If you do not decide, the money slips through your fingers.
Step 5: Use Part Of The Savings For Joy This may sound strange in a chapter about financial strategy, but it matters. If you turn every dollar of tax savings into “serious” goals, you might eventually resent the whole process. You want your move to feel like an upgrade, not a punishment. Consider designating a small, fixed slice of your tax savings each month for: • Vacations • Family experiences • Hobbies • Occasional splurges The key is that it is a defined amount, not a free for all. You still get the emotional benefit of enjoying your success while most of the savings quietly builds your future. Step 6: Align Your Savings Plan With Professional Advice There is a lot of noise out there. Some voices say you should put every extra dollar into investments. Others say you should pay down all debt as quickly as possible. Others focus mainly on retirement accounts or starting businesses. Much of the best guidance suggests a balanced approach: • Ensure an adequate emergency fund • Pay down high interest debt • Contribute meaningfully to retirement • Then invest for other goals in a diversified way The exact mix for you depends on your age, income, risk tolerance, family situation, and long term goals. That is where a financial advisor or planner earns their keep. 63
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