Summer Fun and Your Future

By: David Smyth, July 11, 2019

With the recent long Fourth of July weekend, many of you stopped and took time off to spend time with family and friends at the lake, ocean or golf course. Perhaps you found yourself reflecting on something - perhaps the first fireworks show you attended as a child, or your favorite baked beans recipe, or an other-worldly dessert your beloved grandma or favorite aunt used to bring to the celebrations.

Or, maybe you had a "holy cow!" moment and realized that we're in the second half of 2019. Maybe you took a look at your planning checklist and asked yourself if you're on track with your goals for the year. :) :) :) 

Okay, I know that none of you did that! That might not be where your brain is this time of year, but hey - that's why we're here. And I get it, trust me - I'm between summer vacations too, and trying grab a few hours at the office. And what I know from my conversations with you is that many of your brains are on the summer toys we all start thinking about this time year - beach houses, pools, farms, or those fancy decks with outdoor pizza kitchens and fire pits. 

Chances are that you have experienced one or more of these toys as we spend the summer days with friends and family. And there's nothing wrong with wanting or obtaining some toys, as long as - here comes the financial planning side - those toys don't keep all of you pre-retirees, whether you're 25 or 65, from working toward your long-term financial goal of not having to work for a paycheck. Because whether or not you and your friends agree on the latest Nike shoe scandal, you likely do agree that you all have the same goal of creating your own paycheck and not having to go to work every day. 

So, I would ask, why am I constantly reminding all of you that this what you want? Why do I spend so much time talking about this almost universal goal? Boats, convertibles and country club memberships are great for the summer, but remember, you only have about 90 days left to play till fall anyway, and those purchases can take away from that long-term goal. I don't want you to not have a few toys - I do. But I also don't want those toys to work against your long-term goal of creating a paycheck for yourself. 

I also know from experience that the folks who do own these kinds of toys love to share them, as beach houses and boats often don't end up being used as frequently as people thought, and they want to be social. So be that friend who fills the gas tank in the boat, brings the extra food to the lake house and pays for a cleaning service to help out at the end of the season.

Here's my point: Just because it's summer and we've all gotten plenty of vitamin D and sunshine doesn't mean you should let that sun fry your brain and do something you'll regret when you get to age 62 and find out you have to work for a few more years. But for any of you who are on track with your long-term goals and are considering a large purchase, please, call me. I'll gladly give the thumbs up to that summer toy if you're in a good place. I want you all to live life to the fullest. #YourBestLife #ForTheYoungerAudience. I just don't want you to make a simple mistake now that could have easily been avoided. 

Now. Resume having fun! 

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