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!