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Teaching your children about money is one of the greatest gifts you can give them! Financial literacy is a skill that lasts a lifetime, empowering them to make informed decisions, build wealth, and live abundantly. The earlier you start this journey with your children, the more prepared they’ll be to navigate their own financial futures.

Here’s how to set them up for long-term success:

1. Teach the Basics Early

Children are like sponges, absorbing the lessons they observe and experience. Use everyday opportunities to introduce basic financial concepts:

• Saving: Encourage them to set aside part of their allowance or gift money for future goals.
• Spending: Help them understand the value of money by allowing them to make choices, such as buying a toy or saving for something bigger.
• Earning: Introduce the concept of working for money through chores or entrepreneurial activities like a lemonade stand.

2. Model Healthy Financial Habits

Children learn more from what you do than what you say. Be intentional about modeling good financial behavior:

• Talk openly about budgeting, saving, and spending responsibly.
• Involve them in simple financial decisions, like grocery shopping with a set budget.
• Show them the value of patience by saving for bigger purchases instead of relying on credit.

3. Make It Fun and Engaging

Financial literacy doesn’t have to be boring!

• Use games like Monopoly or online financial apps designed for kids to make learning fun.
• Create visual aids, such as savings jars, to show progress toward a goal.
• Celebrate milestones, like saving their first $100, to instill pride in their achievements.

4. Open a Savings Account

As your children grow, introduce them to banking. Opening a savings account can teach them how to manage money on a larger scale:

• Set savings goals and monitor their progress together.
• Teach them about interest and how their money can grow over time.
• Gradually introduce more complex topics like investments as they become teenagers.

5. Teach the Importance of Giving

Generosity is a cornerstone of a fulfilled life. Help your children understand the joy of giving by encouraging them to set aside a portion of their money for charity or causes they care about.

6. Build Financial Confidence

Empower your children to make mistakes in a safe environment. If they spend all their money on a toy and later regret it, use it as a teachable moment. These small lessons build the confidence they’ll need to handle bigger financial decisions as adults.

7. Plan for Their Future

As parents, part of setting your children up for success involves planning beyond the basics:

• Start a college savings plan: Consider options like 529 plans to save for their education.
• Introduce investing: Once they’re older, teach them how to grow their money through investments.
• Provide guidance: Share your knowledge, and connect them with trusted financial advisors who can help when the time comes.

Building a Legacy

By starting your children’s financial journey early, you’re equipping them with the tools to create their own Two Comma Life. You’re not just teaching them about money—you’re teaching them about responsibility, independence, and the power to live with purpose and abundance.

If you’d like help crafting a financial roadmap for your family, we’re here to support you every step of the way. Let’s work together to ensure the next generation is ready to succeed!

 

Tune in to the Retirement Readiness Podcast to hear more!

Did you know that a whopping 57% of Americans expect to work in some capacity after retirement? 

Many people find that a traditional retirement filled with leisure just isn’t for them, and many retirees are exploring the exciting world of retirement hobbies that can also make money. Today, we’re exploring common hobbies that could generate extra income to support your Two Comma life in retirement – from arts and crafts to teaching and more. Let’s dive in!

Turning Retirement Hobbies into Side Hustles: The Pros and Cons

Turning a hobby into an income-generating business can have a host of benefits:

• You get to spend time doing what you enjoy
• You can boost your income and live a more comfortable lifestyle
• You can keep yourself mentally sharp 
• You can socialize and build new connections with others

Related: How to Overcome Boredom in Retirement and Find Personal Fulfillment

Of course, it’s not always sunshine and roses – trying to monetize your hobbies can come with startup costs, tax implications, and in many cases a significant time investment. Additionally, turning your hobby into a job might take some of the fun out of it for you. 

The key to creating a side hustle that lasts is to focus on activities you already enjoy. Before you get started, consider how to leverage your existing skills and interests to generate some extra income.

6 Retirement Hobbies that Make Money 

If you’re interested in taking up a new hobby and making some extra dough, here are some ideas that might help you get started. 

1. Vintage & Antique Reselling

Selling vintage and antique items can be a rewarding and lucrative hobby for retirees. With a flexible startup investment, you can build a collection and sell your finds online or at local markets. While the income potential varies depending on the rarity and value of the items you find, it can be quite lucrative in certain markets. 

