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May 23, 2022

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Phil Baptiste

Phil Baptiste

Financial Professional



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May 9, 2022

Stop Hitting Yourself!

Stop Hitting Yourself!

There are two powerful emotions that come with self sabotage.

The first is that freeing feeling of “who cares?” That’s what pops up when you see that perfect dress with the staggering price tag but still reach for your credit card. It’s a rush.

The second is that sinking feeling of “I can’t believe I did this again.” That’s what pops up when you get that mind-boggling credit card bill at the end of the month. It can be crushing.

And then you go through the same old routine—you swear off the plastic, promise yourself that this time will be different. And it works… for a little while. But your willpower grows thin. Suddenly, there’s another shiny trinket on your screen and you just. Can’t. Resist.

Oops, you did it again.

It’s a vicious cycle, and it can feel like you’re stuck in quicksand. But there is a way out.

The first step is recognizing that self sabotage is a form of negative reinforcement. In other words, you’re doing it because you—and others—tell yourself it’s just a part of you and you can’t help it.

For instance, what thoughts run through your head when you self sabotage? Do you think, “Gee, I made another mistake. Thank goodness my actions don’t define me, and I’ll get through this. I am capable of changing my behavior.”

Or do you think, “I’m such an idiot. I can’t believe I did that again. I guess I’m just fundamentally flawed and doomed to repeat this over and over again.”

For many, it’s the latter. And that narrative condemns you to self sabotage, even if you would love to do things differently.

Think about it. This line of thinking reinforces that you can’t change, even though you sharply feel the consequences of your actions. It implies that you’re helpless. And if that’s what you tell yourself, is it any surprise if that becomes the narrative of your life?

So what do you need? A better story.

The key to breaking out of the cycle of self sabotage is changing your mindset. You need to think about yourself in a different way—a way that empowers you and gives you control over your actions.

Instead of thinking “I’m a flawed person who will always make mistakes,” think “I am human and I will make mistakes. But I can also choose differently. I just need to do it.”

And the best part about it? You’ll finally start telling yourself the truth. You are capable of change. You just made a mistake. And there’s no reason that you have to keep making them.

So the next time you find yourself hitting yourself for another financial slip up, stop for a moment and ask yourself—what story am I telling myself about myself? Is it limiting? Or is it the truth?

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August 9, 2021

Why Optimism Pays Off

Why Optimism Pays Off

Optimism is the fuel that keeps us going.

It’s what makes life worth living and pushes us to reach for our goals, no matter how difficult they may be. And it turns out optimism has a financial upside as well, according to an article from Harvard Business Review.

In fact, people who are optimistic make more money than those who are pessimistic or neutral about their future prospects, and they are more likely to get promoted. They also tend to have healthier money habits—they’re more likely to save for large purchases and have emergency funds than pessimists.¹

Why? Because optimists are better equipped to handle and adapt to challenges. They’re more likely to ask for, accept, and use help. As the article points out, it’s because they expect good things to happen. Even better, they believe in the power of their actions.

That belief is what propels them to take charge of their lives and seek out opportunities. It’s the same belief that enables a major league baseball player to want to win the game when he’s down two strikes in the bottom of the ninth, or an author to hold his book in his hands after countless rejections from publishers.

So if you’re interested in making an investment in yourself and your future, cultivate a mindset of optimism. It will help you reach your goals. And it’s especially important when it comes to your money, where optimism can help you break free of mindset barriers that prevent you from building a more secure financial future.

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¹ “The Financial Upside of Being an Optimist,” Michelle Gielan, Harvard Business Review, Mar 12, 2019, https://hbr.org/2019/03/the-financial-upside-of-being-an-optimist

March 3, 2021

Tips to Combat Burnout

Tips to Combat Burnout

Does work have you down? Do you feel so constantly overwhelmed by deadlines or conflict that you’ve started to emotionally withdraw?

Then you might be facing burnout. It’s a condition that results in uncertainty and stress in a work environment or position. All of that pressure can result in excessive cynicism, poor performance, and a lack of energy.

If any of those sound like you or a loved one, read on for some simple tips and strategies that can help combat burnout.

