With summer reading season approaching, we wanted to highlight a few memorable articles we’ve found over the past couple weeks. With so much quality content available now, it can be tough to narrow down a priority list of what to read first. So we picked three on topics that are more reflective in nature but often can monopolize our thoughts when we actually get time away on a holiday weekend to think.
Death and Money: Get Past your Fears, and Decisions Will Come – Many of our decisions get sidetracked by fears we have around what the downside of a decision could be. Dealing with our money provides some classic examples of this. This article challenges us to answer, “How do we live more fully in the face of mortality?’ This question can create a more purposeful motivation for change in areas where values aren’t lining up with actions. Stress around money most often comes from other areas in our life. Be it fear of losing it, not having enough, or denying it completely. Taking a minute to understand what is most important in life, as the article mentions, can help you make your best financial decisions.
Just a Half a Percent – Outside of behavioral mistakes, maybe the biggest culprit working against us when building wealth is instant gratification. The incentives are strong to enjoy now vs. waiting. This article provides some eye-opening numbers demonstrating how powerful just half a percent can make on several fronts. Breaking down the impact a half a percent more can have on savings rates, income raises and investment returns could result in hundreds of thousands of dollars more in your bottom line over 30 years. The problem lies in how long the incremental change can take. This is where having a buffer can help. An accountability partner to remind you of this benefit and help implement automated changes to assure these half a percent changes happen. We discussed this topic in more detail and listed other great articles on the power of compounding in a recent podcast.
Why You Should Write Letters to Your Kids as They Grow – In meetings with clients, we often discuss goals, spending, and wishes for children of our clients. That’s because parents all want the best for their children. What better way to share your own successes, mistakes and lessons learned than through writing letters to your children? I loved the way this author describes how he’s approached this practice with his own children. Even sharing his very first letter. Not only could this be a great teaching vehicle for your children, but can provide insight to how your own views change throughout your life. I look forward to trying this in the years to come.