Starting Fresh

It is a sad thought indeed, but summer is coming to an end. While August is just beginning, students will be back in the classroom before we know it, and weekend trips up to the lake will become scarce. What better time than the start of a new school year and the beginning of a new season to take a moment to evaluate your personal finances.

I was once asked by a peer when the right time was to begin saving. My response was simple; “Whenever you have excess discretionary income.” We are firm believers in beginning your investment career at a young age and becoming a habitual saver. The more dollars you put away at a younger age, the happier of a retirement you will have. Parents, now might be the time to encourage your children to get on a savings plan and do something with their summer job money. Students and young adults, take the time to shop around and consider what your investment goals are and what you need to do to make them a reality.

For adults that have been saving for years, this might be the season to review your investments and decide if you are properly positioned, and if your financial professional is helping you to accomplish your goals. With uncertainty in the markets, the increasing values of equities and speculation of a coming market correction due to Federal Reserve policies, this might be a more pressing issue than you think.

We constantly remind clients that when it comes to investing, there is no one single panacea; there are options. While not every option will result in the same outcome, one option may serve one person better than it may serve another. We encourage all of our readers to do their homework and make sure that you are in a position (be it independently or with an advisor) to take advantage of the markets. If you are uncomfortable with an advisor or their strategy, it might be necessary to take a step back and assess your current investment situation, and sometimes changes are required.

Looking ahead decades down the road can seem like a daunting task at times, but it is imperative that you understand just how important it is to put your excess money to work. The difference could quite literally be millions of dollars. The goal to a happy and healthy retirement is to start saving young, and to save often.

Ben Treece is a partner with Treece Investment Advisory Corp (www.TreeceInvestments.com) and licensed with FINRA (www.Finra.org) through Treece Financial Services Corp. The above information is the opinion of Ben Treece and should not be construed as investment advice or used without outside verification.
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