When Money Doesn’t Matter Show 48

Sometimes saving money doesn’t matter…
Most of us for a period of time dutifully arose out of our comfortable beds each morning to go to work to earn money. While work should be meaningful and purposeful, we realize that if we weren’t getting paid, we’d have issues.
We are engineered from a young age to understand that money is essential. In fact, I’m trying to teach my three year-old daughter this lesson now.
We’ve raised chickens for the last four years. Since she was able to walk, she’s enjoyed helping me by carrying the chicken feed out to their coop. Pictured below is Amelia in early 2020.
She enjoyed our morning ritual until a few months ago. One afternoon I let the chickens out of their coop to walk around the yard, and I took my eyes off Amelia for a couple of moments. When I did, our rooster came rushing at her. Roosters are notoriously aggressive. Of course, this frightened her, and she didn’t want to feed the chickens anymore.
We have so many eggs that we started selling them. Previously, I had told Amelia since she was helping with the chickens, she could keep the egg money for when she wanted to buy new things. On Monday I had a conversation with her that if she didn’t want to feed the chickens, then she wasn’t going to get to keep the egg money. The next morning she put her boots on and fed the chickens with me. Something about being able to buy more Play-Doh motivated her.
We are conditioned as young children to understand that money is important, but sometimes money can’t buy you what you want…
Amelia is pictured below last winter with a basket of eggs.
Many of us can think of times in our lives where we could have afforded something but we prudently decided to not buy the item or go on the vacation. Having that restraint is commendable and wise. But here’s the problem. We aren’t promised another day. We don’t know if our delayed gratification will pay off.
You may be thinking, “And this guy calls himself a financial advisor??” I know. I spend my days helping people make good stewardship decisions, and it’s incredibly important to prepare and save for the future. If we don’t, our old age is likely to be spent in less than favorable conditions.
Over the weekend, I was speaking with someone about how I’m glad my mom got to go to Italy, Hawaii, and out west on vacations. My parents worked very hard and invested in their businesses and did without when I was young, but as I got older they were able to do a lot of fun things. I’m thankful my mom had those experiences. We’re pictured below on our Sunday afternoon walk this week.
When my mom was 63, she was diagnosed with dementia. She now can’t go to Italy or Hawaii. If she were in one those cool places, she’d never know it. Life is too short to not fully live each day.
While I love helping clients manage their money and grow it, I admonish you to enjoy your money that you have worked hard for and create memorable experiences. At some point, all we may have is our memories of those enjoyable times.
I should add a caveat to what I’ve discussed here. As an advisor, it can be painful to watch people run out of money or watch people who are on a trajectory to run out of money.
We can develop strategies to be able to use your money and guard against running out of money. Before making any decisions about spending your money, I’d be happy to comprehensively look at your situation and discuss the pros and cons of using your money for aspirational purposes.
Until next week,
David C. Treece,
Financial Advisor
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of podcast hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.

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