Wesley's Rant: Tis the Season!
Wednesday, September 29, 2021
The other day while walking around the office, I took it upon myself to remind everyone that Christmas was only 87 days away! The reaction I received was a uniform set of boos from the masses. Why would I take it upon myself with the lovely weather to remind people that winter would soon be here and that people only had 87 more days to finish their Christmas shopping? I thoroughly enjoy the Christmas season and the expectations that this time of year always brings. However, the reality is that people were surprised that the Christmas holiday would soon be upon us. They did not want to think about it and the prospect of finding the right gifts for friends and family. At the same time, the news channels have started reminding us that because of the supply chain issues every industry is experiencing, that perfect gift may be on backorder!
That reaction made me think about what I do in my professional capacity at our firm. Our number one goal as financial planners is to work with individuals and families to help create financial independence and generational wealth. Over the years, I have met with hundreds of people as part of this process.
There have been times when I have been surprised by how many people think about retirement when they are only a year or two away from ending their working careers. Don’t get me wrong; I understand that many twenty-five-year-olds get their first career job, and a retirement that is thirty-five years away is the last thing on their mind. However, individuals who do think about a future retirement on day one are the ones that end up having many options when they reach their late fifties and early sixties!
My dad told me many years ago that no one plans to fail. It is simply that many people fail to have a plan. If you want to have financial independence in the future, you need to start with a goal early in your working career. The sooner, the better! The money that an individual can invest and save in the early years of life is the most profitable and the most impactful dollars an individual can have later in life when it comes to financial independence. The first step in that process is to decide to get professional help. The elite athletes all have private coaches, and that coaching starts very early in their athletic careers.
A financial advisor who acts in a fiduciary capacity when working with individuals is like that coach! They can help you set clear goals and timelines. Setting reasonable expectations on the difference between investing and saving is part of the process. Understanding the basic concept of paying yourself first can be a complex concept to wrap your head around. How do a pension, social security, 401k savings plan, insurance, and the idea of risk all link together as part of the process of reaching financial independence?
If you are only a few years away from the next stage of life and have not gone through the process of what life may look like after that last paycheck, get going and reach out to a financial advisor to create a plan. Don’t let that day sneak up on you!
Remember, Christmas is only 87 days away!
Managing Partner, Financial Advisor, CFP®, J.D.
Footnotes and Disclosures
Securities are offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services are offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Wiser Financial Group is not affiliated with Kestra IS or Kestra AS. Investor Disclosures https://bit.ly/KF-Disclosures
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC, or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor about your individual situation. Comments concerning the past performance are not intended to be forward-looking and should not be viewed as an indication of future results.