We frequently resolve to reinvent
ourselves in the New Year — exercise more, eat healthier, read more or save
more.
This concept of reinvention carries
over to several aspects of the financial world as well, both personally and in
businesses.
At a certain age, it’s common for
people to put their materialistic desires behind them and focus on a more
personal lifestyle. We grow up learning to want things, but after our income
level reaches a comfortable level, we reflect on whether we have what we really
want. At that point, our perspective can change.
If we can help you refocus your
financial situation to match the type of lifestyle you want to lead going
forward, we’re here for you.
[CLICK HERE to read the article, “Minimalist Living: When
a Lot Less Is More,” from Time, March 15, 2015.]
[CLICK HERE to read the news release, “What Psychology
Says About Materialism and the Holidays,” from the American Psychological
Association, Dec. 16, 2014.]
Companies often find themselves
needing to reinvent as a result of rapidly changing surroundings. Not long ago,
Yahoo and Barnes & Noble were industry leaders. But, as new technology and
competitors emerge, a period of poor sales or stock performance can put
once-successful business models in need of a shakeup.
[CLICK HERE to read the article, “Is It Too Late to
Reinvent Yahoo?” from Knowledge@Wharton, Jan. 4, 2016.]
[CLICK HERE to read the article, “How Can Barnes &
Noble Avoid Borders’ Fate?” from Knowledge@Wharton, Dec. 18, 2015.]
An alternative method of reinvention
is simply changing the impression presented to consumers through a rebranding.
This could mean a new logo, a new look for brick and mortar stores, a new look
for the website; basically good branding means creating a cohesive look across
all customer touchpoints.
Does a new logo mean the service or
product has changed? Perhaps. Sometimes companies rebrand to reflect changes,
other times it’s just a new update to their look. While a fresh, new look could
attract new customers in the short-term, if the product hasn’t improved, it
won’t be long before it’s time for another overhaul.
[CLICK HERE to read the article, “When’s the right time to
reinvent your brand with a new logo?” from W.P. Carey School of Business,
Arizona State University, Jan. 4, 2016.]
[CLICK HERE to
read the article, “Three ways Fortune changed in 2015,” from Fortune, Jan. 4,
2016.]
[CLICK HERE to read the article, “Goodbye, Moto(rola):
Iconic brand name to be phased out,” from CNET, Jan. 7, 2016.]
The same can be true when it comes to
reinventing our own situation. Sometimes we just “rebrand” ourselves, informing
friends and family that we’ve joined a gym or started shopping at Whole Foods.
Truly reinventing ourselves requires
commitment and discipline. We can’t just say we’ve made a change, we have to
take the often painstaking steps to get there. If any of your reinvention plans
involve your financial situation, remember that we’re here to help you develop
a strategy and stick to it.
We are an independent firm
helping individuals create retirement strategies using a variety of insurance
products to custom suit their needs and objectives.
The information contained in
this material is provided by third parties and has been obtained from sources
believed to be reliable, but accuracy and completeness cannot be
guaranteed.
If you are unable to access any
of the news articles and sources through the links provided in this text,
please contact us to request a copy of the desired reference.
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