Your "Someday Maybe" List
December 27, 2022.
How can a date evoke such strong emotion?
December 27th is the day my mom Jan (pictured above) passed away. She was my best friend, my everything.
There’s a part of you that never heals when you lose someone you love. No matter how much time passes, a piece of you forever changes.
Christ-followers know that our eternal reward is in heaven. And yet, on earth, we miss that person’s presence. We wait for the day (to hopefully) be reunited with him or her.
Wise Financial Decision-Making
As a CPA financial planner since 2006, I’ve advised hundreds of families on wise financial decision-making. There’s always a fine line between living for today – spending money on experiences and items that bring joy to your family – and saving for tomorrow.
There are few families who balance these competing priorities well because hindsight is always 20/20. Several folks retire without enough savings, not taking into account longer lifespans. Others err on the side of caution, perhaps saving too much. My parents fell in the latter category. My mom and dad wanted to travel together, but mom’s health issues often prevented it.
Jan was healthy until age 65 and passed away at age 70. What should have been Jan’s “golden years” were marked by frequent doctor visits and hospital stays since she battled permanent atrial fibrillation. My dad was by her side through it all, and he’s now trying to reinvent himself after 46 years of marriage.
Every family’s situation is unique. We can run multiple projections and make financial plans, but there are certain things outside of our control. Accidents and health scares arise daily. Natural disasters upend homes. Relationships that we thought would last forever sometimes fall apart.
Saving vs. Spending
Financial planning is more an art than prescribed formula. Values and goals are different for each family. And when trying to balance competing priorities of saving vs. spending, it is challenging to get it right. You may wonder how much to save per paycheck or if there’s a savings rule of thumb by age.
Some parents want to retire as soon as possible, while others find great fulfillment from work and prefer to continue indefinitely. An ideal savings rate and timing of Social Security benefits vary greatly (depending on retirement goals).
Mid-career parents may insist on sending kids to private school, but other families opt for public, charter, or homeschool options. Private school expenses often entail sacrifice, even in your prime earning years.
There are parents who took out massive student loans to complete college and don’t want their children to be burdened with the same financial responsibility. Other parents relied on scholarships and part-time work during university to graduate with low or no student debt, and they may be inclined to encourage their children down a similar pathway.
Some of us love the thrill of entrepreneurship, creating a new business from scratch. Other adults prefer a steady paycheck and company-sponsored benefits like health insurance or a 401(k) plan.
Even in the entrepreneurial space, there are persons who prefer to keep the business small and spend the bulk of their time interacting with clients or customers. Some small business owners seek outsized revenue, enabling them to hire, lead, and manage a large team.
There is no one-size-fits-all formula when it comes to family financial planning. It’s a process, marked first by an examination of your family’s values and goals.
Values Spur Goals
What do you value? Adventure? Generosity? Simplicity?
If you value adventure, perhaps one of your goals is exotic travel or other thrilling experiences like skydiving.
Those of us who value generosity include charitable giving as a line item in our budget, using the financial resources bestowed upon us to help others in need, locally and globally.
Parents who value simplicity may want to live in a small, close-knit community where young kids ride bikes to school and neighbors look out for each other.
Do you have dreams or goals that seem beyond reach? What’s holding you back? Is it fear of the unknown? A perceived or real lack of financial resources?
Don’t let these fear-based patterns keep you stuck in survival mode indefinitely.
I can help. Let’s make your “someday maybe” happen.
At WorthyNest®, we guide parents through important financial decisions using a values-based approach. Contact us to explore a one-on-one relationship.