It’s one of my favorite times of the year. I enjoy going to the local farmer’s markets in July. You can find fresh tomatoes, squash, green beans and many other locally grown vegetables. It brings back great memories of my grandmother and how she could masterfully prepare all of summer’s bounty from the garden. I eat more vegetables during these months partially because of their availability and my own nostalgia for the food that was on our table in the past. I’m trying to share some of that love with my own kids as we prepare weekend dinners.
I’m also hearing about friends that are “going keto”, trying intermittent fasting, or joining a new gym. I’ve learned in my adult years that there is no “magic bullet” when it comes to diet and exercise. It takes discipline, commitment, and time to see the results that you need to maintain a healthy lifestyle. The same holds true in your financial life.
As many prepare to send their kids to college this Fall, those that have saved for this goal didn’t accomplish this overnight. They began preparing for this time years ago, likely saving money each month to plan for moving into the dorm. Some have also paid off their mortgage in 2020. That also wasn’t a goal that they were able to achieve (unless they had a substantial windfall) in a short time. They likely paid an extra payment each year or added principal to each payment.
Whether saving for college, paying off debt or saving money in a 401(k), there is no method to snap your fingers and make that goal a reality. It takes discipline to save rather than spend, and sacrifice to give up a temporary reward for long-term gain.
And just like those that have lost weight, run a 5k or made long lasting health changes in your life, we find that our clients that are financially independent are equally as happy. It’s never too late to start saving. The incremental benefits may seem trivial or unimportant, but the long-term effects of those behavior changes will do you a lifetime of good.