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True Wealth – Your Financial DNA

Genetic human DNA, specific to each of us, determines who we are as individuals. Did you know that each of us also has a financial DNA that helps determine who we are financially? Understanding how and when your financial DNA developed can give you powerful insights to why you view your finances the way that you do.

Many years ago, I had the pleasure of meeting Hugh Massie, who was pioneering the concept of financial

DNA. Simply put, his message was that everyone’s financial tendencies are formed early on, by influencers in our life amidst our circumstances and experiences. As a result, many of our adult behaviors are the consequence of our childhood experiences, creating a guidance system for future decisions that shape our financial personality that impacts our financial decisions.

The investment industry has primarily focused their efforts on gathering data on the analytical side of financial decision making with questionnaires that seek assets and liabilities related to personal goals. In my opinion, the industry has lagged behind when it comes to the discovery process, which should include the feeling aspect when it comes to finances.

Information related to childhood upbringing, early lessons about money and possessions, role models and influencers all contribute to our financial DNA. Then take into consideration the many transition periods we experience in our lives and I have found there is a powerful connection between our values and money during these transitions.

Have you ever made a financial decision only to not realize the emotional satisfaction that you expected? Is it possible that a financial plan that fits your emotional make-up has a better chance of success than one that is comprised of a laundry list of assets, liabilities, activities, and things? If you have a better connection to your financial DNA, will you potentially make more fulfilling choices?

Especially in 2020, circumstances and events have given us a lot of emotional “panic” decision moments. If you knew your own behavior bias, under pressure, might you make more thoughtful decisions?

Understanding your financial DNA is the key to embracing your True Wealth. Your future will thank you.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any Jeffrey Karp, CLU®, individual. Securities and Advisory Services offered through LPL ChFC®, CASL® Financial, a Registered Investment Advisor, Member FINRA, SIPC. founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.