Hope is Not an Investment Strategy

- Hi, I'm Jean Chatzky, and this is your Savvy Money Minute.

- [Narrator] Brought to you by Credit Union of Southern California.

- Optimism, it's nice to think of the glass as half full, but not necessarily when it comes to money. That's money rule number 43. Hope is not an investment strategy. When you're overly optimistic, it's easy to convince yourself it will all be okay. But complacency leads to inaction, and your financial future depends on taking the right steps right now. So how do you snap out of it and take control? Three great tips. First, do one thing and do it today. Begin an automatic savings plan. Bump up your retirement contribution by 1%, or open a 529 college savings account for your kids. Next, visit your savings. I know, it sounds silly. But every time you track your progress online, and you see that amount in your account has grown, you're giving yourself a dose of positive reinforcement. Finally, keep taking those small steps in the right direction. Six months from the day you began, increase what you're setting aside by 1%. Then six months later, bump it up by another percent. Setting goals and following through, now that's what I call an investment strategy. I'm Jean Chatzky, for Savvy Money.

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