From the TGIF 2 Minutes Archives earlier this year PRE-coronavirus…
Earlier this year in February things were GOOD! The economy was cranking, unemployment was low, wages were up, and it was a somewhat perfect time of the year to set goals. Think: it was pre-tax filing time and after the holidays.
Fast forward to today… the world has changed. Our savings have been tapped in the pandemic — and new savings and other goals need to be reset! While the kids may now be going back to school (followed by maybe not??) using this precious time to set just a handful of goals can pay off toward achieving those goals.
As we persevere through the coronavirus pandemic, consider the following message from the 2019 Archives of TGIF 2 Minutes….
What is your reason for saving money? Is it retirement? Or are there “mini-goals” that would feel really great to achieve today?
Of course, retirement is often a primary long-term savings goal, but not always. “Retirement” encompasses more than simply stopping work and being on a “permanent vacation.” In fact, research published in the Journal of Financial Planning* reports that quitting work cold turkey often is not reality – for a number of reasons.
Re-running this edition due to popular demand… Younger and less experienced investors (new college grads, younger workers buying a first home or saving in a 401k for the first time) can especially benefit by learning these steps, but really anyone can be better off:
If anything has been important since mid-February 2020 it has been being mentally strong and resilient – or having friends and family who are mentally strong to lean on. Believe it or not, this has nearly always been the case with investing.
How many times in the past going on 10 weeks has someone said to you, “Hang in there”? How many times have YOU perhaps said to someone you care about, “Hang in there”?
Hanging in there is often all we can do – and a brave thing to do at that. When it comes to tough markets like the ones we are currently experiencing, “hanging in there” translates to discipline in the midst of bravery. Discipline and bravery are two of the ultimate challenges in life.
At February 21st, while the year is still young… the time is perfect for reviewing or setting goals for this year and the years and months to come. No pressure. The holidays are in the past and the deadline for filing 2019 taxes is still a bit in the distance – for now!
At this somewhat perfect time of the year, goal setting can pay off in a big way toward achieving those goals. Often goal setting is difficult to start with a blank sheet of paper so here are a few tidbits to create momentum:
Most people would define their primary savings goal as “retirement.” …Or would they?
Of course, retirement is often a primary long-term savings goal, but not always. The definition of retirement itself has morphed over the recent decade with people living longer lives. “Retirement” encompasses more than simply stopping work and being on a “permanent vacation.” In fact, recent research published in the Journal of Financial Planning* reports that quitting work cold turkey often is not reality – for a number of reasons.
In light of graduation season, it can be beneficial to review (or celebrate) the basics of personal finance which can lead to future peace of mind – both for ourselves and the kids, grand kids, nieces and nephews who mean the most to us. From May 2018: