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There’s nothing like Christmas! The chill in the air, the lights, the songs, the smells of special holiday treats and memories of happy Christmases past all do their part to sweep us into the Christmas spirit.
As you soak up the traditions and togetherness, it’s also important to keep an eye to the future. Investors, we’re talking to you! Don’t be tempted to use your investing budget to spurge on shopping.
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It may sound harmless, but diverting your investing funds “just this month” can have a huge impact years down the line at retirement. Let’s say you planned to invest $6,000 this year—that’s $500 per month. If you decide to skip investing this month and buy an iPad with your $500 instead, that will erase about $15,000 from your retirement fund 30 years from now. While that may not keep you from putting food on the table, it’s a significant chunk of change for an item you can probably do without.
And even though you say you’ll do it “just this month,” giving yourself permission to spend your investing money is a slippery slope. It can easily become a costly habit. If you skip investing every Christmas for 30 years, that could reduce your retirement fund by $135,000!
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No one wants you to enjoy and be generous at Christmastime more than we do. You’ve worked hard to get to Baby Step 4, so you’ve earned the right to splurge a bit. Just be sure to budget your splurge and stay disciplined about investing. It’s a commitment you won’t be sorry you made!
Stay on Track With Expert Advice
Make the most of your investing dollars and work with an expert with the heart of a teacher. Dave’s investing Endorsed Local Providers (ELPs) are investing professionals who will keep you on track and give you the same great advice Dave would. Contact your ELP today!