Marsh & McLennan Agency LLC
The Raleigh YPN kicked off the first meeting of the new decade with a great panel of speakers to educate us on “#Adulting.” The panelists provided their insight on managing your finances, planning, and even work life balance. There were a number of takeaway messages, firsthand experiences, and tips shared that everyone can start doing today.
- Adam Whitesell, a private wealth advisor with Ameriprise Financial Services, Inc., talked about the importance of mastering your debt and saving until it hurts. He referred to this as the 100% rule. Everyone makes 100% of your paycheck, but what happens next? You can assume 30% is taken for taxes, so that leaves us with 70% of our paycheck remaining. What next? Debts. Debts include anything from car payments to mortgage, etc. His rule of thumb is to allocate no more than 20 – 28% of your paycheck towards debts. Now we are 50% of our paycheck amount. Now we need to take out 10% towards retirement, and, if applicable, allocate at least 20% to include education for dependent children. Finally, we are left with 30% to put towards all other expenses. Budgeting tools can be helpful but they don’t break the habit. Start to break your bad habits and build new ones.
- Have a good relationship with money and allow yourself to be able to unplug and recharge to affect change and self-care. Realize that no one can fully balance work, family, friends, finances, etc. The real goal is to integrate all areas of your life to work the best for you. Start to prepare now or as soon as you can, not when it becomes a necessity. That way you won’t be playing catch up later.
If you are interested, check out a couple of the following books our panel of speakers recommended:
- “Chasing the Brightside: Embrace Optimism, Activate Your Purpose, and Write Your Own Story” by Jess Ekstrom
- “Mastery” by Robert Greene
- “Never Split the Difference: Negotiating as if Your Life Depended on It” by Christopher Voss and Tahl Raz