The One Thing I Wish Every Family Did Sooner — A Financial Advisor’s Surprisingly Simple Answer
It’s not a complex investment strategy. It’s not a tax loophole. What this seasoned advisor tells every family — from young couples just starting out to retirees with several million dollars — might just change the way you think about money forever.
Start With a Piece of Paper
Take out a piece of paper and write down everything you spend money on for 30 days.
That’s it. That’s where it begins.
The Exercise That Actually Works
Once those 30 days are up, you tabulate it, create yourself a projected budget, and then you simply take your net income — the amount you know you’re going to have for that 30 days — and you compare. For a new couple or a new individual just starting out, that’s the first component going forward. And when you examine your expenses, it really sheds a lot of light.
What a Multi-Million Dollar Couple Said Helped the Most
I’ll go a little different direction here. One of my old clients — they were in their mid-70s when we did their original plan. It involved a lot of tax strategies, a lot of sophistication, at least I thought so. Anyway, at the end of the initial process I asked them what they believed was the most beneficial part.
And here’s a couple with several million dollars. And they said, “Paul, understanding where we spend our money.”
Sometimes the simplest tools are the most powerful ones. A piece of paper and 30 days might be the most valuable financial exercise you’ve never done.
“Your greatest legacy is not money, it is leaving harmony instead of conflict”.
-Paul Levin
