Let’s keep on going! On to the next big topics to look back on from this year:
May: Financial planning is about more than just your net worth.
Really, it’s true! The big misconception out there about financial planning is that it’s only for folks who have lots of money. That’s just not the case.
Here’s the reality. A financial plan is designed to help you figure out how to get you where you want to go with the money you bring in. Even if you don’t have a nest egg to start with, that’s perfectly okay. Having a financial plan in place, and tweaking it over time as your personal situation changes gives you a guide to follow when making big life decisions.
Our firm recently teamed up with Channel 8 News Good Morning Richmond on their #adulting series, to discuss this very topic. Here’s the video!
June: The little things really do add up: The Latte Factor®.
David Bach’s The Latte Factor is the concept that spending a couple bucks everyday on something small, like a cup of coffee, has a surprising negative impact on your savings potential over time. If you forgo the latte, and sock those bucks into savings instead, you’ll reap the benefits decades from now.
The same goes for any other type of discretionary spending: which car you decide to buy, how much you pay for cable, your phone, going out to lunch, how much you spend on clothes…the list goes on and on.
Taking the time to think about how you spend your hard earned money is what’s important. Be mindful of your expenses, particularly if you’ve gotten into the habit of making small daily purchases that aren’t absolutely necessary. Treating yourself every now and then is just fine, but make sure you’re getting real enjoyment out of it. Even just decreasing your discretionary spending some can make a big difference. Try packing your lunch a couple times a week, or making a cup of coffee at home more often, and you’ll start taking back control of your extra cash.
July: Take a daily money minute.
As busy as life can get sometimes, you may go weeks without even thinking about how much money is going in or out of your financial accounts. However, it’s important to be mindful of your day to day expenses. One of the easiest ways to keep track is by taking a minute each day to check on things. Log on to your various accounts and see what’s going on. Check your credit cards, bank accounts, and investments. If you take a peek daily, you’ll find you’re more focused on your money, and may even be able to cut out a few unnecessary items here and there. Win. Win.
August: American companies are prepping for Gen Z.
Believe it or not, the last of the millennials are on their way out of U.S. colleges and universities. The next generation, Gen Z, is taking over those hallways and will start making their own impact on the professional world soon. What does that mean for American businesses? Just as millennials have altered the American workplace with their career expectations, Gen Z-ers will do the same. Business execs are starting to grapple with how to alter their company work environments to appeal to tech savvy Gen Z-ers, who thrive in collaborative settings, and want to make a real impact with their careers. Workforce change is on the horizon, for sure.
We’ll wrap up our 2017 trending topics soon, so don’t go anywhere. And as always, if you’d like to discuss your personal finances, or have any questions, just reach out to us. Take our free Risk Assessment to get you moving along. Happy Holidays!