Do I save or Do I go?

It’s no secret that our society is driven by spending. With inflation being over the two percent target each month the past two years plus, extra funds are hard to come by. But even prior to the pandemic, many Americans had a bad habbit. Money flowed through the system in great velocity. But is it necessarily a bad thing? Keep in mind that this blog is completely based on my opinions, but I believe that your life must be balanced. Over the top saving will burn you out and cause you to miss out on life experiences. Spending every dime, will burn through your goals and will keep you from ever getting ahead. Balance is key and whether that balance is a 50/50 split or something closer to what I recommend of an 80/20 split you must have some sort of idea how you want to achieve those goals.

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Unfortunately, in our society we see a very unbalanced plan from most people. They worry more about the material things than they do the goals in their head. They spend more time thinking about the now rather than the future. They also aren’t doing these things with bad intentions. They simply get caught up in the present more than they do the present situation. I know that may seem like a weird way to put it, but what I am trying to say is that once someone has a material item in hand it will generally feel good for about the time it takes to use that material item one time. A single high vs a lifetime of why. Maybe they have kids who will need college someday or maybe it is as simple as those kids needing that person longer in their life. Maybe an experience would be more fulfilling than buying a new purse or new tv. I will say that Papa Dave (Ramsey) has called for the next bubble to be from credit card debt and as we continue to see extremely high interest rates, non-stop spending, and the ever looming student loan restart coming it doesn’t seem as crazy as maybe it once did.

You have all heard it said multiple times. “That cup of coffee could be worth 100x by the time you retire”. Sure, maybe so. Maybe if that individual sent that $3.50 over to an index fund it would grow quicker than the sugar cane that replaced the one used for their coffee yesterday. Recently I was doing my usual YouTube search which almost always end up with me falling down a rabbit hole watching someone open a box they bought off the dark web or how to build a hanging work bench to go in my garage. I came across a video by The Money Guy Show detailing the average 401k balance by age. One thing that I got out of the episode is that if you look at average balance by decade age, you can see a trend. This got me thinking a lot. I know my personal goals, my goals for my family, and my goals for my work; does it really matter what someone else has saved? No, not at all. Sure, everyone wants to know they are at least on par with others their age, but if you’re not that’s ok. I am a firm believer that it is never too late. Start now, adjust your habits and goals. FIND YOUR BALANCE.

In conclusion, have a plan and stick to that plan. It doesn’t have to be outrageous saving. It also doesn’t have to be outrageous spending. You can find a balance and be happy now and tomorrow. Do you really need those new shoes? Sure, this week you do, but next week think about how an extra few bucks years from now could help you have peace of mind in your golden years. And do not be afraid to try something and adjust if it doesn’t project to meet your needs.

Until next time, keep swinging and never stop chasing. And Happy Father’s Day! You can’t imagine just how important you are.