As an active Financial Planner who visits with clients and dive inside their financial lives, I see a lot of different things.
I know that there are a lot of people who assume that if they make more money they will be able to save more. They think that they are going to win the lottery, get an inheiritance or a HUGE raise at work and it just never seems to come true for them.
Over the last few years a few realizations come to mind. If you receive a raise you will find new ways to spend it. Whether you are a doctor earning well over $10,000 per month or a laborer earning $3,000 per month there are many ways to live within your means. You just need to adjust.
Another realization over the years has been that savings/spending patterns are learned through your parents. It’s incredibly common to see wealthy parents who save diligently having kids who save just as diligently. Unfortunately, the opposite is usually true as well.
What would your kids think if they saw your finances? What kind of shape is your financial plan in?
If this is eye opening for you, you may need some help. As always I’m here!
Travis Strain, CFP
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