Pay Your Future Self — Summer School Edition

Jonathan Satovsky
Jonathan Satovsky, CFP®, ChFC®, CIMA®, CPWA®, CDFA®

Jonathan Satovsky reflects on how the excitement of this summer has led to a focus on fast money, instead of investing in our future-selves.


 

Good morning! Good afternoon! Good evening! Whatever part in the world you’re in.

This is Jonathan Satovsky of Satovsky Asset Management on a bumpy car ride for a bit of summer school.

This episode of seeking wisdom, wealth and wellness is the idea of the short term versus the long term.

It’s exciting. IPO’s are coming public everyday.

The heat of the summer, COVID spiking, going down, people traveling, the delta variant, a lot of emotion.

But markets are extraordinarily vibrant and robust.

And there’s been a heatwave of activity in financial markets.

And it leads to fast money as CNBC quotes it, fast money, how can I make fast money?

Well, this summer school edition is you have a choice.

You could pursue fast money and that’s fine. That’s a path that people can choose. 

However, recognize the implications of pursuit of fast money and the habits and behaviors that that’s gonna lead you to in the long run.

I just got off the phone with a dear friend trying to help with their finances.

And in looking at a balance sheet from a planning perspective, forgive the technicalities.

But the accumulation of assets, the way that they’re building a balance sheet, focussing on the money they’re making in the markets in the short term, is leading to a lot of bad habits in the long term. 

So, they’re not focussing on what they control. And I’m mindful of the idea that if someone pays themselves first and saves 10-20% of their income and build the healthy balance sheet.

Pay your future self. If you pay your future self, oh man will you be smiling 20-30 years from now.

And the truth is, the small sacrifices you’ll make are fine, because if you don’t, most people experience something called lifestyle drift and 20-30 years from now, you gonna need to keep playing lotto to get to a position of financial security.

Ponder that in this edition of summer school for your pursuit of wisdom, wealth and wellness.

Have a great day!

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Video Recorded August 5th, 2021
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Disclosures

This blog post is not intended to be, nor should it be construed or used as, an offer to sell, or a solicitation or offer to buy any securities or interests in any strategy offered by Satovsky Asset Management, LLC (“SAM”). SAM is a registered investment advisor with the Securities and Exchange Commission – for more information see www.adviserinfo.sec.gov. Please remember that different types of investments involve varying degrees of risk, and that past performance is not indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the strategies recommended or undertaken by SAM) will be profitable. Market index information shown herein is included to show relative market performance for the periods indicated and not as standards of comparison. The market volatility, liquidity and other characteristics of SAM’s portfolio composition are materially different from the securities listed on public market indices. Market indata. Opinions are as of date of video and are subject to change. A copy of SAM’s current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. SAM undertakes no duty to update information presented herein.

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