Routine maintenance
Happy Wednesday!
I mentioned briefly in last week's email my fascination with routines...
In this context, routines might be interchangeable with a word like habits, but I think "routine" is the better descriptor for what I have in mind.
I know I'm not the only one that's been driving on the highway and I suddenly realize that I'm 3 or 4 exits ahead of where I last consciously remember being.
I'm not talking about falling asleep at the wheel...
This is more like "zoning out" because you're likely driving at a mostly constant speed on a mostly straight highway. Just like you've done hundreds of times before.
It's routine.
Or how about when you jump in the shower?
I always start by washing my hair. Then I soap up my front, then my left arm, then my right arm, and so on.
I can't remember not showering this way or in this order. Ever.
But at the same time, it's not something I'm consciously thinking about or deciding about in the moment.
I also apparently have a routine when I shave.
As far as I can remember, when putting on pants or shorts, I always put my left leg in first.
I always brush my teeth in the same routine.
Going to bed.
Getting up and starting my day.
I could give you many, many other examples of routines in my life. Some of them are deliberate, but many are unconscious.
How about you?
Give some thought to how you shower, brush your teeth, or get dressed...
Seeing a pattern emerge? A routine?
What about with your money?
What financial routines are operating in your life, whether purposeful or on auto-pilot?
Every time you get a raise or bonus, does the money just seem to get swallowed up by expenses?
How about that credit card debt that seems to just perpetually be part of your life... your identity?
Are your emotions and stress levels inextricably tied to your investment portfolio?
Are you in the same job because you've always been in the same job?
Are you saving, saving, saving and feel like you can't enjoy your financial resources because you're so worried about the future?
This also relates to invisible money scripts, which I've written about in the past. The 4 primary money scripts are:
Money Avoidance
Money Worship
Money Status
Money Vigilance
And guess what... these money scripts are often developed early in our lives and are based on some of our first interactions (or lack thereof) with money.
Hello!
Financial literacy anyone?
It's these very same scripts that may be driving your financial routines today.
Einstein is credited with saying,
"Insanity is doing the same thing over and over and expecting different results."
Don't get me wrong here... some routines are great and help us stay on top of our lives, our relationships, our work, and more.
But what if you're doing some things over and over without even realizing it at a conscious level when it comes to your money?
If there's a simple solution here, I don't know what it is.
But I think a solid first step is just simply being a little more self-aware about what we're doing. Whether it's how you brush your teeth or how you spend your money.
And once you start to acknowledge WHAT you're doing, you can begin to question WHY you're doing it.
Hit reply and let me know what you think about this idea of routines, financial or otherwise.
Links & Things
With all that's going on in the world (and in the investment markets) these days, here's another quote that seems particularly timely and provides what may be some helpful context:
"In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497."
- Warren Buffett
While I don't know what tomorrow holds, I remain confident in the long-term entrepreneurialism and optimism of business owners across the globe to find a profitable path forward and forge ahead.
Despite these and other headwinds that may come our way.
And speaking of routines and money scripts - both elements of our behavior - I've been doing some reading about the transtheoretical model of change.
It's an interesting series of steps or stages which can help us evaluate where we are in the process of change. If you'd like to read more on this topic, I suggest:
For instance, how many times have you told yourself you want to do something, but you just can't seem to move the needle on following through?
Well, maybe you're in a place where you're thinking about - or preparing - for change, but you're not ready to make the actual change.
Read the article above. It's an interesting model.
Thank you, as always, for reading.
And if you have any questions or an idea for a future newsletter, blog post, or YouTube video, I'd love your input.
Just hit reply - I read (and appreciate) every email you send.
Until next Wednesday,
Russ
P.S. - as you're reading this, Elizabeth and I are exploring the coast of Maine. Hope to have a picture or two to share with you in the next week or two.