Apprise’s Five Favorite Reads for the Week of July 28, 2024
Philip H. Weiss, CFA, CPA, RLP?
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Thanks for reading Pathway to an Informed Retirement, a weekly newsletter where I share tips and suggestions about personal finances that can help put you on your personal pathway to an informed retirement. You can learn more about Apprise's Pathway here.
Simplify for Better Return on Life
"Simplicity is the ultimate sophistication," proclaimed an Apple Computer marketing brochure from 1977. In the ensuing decades, Steve Jobs' commitment to this ideal resulted in technology products that were as beautiful as they were easy to use. It also helped Apple become one of the world’s most valuable companies.
The clutter we accumulate often prevents us from getting as much value as possible from our time and money. Think about how paring down to the essentials in the following four areas could improve your Return on Life.
1. Simplify your space.
Surrounding yourself with too much stuff can have serious effects on your mental and physical health, including stress, depression, lack of focus, and higher risks of household injuries. Cleaning can have the opposite effect, filling you with positive feelings as you open up more physical space for yourself. As you organize things you want to keep and let go of those you don't, you might feel nostalgia and gratitude for people and experiences that have enriched your life. Giving away items you've outgrown will also make you feel good about helping someone else as you make room for the exciting things that will come next.
2. Simplify your schedule.
Despite your many personal and professional responsibilities, you probably have more control over your days than you realize. With a little forethought, it's usually possible to make time for exercise, reading, or a quiet cup of coffee, especially if you incorporate some of these activities into your morning or bedtime routine. But if you can't find time for a bike ride or a dinner date with your spouse, you might need to examine your whole schedule and reassess your priorities. Are you staying up too late and sleeping in longer than you should? Do you accept more meetings at work than you need to? Are your delegation skills as effective as they could be? Are you and your spouse dividing household chores evenly?
3. Simplify your thinking.
The running dialogue in your head that's constantly dredging up regrets about the past and spreading anxiety about the future is robbing you of the present. Incorporate mindfulness into your daily routine to keep yourself focused on what you can and will accomplish today. Try meditation, yoga, or deep breathing exercises to root your mind and body in the here and now. Keeping a gratitude journal can also help you appreciate the good things in your life instead of dwelling on negative thoughts.
4. Simplify your finances.
What, ultimately, is your money for?
Yes, we all must pay the bills and provide the essentials for our families. But how you use your money should also be tied to specific, actionable life goals, and upcoming transitions. Remember to align how you use your TEAM (Time, Energy, Attention, and Money) of capital with your values. When you don’t earn, spend, save, and invest with purpose, your money tends to scatter across possessions you don’t need, subscriptions you don’t use, debt you could have avoided, and short-term solutions to problems that will continue to linger in the long run. Vacations get skipped, and old cars get older and more unreliable. Out of nowhere, you find your family has outgrown your home, but you can’t afford to move. Alternatively, your kids may start looking at colleges you can’t afford. Later, you and your spouse may find yourselves wishing you had the means to retire.
When you eliminate what’s not essential, you’ll have more resources to commit to the people, places, and activities that make you truly happy. Schedule a call, and we can discuss how our Life-Planning process can simplify complex financial issues and keep you and your money organized around what matters the most.
We try to help you find the balance between planning and enjoying the moment with our Life Planning process. Please schedule a call if you would like to discuss your life plan or any other aspect of your financial life.
This Week’s Favorite Reads
This week’s favorite reads include articles highlighting the following topics: talking about money in relationships, habits that will help you to live and be better, women’s most overlooked issue, tips to help you sleep better, and part-time work in retirement.
领英推荐
Here are the links to this week’s articles as well as a brief description of each and why you should check it out:
When it comes to talking about money in relationships, many couples struggle. Having a conversation before you fall in love and commit to a future together can save a lot of pain and anguish. Arguments about money serve as a leading predictor of divorce. This article shares seven things you can talk to your partner about now. These apply whether you are in a serious relationship or planning to get married. If you’re already married and haven’t discussed them yet, it’s not too late. You can also read this blog for some more tips. If you go to this link, you can access “Your Financial Plan: 11 Questions to Discuss with Your Spouse.”
Are you satisfied with the person you currently are? Could you be a better person? By that, I mean kinder, more generous, more patient, more thoughtful, and/or more reliable. Many of us know we could improve in any of these areas. But how? One of the key virtues of Stoicism centers on being a good person. This article shares 10 habits that will help make you a better person. Take a look at these habits. I doubt you can argue that adopting them won’t make you a better person. Doing so can also help you improve the lives of those you know and love.
When it comes to retirement, women face many financial challenges. Most commonly, we think about the gender pay gap, increased caregiving responsibilities, and longer life spans. This article addresses a fourth threat, which is spoken about less often – chronic illnesses. U.S. women and men suffer from many of the same diseases. Heart disease represents the leading cause of death for both. However, debilitating autoimmune disorders and chronic diseases such as multiple sclerosis, lupus, migraines, depression, and Alzheimer’s affect women more than men.
Plus, one in eight women develop breast cancer during their lifetime. I know this all too well as it led to my mother passing away when she was only 53. Women must also worry about the potential for gynecological cancers and pregnancy complications as these can also trigger chronic conditions. These factors create a health gap that needs to be considered in women’s financial plans. This article delves deeper into the health gap.
Do you struggle with your sleep? Many people do – at least sometimes. About a third of Americans don’t sleep the recommended seven to nine hours a night. According to research cited in this article, choosing the right foods and meal times can improve your sleep. Our internal body clock, which regulates our physiology and behavior, including sleep, is affected by when we eat. A Mediterranean diet – high in vegetables, fruits, whole grains, fish, and unprocessed lean meat – offers good nutrition. It also provides nutrients that boost serotonin and melatonin. Plus, it helps balance our gut, which can benefit our circadian rhythm. Other things that can aid your sleep include having an early dinner, being consistent about mealtimes, eating breakfast, and cutting back on alcohol. Check out the article to learn more.
For many, work defines who they are. In our adult lives, income-earning ability helps us build and grow financial capital. Ideally, we can generate enough financial capital to retire and stop working. Some need to continue working during what many would consider their retirement years because they need the money. Others continue because it allows them to be productive members of society. Doing so can also reduce financial stress. Working part-time in retirement is not the right choice for everybody. We save during our working years to better prepare ourselves for later. After all, we might want to change how we spend our days in retirement.
From a life planning perspective, you should strive to live your most fulfilled life. As discussed in the article, if you find fulfilling activities that allow you to earn a little extra money, there isn’t a compelling reason not to do so. Would you like to read more about this topic? This article discussed how retiring from a productive career doesn’t have to be a blow to your identity.
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