Earning potential: On average, antique resellers make $44,589/year.

Startup costs: Packaging and online selling platform fees (such as those collected by eBay or Etsy) will likely cut into your profits – as well as display equipment and product photography for your items. 

Tips for getting started: Stay up-to-date on current trends in the antique market to identify in-demand items and adjust your pricing strategy accordingly. Be sure to gather information, invest in research and authentication, and consider what marketing tactics you could use to get the word out about your business. 

2. Selling Art & Crafts

Turning your artistic talents into a profitable hobby can be a fulfilling way to spend your retirement. Whether you’re a painter, woodworker, drawer, knitter, or crocheter, there’s a market for your creations. Like reselling, profits will vary, but it’s a great way to build new connections with people who share your passion.

Earning potential: The U.S. Bureau of Labor Statistics reports that craft artists bring home about $43,610 annually.

Startup costs: While it will vary widely depending on your craft(s) of choice, be sure to factor in materials, equipment maintenance, and marketing in your income calculations. 

Tips for getting started: If a particular product consistently sells well, consider increasing production or exploring new variations. Keep a spreadsheet to track your growth and adjust pricing accordingly. If growth happens fast, it may also be wise to invest in software like Quickbooks. 

3. Teaching Online

If you have experience in a specific subject or enjoy sharing your knowledge, there are various opportunities to offer tutoring or teaching services. You can earn a steady income by providing tutoring services regularly or by teaching online courses.

Earning potential: Glassdoor reports that an online teacher (across all industries and experience levels) makes about $60,347 per year.

Startup costs: Consider costs for any certifications or credentials you may need to obtain, as well as teaching materials and a reliable home computer. 

Tips for getting started: Be aware of potential tax deductions related to your teaching activities. You may be able to deduct expenses such as teaching materials, professional development courses, and home office expenses. Consult with an advisor to ensure you take advantage of all available deductions.

4. Cooking & Baking

Whether you’re a seasoned chef or just enjoy experimenting in the kitchen, turning your culinary skills into a business can be rewarding through platforms like a personal website or Instagram or as a pop-up and at farmers’ markets.

Earning potential: Cooking and baking have a wide range of income potential, depending on your location, goods, and time commitment. While some estimate a custom cake decorator can bring home about $1,000 per month, one woman turned her baking hobby into a $900,000 side hustle. 

Startup costs: Factor in costs for kitchen equipment, ingredients, packaging and supplies, labels, or even the rental costs for a commercial kitchen. 

Tips for getting started: Consider catering for parties, weddings, or corporate gatherings. This can be an efficient way to experiment with pricing and showcase your culinary skills to a larger audience. Of course, be sure to adhere to proper food safety practices to maintain the quality and safety of your products and obtain all necessary licenses or permits. 

5. Content Creation & Blogging

Blogging and content creation, including product reviews, can be a rewarding and financially viable hobby for retirees. With the right approach, you can build a loyal following and generate income through various channels. Common monetization strategies include advertising, affiliate marketing, sponsored content, and selling digital products.

Earning potential: According to ZipRecruiter, a blogger brings home an average of $62,275 per year. 

Startup costs: Remember that you’ll likely need to purchase a domain name and hosting for your blog or website, and you may need to hire a professional designer or website builder to create a visually appealing and user-friendly platform.

Tips for getting started: Building a successful blog or content channel requires consistency. Establish a regular posting schedule to keep your audience engaged, connect with other bloggers and influencers in your niche to expand your reach, and invest in search engine optimization (SEO) to improve your online visibility.

6. Pet Care Services

Pet care services, such as pet sitting, grooming, and walking, can be a rewarding and financially viable hobby for animal lovers. With a modest startup investment, you can turn your passion for pets into a profitable business.

Earning potential: Pet sitting earns an average of $33,377 per year.

Startup costs: Common startup costs include liability insurance, grooming supplies, and transportation. You may also wish to consider getting pet first aid or CPR certified to enhance your credibility and attract more clients.

Tips for getting started: Consider charging hourly rates for pet sitting or walking, or by offering package deals for multiple services and repeat customers.

You may be able to enjoy a more fulfilling and financially secure retirement by turning your hobbies into profitable ventures. Not only will you have the opportunity to do what you love, but you’ll also potentially generate additional income to supplement your savings.

