The Nature of Planning | Wisdom, Wealth, And Wellness

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

Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of Satovsky Asset Management. And on today’s episode of “Seeking Wisdom, Wealth, and Wellness,” I want to talk about the nature of financial advice.

Many people, when I talk to them in America, they’re like, “what do you do?” and I never really have a good answer. However, when I step back and I go to foreign places and I see how people live, the reality is that financial planning, the root of it, is helping people live a better life, helping people live a richer life, and helping people get financial freedom. And there’s a simple mathematical formula for that, which is that you basically need 50 times the amount of money that you want to spend, which is equivalent to a 2% spending rate, and you can have unlimited freedom.

But in order to do that, the mathematics, as you get older, seem hard to conceptualize. But when you’re young, if you save and invest, and you compound your money, and you have a longer-term perspective with delayed gratification and are able to see through the ebbs and flows of life, you have limitless potential.

But you need a coach. You need someone to keep you on track. Otherwise, it’s easy to fall off track. And that type of stewardship—a lifetime relationship of stewardship, is priceless.

So, that’s the nature of advice. That’s the nature of financial planning. If you don’t have one, get one. Get someone you trust that isn’t imbuing you with the anxiety of the day, but helping you see beyond the moment, toward 10, 20, 30, 40, 50 years out for a vision of a life that gets you out of the anxiety from the headlines for the moment, on your path to Wisdom, Wealth, and Wellness.

Have a great day.

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Video Recorded December 13, 2022
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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 index information was compiled from sources that SAM believes to be reliable. No representation of guarantee is made hereby with respect of the accuracy or completeness or such data. 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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