Healthy Habits

Contributed by Gaskin Asset Management


A client recently brought his son into the office to have initial discussions around saving and investing for the future. The young man has an excellent job doing something that he enjoys making a respectable wage. Arguably more impressive was his sense of stewardship towards his income.

We were delighted to learn that in addition to work, this single young man is enjoying an active social life with friends and making time for travel. Furthermore, on the list of goals he shared with us we found, “to save for children’s college education”.   What an incredible sense of maturity and willingness to sacrifice today for what is to come, maybe.

As planners, we live in a world of preparing for hypotheticals and testing the resiliency of a plan or a portfolio against a thousand different scenarios. Some planners may use an overabundance of caution to encourage younger clients to plan for everything, foreseen and unforeseen. Instead, let’s shift this savings mindset to prioritizing; to saving for things that we know we will need sooner, rather than later. Common savings goals might include the down payment on a first home, a new car, or an emergency fund.

Saving for a child’s education will be important one day, but what is most important right now is to create healthy habits. Adopting a saving’s mind—a mind that chooses to sacrifice today to save for something in the future—is an extremely healthy habit. We cannot let this paralyze our ability to enjoy life today, but moderation between spending and savings is necessary to reach financial success and happiness.   These habits will then be so deeply ingrained that the partner he chooses to marry will either already have the same habits or will respect and adopt them as their own. Then they will work together to save for their child’s future.

Life is far too unpredictable to try to plan for everything. We do not have enough energy or time in the day to be trying to do this, but we can create and practice healthy financial habits daily. Just like waking up early to exercise or choosing not to eat a donut for breakfast in an effort to live a physically fit and healthy life, we can sacrifice something financially today for the future.

Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Gaskin Asset Management is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc.

Raymond James is not affiliated with Professional Women of Winston-Salem (PWWS).