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 say it all the time: You want to start thinking about your financial future as early as possible. But it can be difficult in your 20s, as you’re getting out of school, finding a job, and transitioning to being out on your own. It’s easy to set aside those early years when it comes to saving and investing, and, if that describes you, I completely understand.
There’s a saying in our industry that Americans spend more time planning their summer vacation than they do their retirement.
Now most people probably hear that and think it’s a bad thing. But I look at it differently: You’ve got better things to do with your time today than worry about your financial picture. That’s where I come in.
Since the pandemic, more and more people have been sitting on higher cash reserves than they used to, and the current interest rate environment has provided a unique opportunity to grow that cash relatively safe and low risk. In this edition of Dave’s Inbox, I wanted to address a couple of questions I’ve gotten repeatedly.
As a wealth advisor, I have many conversations with young and more seasoned families (not old; age is just a number) who are interested in what I do but have one major misconception about investing: You need a lot of money to start.
It’s hard to believe that we’ve made it to the end of another year. Amidst the hustle of the holidays, I want to encourage you to stay diligent about your financial plan. Here is a little end-of-year to-do list that will help set you up for continued success in 2024.
With the new year comes New Year’s resolutions, and rather than telling you all about mine (you’re welcome), I thought I would set some resolutions for the American economy in 2024.
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