Broker Check

The Triumphant Trio of Personal Finance

October 22, 2018

Here, for your consideration, are three concepts worth considering that might just leave you wealthier and healthier.

1.) Save More – In our society, wastefulness has somehow become the rule instead of the exception. This, I suspect, is owing to the fact that we are a consumer-based economy. We are incessantly being marketed the latest and greatest whatever. We are constantly made to feel that things we own, which actually serve us well, are somehow deficient.

“Do you have a 49-inch flat screen television in your bedroom? Is it an LCD screen or perhaps a plasma screen? Isn’t it about time to upgrade to a 55-inch LED screen? And wouldn’t you rather step up from HD (high definition) to UHD (ultra-high definition)?” This is the type of treatment we get directed at us, subtly and not so subtly, from marketers for everything from cars to vacations to vitamins to smartphones. Bless them. They do their level best at getting us to buy stuff.

Consequently, we spend lots of money on things we either do not need or do not really want. I am not railing here against buying things we need or truly want. However, we live in an age when durable goods are often made to seem disposable, where our big homes leave us feeling that they are too small and where we eat too much and have the waistlines to prove it. This doesn’t just detract from our wealth but from our health too!

If we cut back on wasteful spending, spending guided by a marketing driven collective consumer ethos, then we are likely to be saving a lot more money. That is a good thing.

2.) Diversify – Diversifying our savings makes sense. As I like to say, we shouldn’t put all our eggs in one basket or all our baskets on one truck. Diversification can help us position ourselves to be better prepared in the event of economic tumult and adverse market circumstances.

It is important to note, however, that diversifying our savings within and among asset classes is no guarantee that our money will be protected in all circumstances. Yet, the more appropriately we are diversified, the less likely we may be to suffer catastrophic loss from having all our eggs in one basket.

3.) Retire Later – At first, this might sound like unpopular advice. You might be thinking, “Retire later? I have worked hard my entire life.” I know you have worked hard. And I fully believe you should enjoy your life. That being said, with advances in medicine, we are living longer than ever before. Part of our quality of life comes from feeling empowered to do the things we truly want to do. Our ability to do what we want often comes from having a good, powerful stream of dollars enabling us to do what we want.

Consequently, if you absolutely want to retire, consider doing so a few years later. The added savings you build up during that time, along with having less free time on your hands, which often leads to more spending, just might go a long way. You might also consider continuing to work, albeit in a different job. Find something you truly enjoy and work at that in your “retirement.” Oh, and if you really love what you do, why retire at all?

Consider speaking with a financial services professional you trust, who can help you create a plan to save more money, diversify your savings and, if you are of the mind to, defer retirement and build up greater wealth so that your golden years are truly golden. You can do this.


Scott R. McGimpsey October 22, 2018

This material was prepared by Scott McGimpsey and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy. Neither Summit Brokerage Services Inc. nor Scott McGimpsey is engaged in rendering legal, accounting, or other professionally services. If such assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any federal, state, or municipal tax penalty. Moreover, a diversified portfolio does not assure a profit or assure protection against loss in a declining market. UNIFIED PLANNING GROUP is an independent firm with securities offered through Summit Brokerage Services Inc., Member FINRA, SIPC