By This month, we’re talking about saving. And washing your hands. But mostly saving! Yes, it’s still important to stay on track with your savings goals when the markets are wacky. More so, actually.
In all seriousness, saving, like those viruses wreaking havoc on us, can actually be contagious. It can be daunting to sock away that first monthly amount, but over time it becomes easier to delay gratification, watch your balances grow, and save more. We all have a different threshold that pushes us from spender to saver. But suddenly, your daily finances settle in, and your future self is thanking you.
When it comes to money and saving, some people are goal oriented, and some are rules-based. Some people tithe, and just as those folks give 10 percent to their church without fail, others put money religiously into savings. Still others need to feel like they’re part of a something bigger, and would rather give back to a cause, whether that’s finding a cure for COVID-19, or contributing to a church building fund. They like to do good.
Do you see yourself in one of those descriptions? Or are you thinking, Dave, there’s no way I can put away 10 percent! That’s okay. I hear you. But, maybe it’s time for you to come in and sit down with us and figure out a number we can force you – okay, strongly encourage you – to put away each month, whether your goal is retirement, a new home, a new(er) car, passing on assets to your children, or maybe just two fewer years in your soul-sucking job. Let’s have a conversation and create a savings plan.
Whatever your current situation, please do take the time to fill us in on how you need us to help you with your savings goals. Our job isn’t to guilt you. Our job is to encourage you to set and work towards realistic goals. We just need feedback from you on what you’re trying to accomplish. We can come up with an automated savings plan based on your personality and approach to saving. Like those classic Ronco rotisserie ads, the “set it and forget it” approach works for many people, especially if you’re experiencing anxiety right now about the economic volatility. Out of sight, out of mind as they say.
Of course, maybe you’re that person who loves going to dinner parties and telling everyone how much you save. You can disregard all of this. But you might want to ask Siri what zero divided by zero is! (Go ahead. Seriously.)
The point of all this is that despite the widespread panic that’s taken over the world, life is going on as usual for the vast majority of us, and we all need to keep working on our long-term goals. If the 24/7 coronavirus coverage has you scared, we’re happy to talk about that too. Via Skype.
And, if you’re not currently working with our team and you have some money you might want to put to work for you, give us a call. Market volatility can be unsettling, but it can also be a great opportunity. We’d love to help.
Article by David Smyth, CLTC, Senior Partner at Family Financial Partners — a financial services firm in Lexington, Kentucky.
