During a year where oddities abound, I’ve found that many of us are seeking insight (and motivation) from unusual sources.
In fact, I watched a segment from The Daily Show this week where I drew parallels between Thanksgiving and…financial planning?
I know…just hear me out briefly.
It’s no mystery that holiday travel (interstate, especially) has become particularly complicated this year, which has led to an odd side effect…
Many families are celebrating in smaller groups than they normally would, leading to surging demand for…
tiny turkeys?
This was followed by expert commentary from a turkey farmer, who shared that bird size is driven by the amount of time they spend in “growth mode” (age) and,
in honor of the Thanksgiving tradition, they don’t they don’t take well to dieting.
The story then cut to a firefighter who talked about scenarios where an inexperienced cook might cause a house fire which, while reasonable, probably didn’t need to be stated.
It did remind me, however, of the first time I hosted Thanksgiving.
While most things went well, an unexpected complication occurred…
The pop-up timer misfired.
This part of the meal arrived half-baked, but was ultimately saved after receiving expert advice.
So, what does this have to do with financial planning?
When it comes to large financial decisions, our choices affect all members of the family and,
we often have more (and better) choices if we take action before they become time-sensitive.
There are also capacity constraints, whether it be cooking for a large party in our own kitchen, or annual limits imposed by the tax code (401k contributions, mortgage interest deductions, etc.)
That’s why it’s important to have a plan in place to maintain balance among competing priorities, and to get expert advice to make sure things go smoothly.
There’s a first time for everything, but things go smoothest when they don't look that way.
This year, like all years, don’t overstuff your turkey, your 401(k) contributions, or any other financial priorities.
If you’ve got questions on what changes you can make before year end to improve your financial situation, let’s talk.
This blog was written by Jeremy Bohne, Principal & Founder of Paceline Wealth Management. Paceline is a fee-only investment advisor serving clients in the Boston area, and on a remote basis throughout the country. Paceline specializes in helping tech and biotech executives, physicians, and those seeking financial planning services.