In the spirit of the holiday season, I thought I’d recap my favorite and most thoughtful Working Wealthy insights gathered from 2017. I’m fortunate in that each year I get to speak with hundreds of clients, prospects, colleagues and other professionals who often share interesting anecdotes and ideas about how to advance one’s financial independence.
The following are my favorites and things I wish for all of us to take to heart:
Save Early and Often – Nope, I’m not talking about voting in Chicago.
I’m talking about the savings habits we all either create or avoid early on in our lives. I’m always amazed at how many of our clients have focused on saving even modest amounts early on in their lives, and how that habit has turned into real financial autonomy down the road.
Reading this, you might think, “this doesn’t apply anymore”. Ah hah, but it does. Instill that same lesson in someone else.
Challenge a granddaughter to save in her Roth IRA and match her savings dollar for dollar. Suggest to your son that he increase his 401(k) savings and explain to him how this helped you over your years of saving.
Every little bit counts.
Turn Off the Noise – Believe it or not, I’m not referring to CNN, CNBC or Fox News.
I’m thinking about how we all have conversations with friends, family and colleagues and often feel like we’re missing out or not doing something that everyone else is doing. Sadly, the concept of FOMO (fear of missing out) is all too real.
So, what should you do? Unless it’s advice from a well-respected and successful person you believe in, I’d tune it out.
Establish your own compass for making financial decisions and don’t let the crowd take you where they’re going. The more you do it, the easier it gets.
Ask for Help – This is my favorite—and I’m the worst at it!
Asking for someone’s assistance can feel like a stretch for some people. If you’re a successful, educated person, you may not even do it all that much. Maybe when you do ask for help, it seems like a sign of weakness.
We create this bias for ourselves, and it doesn’t do us much good.
So, think about this idea the next time you look at something and aren’t entirely sure what you’re looking at. Ask your CPA to explain a specific line on your tax return. Ask your attorney what irrevocable means. Ask your audience how you could have presented something better.
You might like how it makes you feel.