Turning Your Hobbies Into Financial Freedom With PrairieView

Partnering with a financial advisor like the team at Prairie View can be invaluable in the retirement planning process. Our experts can help you assess your financial goals, develop a personalized plan, and provide guidance on managing your income and expenses. 

Schedule a complimentary consultation with us today!

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

Dreaming of a life beyond the nine-to-five grind? 

A big piece of the Two Comma Life is achieving financial independence – which goes beyond just the numbers in your bank account. Knowing the distinction between building wealth and reaching that financial independence is key to building a purposeful and intentional life based on your values. 

To help you get started, we’re delving into what financial independence really means, how it differs from being independently wealthy, and some practical steps you can take to get on the path to success. 

Independently Wealthy vs. Financially Independent: What’s the Difference?

In the realm of personal finance, the terms “independently wealthy” and “financially independent” are often used interchangeably, but they carry distinct meanings and implications. 

Being independently wealthy typically implies that you possess a substantial amount of wealth – which can come from an inheritance, successful business ventures, significant investments, or some other means. It focuses largely on the wealth you have amassed.

Financial independence, however, is more about what you’re doing with that wealth. Often, it’s about having sufficient income streams to cover your living expenses without relying on a traditional job. It’s not necessarily about having a massive amount of wealth but having enough to live comfortably and securely.

We like to prompt our clients to imagine what they’re life would look like if they won the lottery and suddenly had enough money to do everything on their wishlist. The answers to that question are the “financial independence” piece of the puzzle – it’s about reaching the ideal life you envision for yourself, and the peace of mind that comes from knowing you and your loved ones don’t have to worry about money. 

How Do Americans Define Financial Independence?

In a 2023 Empower survey, 67% of Americans said achieving the milestone of financial independence was important to them. 

When asked to define what that meant to them, the top answers were:

• Not needing money from family and friend
• Reaching a certain net worth
• Being able to contribute to their 401(k)

Many people connect financial independence with the goal of an early retirement – so much so that the movement has been coined “FIRE,” which stands for “Financially Independent, Retired Early.”

Benefits of the F.I.R.E. Lifestyle

The F.I.R.E. lifestyle centers around an early retirement, but financial independence also offers a multitude of benefits that go beyond simply escaping the traditional work grind. Here’s a breakdown of some of the most attractive advantages:

• Freedom of Choice: You can prioritize what matters most to you (and have the freedom to let those priorities shift and change). Work part-time, volunteer your skills, or take that long overdue extended trip with loved ones. The choice is yours!
• Pursue Passions: Financial independence empowers you to explore your creative side, dedicate time to artistic pursuits, or transform a side hustle into the thriving career you’ve daydreamed about. 
• Reduced Stress: Peace of mind fuels a fulfilling life! Stress melts away when you’re not constantly worried about unexpected expenses or job instability. This newfound security frees you to focus on what truly matters and live fully.

A survey by the Pew Research Center found that millennials prioritize experiences like travel and spending time with loved ones over owning luxury items more than previous generations. This value shift reflects the growing movement towards people seeking a life filled with meaning and purpose, not just material possessions.

Setting the Foundation for Financial Independence

First, it’s important to understand that financial independence doesn’t magically happen when your bank account hits a certain number. Without a plan in place to maintain that money, it will simply drop lower and lower (similar to how many lottery winners squander their fortunes within a few years).

To ensure you maintain your financial independence, you can:

1. Set specific goals. What does financial independence look like for you – and what will that realistically cost? Define your desired monthly expenses and calculate the income you’ll need to sustain that life. It might be helpful to journal out this step of the process!
2. Consult with trusted professionals. Consider seeking guidance from a certified financial advisor to create a personalized plan for your unique situation. A fiduciary – someone who is legally and ethically required to put your best interests first – is a great place to start your search. 
3. Create a realistic savings plan. One of the best ways to stay on track for your savings is to set up automatic deposits into your account when you are paid. This “pay yourself first” approach ensures you’re prioritizing your future and could help reduce any temptations to spend what you planned on saving. 
4. Focus on your income streams. This step is the most important, and perhaps the most difficult. To sustain financial independence, you need money to be coming into your wallet – even if you’ve decided to retire early. Money you earn without actively working (passive income) could include profits from your investments, such as real estate rentals or interest on high-yield savings accounts. 

