Tidewater Personal Financial Consulting, LLC

Wednesday Wisdom: Start where you are. Use what you have. Do what you can. - Arthur Ashe #wednesdaywisdom

Consider making September your “What can I buy?” month. Early fall is a good time to think about and review plans for major purchases, such as a new TV or computer, major home appliances (e.g. washer and dryer), or a new car. These large purchases usually require you to save up money. Review existing major purchase plans to check your progress and think about new major purchase plans to make. For example, you might not have had “new car” on your list before, but continuing repair problems with your current car may cause you to consider replacing it sooner rather than later.

Wednesday Wisdom: Opportunity is missed by most people because it is dressed in overalls and looks like work. –Thomas Edison #wednesdaywisdom

Fact or Fiction: I need exactly 3 months of income saved in case of emergencies. Fiction. While saving three months worth of paychecks is an amazing accomplishment, it may not be the best choice for everyone. People with uncertain job futures, larger expenses, or even a personal preference for security may be better off with a more robust emergency fund. Likewise, people with a stable job and low expenses may be able to get by on a lower savings if their financial plan is resilient enough. To better understand your situation and save accordingly, book a financial coach. #factorfiction #emergencyfunds

It's National 401k Day, the perfect time to review your contributions and understand your employer supported retirement plan. Learn more about the day at: https://buff.ly/2Q1V8Om Check with your employer for more information on your specific plan. #retirement

Wednesday Wisdom: Live as if you were to die tomorrow. Learn as if you were to live forever. - Mahatma Gandhi #wednesdaywisdom

“The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known, and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pays tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.” - US Department of Labor

Thought experiment time! What would you do if you received a gift of $100? What about $1,000? $10,000? How you plan on spending might change drastically as those digits increase. The question is, what would change? For most people, spending is the first answer. A dinner or shopping spree might be fun, but that is just a one-time event. If you were to invest in yourself by paying off debt or increasing your savings, that could bring longer term satisfaction. By choosing savings first, you give yourself more options for later, and you can enjoy more of your finances for longer. Delaying gratification is tough, and the discipline required to scale spending based on the amount takes practice. Now is the best time to start though, so think for a bit on how to better use acquired money. This theoretical application of delayed gratification can help you see your regular income differently, and you may begin to shift away from consumerism to a smarter use of your finances. With that thought in mind, what would you do? #personalfinance #money

Wednesday Wisdom: Too many people spend money they earned to buy things they don’t want to impress people that they don’t like. – Will Rogers #wednesdaywisdom

Fact or Fiction: I have enough in my account to cover my expenses so I don’t need to budget. Fiction. If you are not tracking your money, it will track all over you. Not understanding your expenses creates the risk of overspending, undersaving, and general money anxiety. If you create and follow a plan, you give yourself the power and control over your income, and can ensure that you do in fact have money in your account for your expenses. #factorfiction #dontlook