often-overlooked retirement savings vehicle. That’s why they get mentioned so much in Apprise’s favorite reads and are the subject of a regularly updated long-form blog. As stated in the article, investors are seeing the light as HSA account balances have more than tripled since 2016. However, less than a third of HSA assets are invested. Most continue to use them to fund out-of-pocket healthcare expenses as incurred. Can you save too much in an HSA? In general, no. You have several escape hatches:
- If you paid out-of-pocket (used non-HSA assets) for healthcare expenses in prior years, you can still make a tax-free withdrawal as long as you have receipts supporting those expenses.
- Once you pass age 65, you can withdraw from your HSA for any reason. If the withdrawals are for other than unreimbursed healthcare expenses, they get taxed the same as IRA or 401(k) withdrawals. You can also use your HSA to pay for deductibles, copayments, coinsurance, and other qualified medical expenses. You can’t, however, use them to pay for premiums.
However, you will want to consider the beneficiaries of your HSA. If it’s your spouse, the HSA will remain favorable from a tax perspective. If not, you might want to consider reimbursing unreimbursed healthcare expenses sooner or consider naming a charity as the HSA beneficiary.
Our practice continues to benefit from referrals from our clients and friends. Thank you for your trust and confidence.
If you would like to talk to us about financial topics including facing new beginnings, managing your investments, creating your life plan, or saving for retirement, please complete our contact form or schedule a call or a virtual meeting via Zoom. We will be in touch.
Follow us:
Please note. We post information about articles that can help you make better money-related decisions on LinkedIn and Facebook.
Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