Seek support and help. If you’re feeling overwhelmed by workplace stress, let someone know! Talking to someone about your feelings is always a wise move. Your friends and colleagues may be more likely to respond with trust and support than you anticipate. Consider also meeting with a qualified mental health professional to better understand your burnout and learn healthy coping mechanisms.

Exercise. If you’re physically able, schedule a daily or weekly workout into your regular routine. Why? Because there’s no simpler way to combat burnout than regular exercise. It’s been proven to combat anxiety, alleviate depression, and increase positive emotions.¹

Don’t be too hard on yourself at first—it may be challenging to motivate yourself if you’re combatting intense burnout. But try an exercise routine for a few weeks and then see how you feel. You may be surprised by the difference it makes!

Make a change. What’s something that causes you consistent stress that you can handle differently? If you’re burned out, it’s a serious indication that something must change. Simply “trying harder” or “toughening up” may lead to more frustration and emotional withdrawal.

Be honest with yourself. Are there changes you need to make in your mindset or do you need to seek a new job? What can you do differently when faced with chaos or urgent deadlines? Don’t settle for making the same mistake over and over. Identify a cause of stress, and tackle it from a new angle!

As said earlier, don’t be afraid to seek professional help if you’re facing serious burnout symptoms. These tips may help you combat burnout. But if they aren’t enough, working with a mental health expert may be what you need to recover and find peace of mind.

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¹ “Exercise for Mental Health,” Ashish Sharma, M.D., Vishal Madaan, M.D., and Frederick D. Petty, M.D., Ph.D., Primary Care Companion to the Journal of Clinical Psychiatry, 2006, 3https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1470658/#:~:text=Exercise%20improves%20mental%20health%20by,self%2Desteem%20and%20cognitive%20function.&text=Exercise%20has%20also%20been%20found,self%2Desteem%20and%20social%20withdrawal.

October 5, 2020

What Are The Odds?

What Are The Odds?

Your brain is more powerful than any computer on the planet.

It can store roughly 2.5 million gigabytes of information.¹ Yahoo’s colossal data warehouse can only store 2 million gigabytes.² And your brain does it with the same energy it would take to light a light bulb, not a huge power grid!³ But all that computing firepower still doesn’t help the brain understand one simple concept: probability. Which is unfortunate, because misunderstanding the odds of something happening can seriously impair your decision making, especially when it comes to money and finances. Let’s take a look at the problem of comprehending probability, how it impacts your money, and a simple strategy to counteract it.

We don’t understand probability <br> It’s a scientific fact that humans struggle to properly understand probabilities. A 2018 meta-analysis from the University of Rensburg found that presenting people with probabilities often results in potentially huge errors of judgment.4 For instance, a woman was wrongfully charged with the murder of her sons because a medical professional testified to the low probability of their dying naturally.

Part of the problem is presentation. The meta-analysis showed that presenting tasks as natural frequencies (i.e., 1 out of 10) instead of percentages (10% chance of something happening) actually increased peoples’ performance in understanding the probability they were presented with. Even then, the leap was only from 4% to 24%. You still have merely a 1 in 4 chance of effectively grasping a probability! So while presentation helps, it doesn’t address the deep-seated mental block people have regarding understanding odds. Humans just seem to overcomplicate, misinterpret, and misconstrue probability.

Probability and Money <br> But does that really matter if you’re not buying lottery tickets or spending weekends at the races? You might be surprised by how often our inability to understand chance impacts our money decisions. There are countless examples. You want to start saving and investing your money. You’ve figured out that buying when the market is low is the best way to maximize your dollar. You hold back, waiting to time the market for that dip that’s certainly right around the corner. Perhaps you decide to start a business right when the economy is cooking. The DOW’s been climbing for the last three years, so there’s no reason for it to stop now, right? Or maybe you’ve held off on buying life insurance because the odds of your suddenly passing away are one in a million. Those are all instances of risky behaviors that stem from an innate human inability to grasp probabilities.

