Investing strategies and family relationships may be more alike than you think

  • Investing strategies and family relationships may be more alike than you thInvesting strategies and family relationships may be more alike than you th
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The Lunar New Year festivities survival techniques may also pay dividends in your investing strategy

The Year of the Rat is officially here - a fresh start, a blank slate, a year in which the promise for prosperity looms large. Houses are clean. Celebrations are underway - and so are the obligatory family reunions. While a clean apartment and tossing prosperity salads may traditionally be the most auspicious way to start the Lunar New Year, taking a moment to revise your financial strategy can’t hurt either, right? If you haven’t yet had a chance, the good news is this: many of the techniques that will help you survive the festivities will also pay off in your financial life.

Consider the following.

Scenario one: The "When are you going to give me grandchildren?" conversation

Patience is key here but while you bite your tongue, consider letting this conversation be your financial motivation. After all, your parents themselves are one good reason to grow your wealth - caring for aging humans is expensive. And the future children they are so obsessed about? They are expensive too.

Scenario two: Listening to your rich uncle’s latest private jet story

Remember to focus on the goals you want in life and how you are going to achieve them. Private jets are very last decade; space travel is the way of the future. Or maybe rather than out-rich-ing your uncle, you can simply learn a thing or two from him - was he a shrewd investor? A prudent saver or a wise spender?

Scenario three: Buying clothes that will fit both before, and after, the holiday

Weight gain may come hand-in-hand with the festive bingeing but having a strategy in place will help ensure you can squeeze back into your work clothes once the celebrations are over. It may require a myriad of methods, but the aim is to achieve long-term results despite the short-terms volatility of the scales - which sounds something like diversifying your investment portfolio to withstand the ups and downs of the markets.

So as you toss your Yu-sheng (prosperity salad), remember that some positive financial intentions now will likely pay off in the years to come. Maybe it’s time to renew your motivation. Or take stock of your investment portfolio with your relationship manager. Or consider robo-investing if you are curious about automating investing for your business. Whatever your decision, remember that good investments, like good celebrations, rely on a great strategy.

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