We often harken back to the “good old days” when everything seemed so much simpler. Then reality sets in, and we realize that people had problems back then, too. There was the Great Depression, of course. The gas crunch. People died of diseases that now can be
prevented, bathrooms weren’t located in the house and central air conditioning was non-existent. What’s more, there were only three television channels, and you had to get up to change them.
Then again, some things were definitely simpler back then. Instead of replacing your air conditioning filter every month or so, you simply used a half-folded newspaper to fan yourself. At least it was one less thing to remember to do!
In the past, it also took longer to get the things you wanted. People grew their own vegetables. They saved their money until they could buy new clothes or a dishwasher or a car. Credit was something issued by a local store owner, not by some bank in another state where you didn’t even know the owner lending you credit. Back in the old days, fewer people were swamped with debt — it was considered taboo.
That’s one of the biggest changes between modern-day society and the financial philosophy of yesteryear. Now credit card debt is common, student loan debt is acceptable, and very few people buy a car or a house with cash. Today, banks encourage you to build up credit history by buying things on credit and paying them off in a timely fashion. If you don’t — if you pay for everything with cash — your credit score may be lower than a person who relies on credit cards. We even get rewards or cash back for using credit cards.
The buy-now-pay-later model fits the culture of instant gratification that is so common today. If you don’t have the money to buy something you want, put it on a credit card. If you don’t have the time to cook a meal, order delivery. You don’t even have to go to the store to buy a new record or book; you can download it immediately from the internet.
Unfortunately, one thing that doesn’t come easily is retirement income. The best way to save for your later, non-working years is slow and steady over time. If you find yourself a bit behind, we may able to help reposition retirement assets to help put you in a better place for the future. It may not be instant gratification, but a well-thought-out retirement income strategy could help you in the long term.
It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.
Strategic Wealth Designers, LLC is a Registered Investment Advisor in the states of Kentucky and Indiana. Matt Dicken, Dustin Stanley and Jordan Schwartz are Investment Advisory Representatives affiliated with Strategic Wealth Designers, LLC. The advisors may not transact business in states where they are not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
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