How a professional can help <br> But there’s a surprising solution to the probability problem: education. Ask a mathematician to gamble on a coin toss. They’ll choose either heads (or tails) every time. Why? Because they know how probability works and don’t let a few flips throw them off. It’s a 50/50 chance every time the coin is tossed, so why try to game the system? Your personal finances are no different. You need someone on your side who knows the math, knows the economy, and can guide you through a run of bad luck without losing their head. You need a financial professional. They can help you grasp some basics and the strategies that can help protect you from the seeming randomness of finances. Stop rolling the dice. Reach out to a professional today!

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¹ “What is the Memory Capacity of a Human Brain?,” Clinical Neurology Specialists, https://www.cnsnevada.com/what-is-the-memory-capacity-of-a-human-brain/

² “What is the Memory Capacity of a Human Brain?,” Clinical Neurology Specialists, https://www.cnsnevada.com/what-is-the-memory-capacity-of-a-human-brain/

³ “Computation Power: Human Brain vs Supercomputer,” Foglets, 10 Apr, 2019 https://foglets.com/supercomputer-vs-human-brain/#:~:text=The%20amount%20of%20energy%20required,charge%20a%20dim%20light%20bulb

⁴ “Why don’t we understand statistics? Fixed mindsets may be to blame,” ScienceDaily, Oct 12, 2018, https://www.sciencedaily.com/releases/2018/10/181012082713.htm

May 20, 2020

New Money

New Money

Last time we looked at old money.

We saw that it’s built on a very specific set of values and exists in very specific places. But what about so-called new money?

The new money story <br> New money is characterized by a story. It begins at nothing, or next to nothing, and builds a fortune through hard work, grit, and determination. These rags-to-riches tales have been around for a while, but they’ve gripped the American imagination, especially since the last half of the 19th century. Andrew Carnegie and Steve Jobs are the classic examples of new money narratives, both men coming from immigrant families and amassing huge fortunes for themselves to change the world.

New money values <br> Building a fortune from scratch relies on a different mindset than managing a pre-existing legacy. Risk taking and innovation are often encouraged and even flaunted by the new money class. It’s a forward-thinking, even progressive, attitude that’s always looking for the next way to make another dollar.

The openness of new money <br> Progressivism and hustle are the hallmarks of new money. That’s resulted in new money existing in a unique world. New money tends to be found in the hotspots of entertainment or technology. That means movie studios attracting actors look for a break or technical schools swarming with students trying to build a digital future. The new money ethos has also resulted in very specific spending patterns that are more public. Highly visible charities, brash social media presences, and expensive toys and gadgets are all part of the package. But so is an interest in looking like an everyman. Fashion choices tend to be simple, most classically t-shirts or turtlenecks. It’s a far cry from the aloof elegance of old money!

Blurry borders between old and new <br> The lines between old and new money get complicated in how life plays out. Plenty of tech fortunes have been squandered over the last 30 years, while others have quietly decided to manage their wealth in obscurity. Plus, there’s no shortage of American aristocracy looking to flex on social media!

The biggest key is that old money and new money are built on values and mindsets. You can manage wealth earned from a mobile game like an oil tycoon from a long lost era and secure a legacy for your kids. Or you can forsake your family’s business of 200 years and forge your own path with hard work and grit. It’s up to you how you manage your specific circumstance!

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May 18, 2020

Old Money

Old Money

What do you see when you think of a rich person?

Probably a big house with huge glass windows, a fancy electric sports car, and a latest-fashion outfit. But wealth doesn’t always look the same. Folks from families that have been rich for generations tend to act and present in different ways than an entrepreneur who stumbled on a billion dollar idea. But there’s more to it than wearing a suit or turtleneck. Let’s start by focusing on old money.

Old money, then and now <br> The concept of old money vs. new money originated in the early 20th-century as a way of discussing moguls like J.D. Rockefeller and Andrew Carnegie. These were men from poor backgrounds who essentially invested their way to the top, much to the chagrin of wealthy elites who could trace their fortunes to before the American Revolution. But most of us today would consider the Rockefellers and Carnegies to be textbook old money. So why have these families been assimilated into the upper upper class?