Related: 5 Steps to Achieving the Two Comma Life

Achieving financial independence is about more than just accumulating wealth; it’s about crafting a life that aligns with your deepest values and desires. By understanding the distinction between building wealth and achieving financial independence, you can set yourself on a path to a life filled with purpose and fulfillment. The steps outlined above – from setting specific goals to creating multiple income streams – provide a practical roadmap you can use to get started. 

Find Your Two Comma Life with PrairieView

Want to learn more? Check out our podcast episode about how to become independently wealthy, where hosts Tim Regan and Katie Umland explore how to navigate through the “suck” of building wealth and more strategies for achieving financial independence. Then, connect with our team today for a free consultation.

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

You’ve likely had a vision of your ideal retirement in mind for years or even decades: Exploring new hobbies, reigniting old passions, and crossing far-flung destinations off that bucket list. 

But what if the reality feels a little…different? Instead of bustling with activity, you find the days slowly dragging on, and even catch yourself feeling bored in retirement. 

Don’t worry, you’re not doing it “wrong.” Boredom is actually more common than you might think – in fact, 36% of retirees report feeling a lack of purpose, and 50% have considered “unretiring” simply because they enjoy the intellectual challenges and stimulation from working.

In today’s blog, we’re exploring the common roadblocks of boredom in retirement, as well as seven strategies you can use to bring more joy, purpose, and fulfillment to the Two Comma life you’ve worked so hard for. 

When Feeling Bored in Retirement is a Problem

Everyone feels bored sometimes – but how do you know when it’s becoming a larger problem?

The consequences of chronic boredom extend far beyond simply feeling uninspired. Research paints a concerning picture, linking prolonged boredom to a rise in depression, anxiety, and feelings of isolation. This lack of mental stimulation can even contribute to cognitive decline, a significant concern especially as we age. 

Related: Click here to listen to “Retirement Readiness Ep. 47: Cognitive Health Strategies in Retirement”

Actively engaging our minds and combating boredom isn’t just about having more fun, it’s a key piece to safeguarding our mental and physical well-being. If you feel like you’re spending most of your days waiting for the minutes to tick by, it might be time to take action and start implementing intentional strategies to bring more purpose to your life. 

7 Ways to Beat Boredom in Retirement 

1. Seek Learning Opportunities

Boredom often stems from too much familiarity. We all have our “fishbowls” – the habits, ideas, and settings we know like the back of our hands. But sometimes it’s easy to get too comfortable inside that fishbowl and forget to seek out new experiences, too. 

If that’s the case, I encourage you to dive into something unknown. Whether it’s dabbling in a new language, taking an art or pottery class, or finally taking that meal prep seriously, a new skill or hobby can keep your mind sharp, introduce you to new people, and offer an exciting challenge. 

Consider looking at your local college or university to see if they offer free or reduced classes for seniors, or searching online for local clubs to join. 

2. Get Moving

Physical activity isn’t just good for your body; it’s a mood booster too. Science tells us that staying active releases endorphins, which can help combat feelings of depression and anxiety, and improves overall cognitive function.

Join a fitness class, find a walking buddy, or dust off your bike and hit the trails. Explore apps like ClassPass, which give you the opportunity to try out several different fitness classes without committing to a subscription immediately. 

Related: Click here to listen to “Retirement Readiness, Ep. 9: Does Physical Wellness Impact Financial Wellness?”

3. Nurture Your Social Network

At our core, humans are social creatures. Don’t underestimate the power of a friendly chat, a shared laugh, or simply the feeling of belonging to a group. 

If you’ve found yourself spending too much time alone at home lately, consider making a conscious effort to nurture the connections in your life that may have lapsed recently – reach out to old friends from your church, grab coffee with an old colleague, or start up a conversation with your neighbor. 

Surrounding yourself with others fosters a sense of connection and belonging, effectively combating feelings of boredom, and may even open unexpected doors for more growth. 

4. Volunteer

Another great way to bundle a few other tips on this list is to give back to your community by volunteering your time and skills. Contributing to a cause you care about is a great way to stay active, meet new people, and feel a sense of purpose. 

Volunteer opportunities can be found in a variety of areas, from mentoring students to assisting at a local animal shelter. Is there anything you’re especially good at or have experience in? Those can offer a great starting point!

