In the financial industry, a lot of time, resources and energy have been spent telling the earliest of the Baby Boomers how to effectively create a legacy. For these folks, the investment planning strategy is often, “we’ll take your money and grow it into a bigger pile of money so you can leave a legacy gift.”
After well over a decade in this business, we see certain topics over and over again when we sit down with clients in our conference room. Two of the most common goals people have are saving for retirement and saving for college, and the two can often feel at odds with one another, In most cases, saving for college feels more difficult than saving for retirement, and there are several reasons for that.
For many of us in Generation X, retirement is a life we can’t even imagine. Not that it’s so far away, or that we’re not saving (although many Gen Xers aren’t), but rather, retirement simply doesn’t mean to us what it meant to Baby Boomers and World War II babies.
When it comes to budgeting, we see people falling into the same traps over and over again. Now, in theory, well all know what it means to budget: live within your means, spend less than you make, save for emergencies. Sounds simple, right? Then why do so many people, no matter how much money they’re bringing in, have trouble with budgets?
*Representatives are licensed to offer insurance and annuity products in AL, AR, CO, FL, GA, IN, KY, MA, MD, MI, MO, MS, NC, NH, OH, PA, SC, TN, TX, WV, VA, and WA and are licensed to offer investment products in AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KY, MA, MD, MI, MN, MO, MS, NC, NH, NM, NV, NY, OH, PA, SC, TN, TX, UT, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.