The old money mindset <br> Not every family that makes a fortune is able to keep it. Old money is built on careful planning, self-discipline, and intentional parenting with the goal of preserving a legacy and passing wealth from generation to generation. It’s a long-term approach with a conservative set of values. Plenty of people have built massive fortunes overnight throughout history. But not everyone is able to adopt a new set of values and blend in with the upper class of their time

Old money enclaves <br> Old money exists in a very specific world. It tends to vacation in specific places, live in specific neighborhoods, and send its children to specific schools in the Northeast. The world of old money is governed, and in many ways preserved, by rules and expectations designed to keep wealth inside the family. These aren’t people you’ll see flashing watches and cars on YouTube videos!

But what about new money? Check out my article on Wednesday to learn more about what sets these two classes apart.

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April 6, 2020

The Gig Economy

The Gig Economy

The gig economy is huge.

Almost 36% of workers were involved in the gig economy in 2019, and it seems like that number could grow in the future (1). But what exactly is the gig economy? What even is a gig? And how is it different from what’s existed in the past? Those are the big questions we’ll answer in this blog!

A gig vs. a job <br> Let’s start with the basics. We’ve gotten used to thinking of a job as being something that’s permanent. Older generations might have worked a factory for their whole lives, climbed their way up a promotion ladder, and then retired with company provided benefits. A gig, in comparison, is a job with a certain end date. That might be until a project gets completed, a website gets launched, or until your band wraps up a set at the local bar. It’s temporary by definition. Gigs are still jobs. You provide a service and money changes hands. But they’re very different from what we’ve come to expect jobs should look like.

Digital gigs <br> Gigs have always existed. Old-school mercenaries would sign up to fight until specific contracts expired, jumping from warlord to warlord. But the nature of gigs has changed. When someone talks about a side hustle these days they’re probably describing some kind of pay-by-the-job work they’re doing via an app or the internet. That could be driving for a ride share like Uber, doing design contracts on Upwork, or even finding one-and-done moving jobs on Craigslist!

Technology and shifting mindsets <br> So why now? Why has employment changed so drastically and so quickly? Part of the answer is the massive shift in technology the last decade has seen. A side gig is now just a tap away on your phone. Someone could be freelancing for three different projects during the day and ridesharing at night—all managed on their personal device. Technology has exploded in this way because it’s what a lot of people want. Independence, flexibility, and control have become increasingly important, outweighing traditional values like stability.

It’s hard to tell where the gig economy will take us. It might be a passing phase that fades away, or it might be the norm for years to come. But there’s no doubt that new mindsets and rapidly evolving technology will continue to affect how we relate to employment for years to come.

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March 16, 2020

Can You Buy Happiness?

Can You Buy Happiness?

Let’s face it: There’s a relationship between money and happiness.

Anyone who’s looked at their savings account during a market correction or has lived paycheck to paycheck knows that not having enough money can be incredibly stressful. But there’s also a fair chance that you know of someone who’s wealthy (i.e., seems to have plenty of money) but is often miserable. So what exactly is the relationship between money and happiness? Let’s start by looking a little closer at happiness.

Happiness is really complicated <br> There is no single key to happiness. Close relationships, exercise, and stress management all may play a role in increasing emotional well-being. Little things like journaling, going on a walk, and listening to upbeat music can also help lift your mood. But none of those factors alone makes you happy—most of them actually turn out to be interrelated. It’s hard to maintain strong personal relationships if you take out your work stress on your friends! Assuming that money alone will outweigh a bad relationship, high stress, and an unhealthy lifestyle is a skewed mindset.

Money contributes to happiness <br> That being said, money can certainly contribute to happiness. For one, It’s a metric we use to figure out how much we’ve accomplished in our lives. It helps to boost confidence in our achievements if we’ve been handsomely rewarded. But more importantly, the absence of money can be a huge cause of dismay. It’s easy to see why; constantly wondering if you can pay your bills, fending off debt collectors, and worrying about retirement can take a serious emotional toll. In fact, having more money essentially only supports greater emotional well-being until you reach an income of about $75,000 (1). People felt better about how much they had accomplished past that point, but their day-to-day emotional lives pretty much stayed the same.

