Turkey Talk: Top Money Topics Advisors Hear
Stuart Brisgel

The Power of Compound Interest

When the turkey is carved and the conversation turns to financial topics, compound interest often steals the spotlight. Imagine investing $10,000 at a 7% annual return. By the time you hit 65, you’re looking at over $76,000! This “interest on interest” effect is why starting early and staying consistent in your investing can truly make a difference in your financial future.

Benchmarks for Savings Goals

Gathering around the holiday table often sparks discussions about savings goals. A good benchmark is to save 15–20% of your gross income yearly. Striving to have 1–2x your salary saved by age 35 and 10x by retirement can set you up for financial stability. Remember, it’s not about perfection but about consistently making an effort to save.

Principles of Financial Independence

Thanksgiving is a time for gratitude and reflection, and what better time to consider financial independence? True financial independence is about having control over your retirement age—living within your means, avoiding lifestyle inflation, and making wise decisions about housing can get you there.

The Value of Diversification

During lively dinner conversations, the classic "what's hot to invest in now?" comes up. But it’s crucial to highlight the value of diversification. Spreading investments across different asset classes and sectors helps reduce risk and enhance long-term stability, proving to be a much better strategy than chasing trends.

The Case for Long-term Investing

Amidst the storytelling and laughter, we often forget that timing the market is less savvy than it sounds. Instead, adhering to a long-term plan and weathering the market's ups and downs while focusing on sustained growth is essential to successful investing over the years. As the plates clear, consider what financial chats you've had lately—or wish you had. You're not alone in your curiosity! Financial health begins with asking the right questions. We're here to help if you’re ready to discuss personalized planning. Your future self will be thankful you did.