Growing up we are taught many things: how to read and write, how to tie our shoes or ride a bike, how to multiply and divide, and many other essential life lessons. Yet most people are never taught basic financial habits. Financial literacy is key to experiencing financial freedom and success, so how do you learn these concepts when you are older?

A good place to start is to work with a financial advisor you trust, who can review your current financial situation and customize a plan for you to reach your goals. A good financial advisor will also educate you along the way so you can develop financial independence and confidence. So in the spirit of education, I’m sharing my personal formula for financial success—something I wish I had been taught when I was younger.

My Formula for Success

When it comes to investment management, I am pretty transparent. I’ve already shared how I manage and invest my own money, and now I’m sharing my formula for financial success. From my experience, I believe a person’s financial success is based on a systematic approach that bears fruit over a long time. This approach can be expressed as a formula, which I keep on my computer screen as a reminder. It looks like this:

Simplification + Good Choices + Systemization + Time = Financial Success

Let me explain each step in the formula a little further.


Come up with your approach and don’t get caught up in the “latest and greatest” or get distracted by outside noise, particularly the media and people at cocktail parties. Also, have as few moving parts as possible to your financial life and automate everything that you can.

Make investing habitual. Essentially, you want to “set it and forget it” or automate your investments. That way you are less likely to procrastinate or miss out on an opportunity. It helps if you don’t view investing as a chore. One way to create excitement around building this habit is to set tangible goals that have an end date so you have something to look forward to. You want a balance of both long-term and short-term goals to keep you progressing on the path to financial success.

Good Choices

Know what’s important to you, focus on things you can control, and pay for expertise when something is not in your wheelhouse.

Live below your means. You’ve probably heard the advice to “spend less and save more.” While that may be trite, it’s true nonetheless. This can be challenging to implement when you are older as you have already developed certain spending and saving habits. Even still, you can benefit from starting this habit at any age. Instead of trying to “keep up with the Joneses,” try having a competition with yourself to see how much you can save. Start by setting small, achievable goals and build from there.


You’ve heard the saying “Wash, rinse, repeat!” This can also be applied to how we manage our finances. It may not be exciting, but it’s a time-tested strategy to succeed in any area of life. Some of the most successful people use fine-tuned processes repeated over time with discipline, precision, and excellence. A great example of this is Championship sports teams and the training they implement to prepare for winning games.


When it comes to personal finance, time is your best friend. Start investing early and invest for as long as possible. This is another common piece of advice you will hear from most advisors. That’s because of the power of compound growth. This passive means of investing allows your money to multiply by reinvesting what you earn and letting it grow untouched. Of course, the sooner you start investing, the more earning potential you have. The compounding effect is powerful when given time. Time is the keyword in that sentence: the sooner you start, the greater the result!

We Can Help

So there you have my top tips for establishing healthy financial habits. While there’s no argument that it’s best to start when you are young, it’s never too late to take control of your wealth management plan. Since most people aren’t taught how to manage their finances well, it can be challenging to know where to start later in life.

At Infiniti Wealth Management, this is what we do best. We can help you take steps toward reaching your financial goals regardless of your current circumstances. If you would like help getting started, we would love to work with you. Call our office at 845-278-8638 or send us a message to set up a complimentary consultation. We look forward to hearing from you!

About Mike

Michael Durante is a founder, Certified Financial Planner™ (CFP®), and Certified Divorce Financial Analyst™ (CDFA®) at Infiniti Wealth Management, an independent, fee-only financial advisory firm. With over 25 years of experience, Mike specializes in serving women who are going through a life transition, whether that’s a divorce or the death of a spouse, as well as pre-retiree and retiree couples. He is passionate about helping his clients develop a personalized financial plan based on their values and goals so they enter retirement with confidence and peace of mind. Mike has both a bachelor’s degree in business administration and an MBA from Pace University. When he’s not working, Mike loves spending time outdoors hiking, biking, walking, golfing, campfires, the beach and doing yard work, as well as spending time with family and friends. Mike also enjoys to read, travel, and check out local restaurants and events. To learn more about Mike, connect with him on LinkedIn.


July 14, 2023 - Michael Durante, CFP®, CDFA®