Welcome back, Fam!
We’re back with a new and improved Your Weekly Aura. Sorry for the silence – we were heads down working on our new and improved in-app user experience. You’ll get to see more in just a few weeks!
But now we’re back and we’re delving into growth, dispelling stereotypes, and exploring the significance of behavioral science in your financial journey. Join us as we unveil new insights and strategies. Let us know what you think!
We’re designed to seek out comfort, so choosing to sit in a place of discomfort can feel challenging.
10 years ago, I was married to my ex – a wealth advisor. When we met, I had no money. When we divorced 13 years later, I had no idea what to do with my money. I felt tremendous shame about abdicating my own relationship with money my whole life. Then I felt anger, why didn’t they teach us this in school, why doesn’t anyone teach us how to be adults.
I had to go to the other side of the world to find myself.
In Australia, I was surrounded by incredible women, women who chose to stay single after their divorce, who were in their second and third marriages, who were having babies later; the rules that I thought I had broken seemed not to apply.
In a new environment with a new community, I had space to reflect on my own life decisions and observe myself without judgment.
I realized that every decision I had made brought me to that moment of discomfort, of transformation.
You can’t grow from a place of comfort. When you’re feeling stuck – challenge yourself to go beyond your comfort zone. Get comfortable with discomfort. Choose growth.
For Your Aura
Want to learn more about your money story and discover your Aura? Take our quiz to find out your money personality today.
The Thinker: Yup, that cup of coffee costs more than it used to – learn why your $7 latte is $7.
The Star: What is the financial cost of living in a trendy neighborhood?
The Empath: Do you have big plans for the future that you want to be able to afford? Learn how you can make a financial vision board.
The Activist: Use your financial activism for racial justice.
Not Your Boyfriend’s Financial Advice
Inflation and the rise in interest rates significantly impact our lives. In fact, the inflation rate skyrocketed to a staggering 9.1% this past June, marking the highest level in over four decades.
However, a significant shift is happening. A growing number of younger investors are stepping up to the plate, recognizing the value of investing as a crucial strategy to make their money work harder over time and to safeguard our money from losing value over time.
Consider this: 90% of Gen Z individuals are actively involved investors, compared to 52% of American investors. Furthermore, 53% of Gen Z investors plan to allocate more investments towards stocks this year than the previous year.
Despite common stereotypes, we (younger generations) are far from ignorant or irresponsible with money. It’s high time we acknowledge and give credit where it’s due.
Behavioral Science Hack: Habit Stacking
Behavioral and psychological factors significantly influence financial well-being (60% variation), while financial knowledge explains just 9%.
“Habit stacking” is a powerful tool. Habits, once formed, are automatic. For instance, consider your daily tooth-brushing routine. To cultivate new habits, piggyback on routines, like waking up 10 minutes earlier for a 7-minute workout before brushing. Apply habit stacking to money management, too. Start small and build on existing habits for success. So believe in yourself and have confidence for positive progress.
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This material has been distributed for informational and educational purposes only, represents an assessment of the market environment as of the date of publication, is subject to change without notice, and is not intended as investment, legal, accounting, or tax advice or opinion. Aura assumes no obligation to provide notifications of changes in any factors that could affect the information provided. This information should not be relied upon by the reader as research or investment advice regarding any issuer or security in particular. The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. There is no guarantee that any strategies discussed will be effective. This information is not intended as a recommendation to invest in any particular asset class or strategy or as a promise of future performance. There is no guarantee that any investment strategy will work under all market conditions or is suitable for all investors. Before investing, please carefully consider your willingness to take on risk and your financial ability to afford investment losses when deciding how much individual security exposure to have in your investment portfolio. Past performance does not guarantee future results. There is a potential for loss as well as gain in investing. Aura does not represent in any manner that the circumstances described herein will result in any particular outcome.
Aura provides some of the information in this newsletter under its Financial Counseling Service. The Financial Counseling Service is impersonal in nature, which means that the advice is not tailored to a Client’s, or group of Clients, individual needs and does not purport to meet the objectives or needs of specific Clients or accounts. Consequently, Aura does not rely on Suitability Questionnaire information that the Client inputs into the Platform to provide the Financial Counseling Service. The Financial Counseling Service is available to all Aura Clients. Consult with an accountant or financial advisor to find out if you’re optimizing legal tax optimization strategies