What Greek poetry can teach us about our money...

Did you ever have to read The Odyssey in high school?

Did you ever have to read The Odyssey in high school? Homer's epic told the story of Odysseus's journey home to Ithaca, which included a part in which Odysseus and his friends had to sail past the island of Sirens. The Sirens sang a song no sailor could resist, but if they steered their ship toward the island, they wrecked their vessels upon the rocks. Knowing this beforehand, Odysseus devised a plan to enjoy the Siren song while safely continuing toward his intended destination. Odysseus instructed his crew to fill their ears with wax and sail past the Sirens no matter what. Odysseus then had the crew tie him to the ship's mast so he could listen to the Siren song without being tempted to steer toward the island. The plan worked beautifully. Odysseus was able to hear the Siren song without wrecking his ship. Even though he begged to be freed the entire time, the process he committed to in advance safeguarded him from foolish decision making. In the present day, you face countless temptations in everyday life that can distract you from your stated goals when making financial decisions. Messages to consume never stop. Advertisers literally follow you around the Internet. Stores meticulously place and price merchandise to encourage impulse purchases. Social media makes you hyper aware of all the stuff your friends and family members are buying. Meanwhile, it's never been easier to spend money thanks to one-click ordering, mobile payments, in-app purchases, and the increasing use of credit cards over hard cash. As an investor, you face an even more complicated set of temptations. Wall Street spends billions of dollars convincing you to take action when you shouldn't. Financial media doesn't help, either. They cover markets as if investing is a daily activity and create a sense of urgency that doesn't exist if you develop and follow a thoughtful plan to stay on course. Repeat after me: Wall Street and the financial media are not on your team. The deviations these parties encourage from our intended course can lead to a financial mess. Resisting modern-day Siren songs requires a system for saving that limits bad behaviors today and helps you make good financial choices for your future. In economics, this is called precommitment. Precommitment establishes processes that encourage good behaviors and help fight the temptation to deviate from a plan. On top of a good system, you may choose to leverage a human or digital advisor to play the role of Odysseus's crew, which means they need to have their ears plugged with wax (figuratively, anyway). They also need to remain objective, unbiased, and themselves undeterred by the noise of markets and media so they can succeed in their role. They should help you stay tied to your financial plan to ensure you sail safely past temptations and onward to your goal. Whether you use an advisor or not, if you want to borrow the full system I built for my clients (and use myself), read chapter 4 of my book: Making Money Simple. The systems I share in my book help you stay on course during your financial journey and enjoy life the way that Odysseus enjoyed the siren song (without actually tying yourself to a pole). Now, more than ever you need a plan and system for your finances that beats overwhelm, reduces stress, and creates a simple framework you can follow... no matter what is happening in the market or your life. Grab a digital copy of my book and flip to chapter 4: Creating A System For Financial Success To Making Money Simple, Peter Schedule a quick 15-minute call to work with me. ... PS. Do you want to know what it's like to be an author, speaker, and CIO of a large wealth management firm? Follow me on Instagram. Recently I shared a drive-by birthday, work from home with my family, and a quick photo at the dinner table. See the photos and let's connect on Instagram. Please note sometimes I affiliate links in my emails, which means if you make a purchase through an affiliated link, I make a small commission. Thanks!

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Peter Lazaroff, P.O. Box 440113, Saint Louis, MO 63144, United States