When we thought about this week’s theme of "Heating things Up," a few immediate things came to mind: a robust fire in the family room fireplace that heats up the room, a romantic encounter that heats up your blood or a volunteer opportunity that warms your heart.
So while this is a financial column, we wanted to be sure you got the financial focus. If you think about the three examples above, all of them are concepts of heating things up, but the heat or warmth in each is short lived if there is not a long-term commitment to feed the "fire."
This could not be more true than when thinking about heating up your savings plan. Just like the fire place that warms the room, if the fire runs out of wood, the fire dies and the heat goes away. When building your savings plan, you have to feed it on a regular systematic basis.
Our clients strive to save 20 percent of their household income. Each and every month or pay period, the first thing that happens is they feed their savings plan. If clients can’t feed their savings plan, then they take corrective action. There will come a day when you want (or need) to fire up that savings plan to provide an income for you to live on in later years. You will want the heat to continue for life, and maybe even leave a legacy.
In concept it sounds easy, right? But without discipline, a sparked savings plan will burn out. It is that discipline that will help you evaluate the way you spend your money and help you continue to save even when there’s a temptation to buy gadgets and gizmos you don’t need and can’t afford.
Life is too short, and the overspending game catches up to you quickly. Don’t be like the majority that doesn’t have enough for retirement or their kid’s education or any other sort of future goal you have set for you and your family. Be different. Be successful. Be confident. Save.
Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS). Securities products/services and advisory services offered through PAS, a registered broker-dealer and investment advisor. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect wholly owned subsidiary of Guardian. Lifetime Financial Growth, LLC is not an affiliate or subsidiary of PAS or Guardian. Orange Financial, LLC and Lifetime Financial Growth Company are not affiliates or subsidiaries of PAS or Guardian.
PAS is a member FINRA/SIPC