What’s the takeaway? <br> In short, you can’t technically buy happiness. However, taking control of your financial life definitely has emotional benefits. You may increase your feeling of wellbeing if your income gets boosted to a point, but it’s not a silver bullet that will solve all of your problems. Instead, try to think of your finances as one of the many factors in your life that has to be balanced with things like friendship, adventure, and generosity.

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May 8, 2019

What is your #1 financial asset?

What is your #1 financial asset?

What is your #1 financial asset? It’s not your house, your retirement fund, or your rare baseball card collection gathering dust.

Your most valuable financial asset is YOU!
Today – Labor Day, the unofficial last day of summer – let’s look at ways you can develop your skills and outlook in the workforce as we move from summertime vacation mode into finishing 2018 strong.

You might be savvy at home improvement, you might be a whiz with your finances, or you might have the eye to spot a hidden treasure at a yard sale, but how do you increase your value as a laborer in the workforce? One of the top traits of successful people is that they come up with a plan and they execute. Waiting for things to happen or taking the crumbs life tosses their way isn’t on their to-do list. Whether you’re dreaming of a secure future for yourself and your family, or if you want to build a career that enables you to help others down the road (or both!), the path to your goal and how fast you get there is up to you.

Increase your value as an employee
Working for someone else doesn’t have to feel like a prison sentence. In a recent study, nearly 60% of entrepreneurs worked full time as an employee for someone else while planning and building their own business on the side. Being employed is a chance to learn alongside experienced mentors, and prime time to experiment with how you can best add value. In many cases, successful entrepreneurs spent their time in the workforce amassing a wealth of information on how businesses are run, making mental notes on what doesn’t work, and practicing what can be done better.

View your time as an employee as an opportunity to hone your problem solving skills. It’s a mindset – one that can make you a more valuable employee and prepare you for great things later. Being seen as a problem solver can grant you more opportunity for promotions, pay increases, greater responsibility, and perhaps most importantly, open up more chances for life-enriching experiences.

Build your financial strategy
While you’re working to increase your value as a laborer, you’ll benefit from steady footing before taking your next big step. This is where building a solid financial strategy comes into play. Nearly everyone has the potential to be financially secure. Where most find trouble is often due to not having a plan or not sticking to the plan. A few simple principles can guide your finances, setting you up for a future where you have freedom to choose the life you envision.

  • Pay yourself first. Starting early and continuing as your earnings grow, begin the habit of paying yourself first. Simply, this means putting away some money every month or every paycheck that can help you reach your financial goals over time. Ideally, this money will be invested where it can grow. The goal is to get the money out of harm’s way, where you would have to think twice before dipping into your savings before you spend.
  • Develop a budget and consider expenses carefully. Think about expenditures before opening your wallet and swiping that credit card. Avoid debt wherever possible. Most people are able to have more money left over at the end of the month than they might realize. Don’t be afraid to tell yourself “no” so you can reach a bigger goal.
  • Plan for loved ones with life insurance. Here is where the value you provide your family through your hard work comes into sharp focus. Life insurance is essentially income replacement, should the worst happen. Meet with your financial professional and put a tailored-to-you life insurance policy in place that assures your family or dependents are taken care of.

Put your skills to work as a leader
Once you’ve established a level of financial security, now is the time to think about giving back by providing opportunities and helping others to realize their goals. There’s an old saying: “You’ll never get rich working for someone else.” While that’s not always true, trying to realize your long-term financial goals in an entry-level position might be an uphill climb. Moving up into a leadership position can teach you new skills and can increase your earning power. The average salary for managers approaches six figures!

You might even be ready to branch out on your own, investing the knowledge and leadership skills you’ve gained over the years in your own venture. Consider becoming an entrepreneur with your own financial services business – this can allow you to help others while building on your continuing success as a financial professional.

Whether you choose to strike out on your own, start a new part-time business, or grow within the organization or industry you’re in now, there are key traits that will help you succeed. Having a future-driven, forward-thinking mindset will guide your decisions. Your sense of commitment and the leadership skills you’ve honed on your journey will define your career – and perhaps even your legacy – as others learn from your example and use the same principles to guide their own success.

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