Being financially "balanced" can mean different things to different people we meet. From our perspective as financial planners, balance means maintaining quality of life today while taking the steps to secure quality of life in the future. Often this discussion involves the issue of paying down debt efficiently while still addressing other financial concerns. We recently met with someone who was working on paying down debt while trying to aggressively save for retirement at the same time. Her focus on these two items had lowered her current quality of life significantly. This post describes the approach we recommended to balance out her current financial needs with her future financial goals.
By Keagan Kinsella | Monday, January 1, 2018
Over one-third of Americans made a money-related resolution in 2017 (according to study done by Fidelity). Most people said they were resolving to save more, spend less, pay down debt, create a budget…the list goes on. These things are all great, and in an ideal world they would be easy! But have you ever tried cutting out chocolate cold-turkey? How long did that last you? If you have been Hershey-sober since the day you quit—props to you! If you do not have superhuman willpower, then you know how the story ends.