The dream of retiring early is a hot topic among millennials. There are countless podcasts, blog posts, and Reddit threads dedicated to exploring ways to achieve financial independence and gain more control over your time.
In today’s world, we have more information at our fingertips than ever before. When I meet with a new client family, I know they are often well-informed and capable of “doing their own research” when it comes to financial planning. But just because we have access to all the data in the world, it doesn’t mean that we know how to build and execute a plan designed specifically for us. I’ve been told that artificial intelligence may one day eventually replace me as a financial advisor. But I also know from my interactions with ChatGPT that we’re nowhere near that point. For the majority of our client families, their retirement planning can’t be put on hold while they wait for AI to catch up.
As a Certified Divorce Financial Analyst® here in Lexington, Kentucky, I’ve worked with my fair share of clients who understandably have lots of questions about what to expect when it comes to splitting up assets with an ex-spouse. It’s never as simple as: half of your cash, half of your house, half of your cars. It’s a complex process that, when done correctly, requires a lot of foresight to make sure you don’t end up with an unfair settlement that haunts you long after a divorce is finalized.
I’ve been talking to a lot of my snowbird clients who have recently returned from the great South, and I’ve enjoyed hearing the ways in which they are surviving the higher cost of Florida housing. Even for those with generational ownership of a property, they are dealing with higher taxes, HOA fees, insurance, etc., and have had to get creative with how they manage their funds.
For many young professionals, student loan repayment and saving for the future feel like opposing financial forces. On one hand, there’s the pressure to aggressively pay down debt. On the other, there is the desire — and need — to build a stable financial foundation for the future: emergency funds, retirement savings, buying a home, and more. The good news? You don’t have to choose one or the other. With the right strategy, you can make progress on both fronts.
When I first got married and was working multiple jobs, I remember thinking, that if I could just have a household income of $100,000, I’d be set for life. I’d never have to worry about money again. That guy — the one who’s doing your financial planning — didn’t understand inflation, or the price of children, or HOA fees, or anything else at the time. These are things that I had to learn, not by being told, but by experiencing it.
In my career as a wealth advisor, I meet with lots of professionals just starting out in their wealth-building journeys. I love seeing folks get a head start on investing to let time and compound interest work for them.
But for many others, the freedom they get from those first few paychecks can be a source of temptation, whether it’s spending the whole thing or even spending beyond their means.
No matter your level of investment or where you are in your retirement journey, the first quarter of 2025 has probably felt chaotic. We’ve been drinking from a fire hose with many headlines and announcements flying around. If you had looked at your statement from January, you likely would have felt pretty good. Mid-March, you probably started thinking, what’s going on here? Do I need to make some adjustments?
If you’re like me, you’re probably being bombarded with all of the doom and gloom surrounding the recent market downturn. It’s tempting to think that the sky is falling and wait until better days to invest in your retirement accounts.
It’s important to remember that, as a younger investor, market downturns can present investing opportunities. During these times, you may be able to buy quality stocks at cheaper prices.
We discuss many finance topics around here, but they all revolve around the overarching question: How do you retire comfortably? Saving money and investing are both about retirement. Even home ownership, insurance, and legacy planning are ultimately about building and maintaining a healthy nest egg for a comfortable retirement.
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