5. Embrace Technology

Fighting boredom usually means switching off the television and putting down your phone, but there are actually a few ways tech can help you stay busy and stimulated:

• Engaging with social media: Share updates on your adventures, big and small, and join online communities based on your interests to discover new friends who share your passions. 
• Invest in an e-reader: For the bookworms, an e-reader provides a convenient and portable way to delve into captivating novels and magazines that can inspire future adventures, or simply explore new authors at your own pace. 
• Explore new apps: If you enjoy a good mental challenge, there’s a whole world of brain-teasing puzzles and stimulating word games waiting on your smartphone or tablet. These apps can keep your mind sharp and engaged, offering a solo activity or a chance to compete with friends online – all while providing a bit of fun.

6. Practice Mindfulness

You hear this all the time, but what does it really mean? 

By focusing on the present moment through techniques like guided meditations, mindful breathing, or daily journaling, you can cultivate a sense of calm and acceptance. 

This can be incredibly helpful in managing stress and anxiety that often arise during periods of change. Retirement, with its altered routines and social dynamics, can be a shock to your system. By learning to quiet the mind and appreciate the present, you can create a foundation for emotional well-being and a smoother transition into this new chapter of your life.

7. Travel

Don’t underestimate the power of exploration! 

Traveling abroad to immerse yourself in vibrant new cultures, embarking on a cross-country road trip for the breathtaking scenery, or simply planning a weekend getaway within your own state all offer the potential for creating lasting memories. You may even consider a staycation, where you enjoy your hometown as if you were a tourist, and rediscover the beauty and unique offerings of your local area. 

Every moment of retirement may not always live up to the picture-perfect postcards, and many retirees experience an uncomfortable adjustment period. The key lies in embracing the flexibility retirement offers. By incorporating the strategies outlined here, you can reignite your passions, discover new sources of purpose, and create a fulfilling retirement that truly reflects your Two Comma life’s unique interests and aspirations. 

Pursue the Retirement of Your Dreams

Planning for retirement can be overwhelming – but you don’t have to do it alone. Schedule a free consultation with our team and let’s turn your dream retirement into a fulfilling reality together.

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.

Picture waking up on a Tuesday morning, feeling rested and ready to face the day: You’ll choose how you spend your time, whether pursuing a passion project, spending quality time with loved ones, or simply enjoying a quiet moment of reflection. This is the goal of Two Comma living.

Joining the “Two Comma Club” – used to describe individuals with a net worth of over $1 million, isn’t just about luck or a lottery win. It’s a conscious journey built on smart planning, consistent action, and a shift toward an abundance mindset. 

In previous blogs and on our “Retirement Readiness” podcast, we’ve explored the fundamentals of this kind of financial literacy. Today, we dive deeper, offering a step-by-step guide to making the Two Comma life a reality – and, more importantly, one filled with purpose and fulfillment.

How to Achieve the Two Comma Life: 5 Steps You Can Take to Get Started

1. Reframe Your Perspective from Scarcity to Abundance

First, it’s key to cultivate a positive and empowering environment to fuel your growth mindset. Though easier said than done, try to surround yourself with individuals who also prioritize financial and personal well-being (both in the “real world” and online).

Here are two practical and purposeful ways to start:

• Make physical and visual reminders: Consider creating a vision board (you can even do so on Pinterest!) filled with images, quotes, and affirmations representing your life and financial aspirations, like the vacation you want to take the family on next year or that hobby you love. 

Set aside time to look at it and add to it each week over your morning coffee or before bed. This constant reminder in your routine can serve as a powerful motivator, keeping you focused during any bumps along the way. 

• Write down your gratitude: Several studies show that writing down positive experiences, big or small, daily or weekly, can help condition your brain to be more appreciative. 

This simple practice not only cultivates a sense of abundance and contentment, but also puts you in the right frame of mind to achieve your financial goals.

2. Set SMARTer Goals

A great long-term goal can be broken down into bite-sized accomplishments that add up – and there’s a proven strategy you can use to make your goals more likely to stick.

SMART is an acronym for Specific, Measurable, Achievable, Relevant, and Time-bound:

• Specific: Instead of a vague desire to “save more,” define a clear target. For example, saving $500 from every paycheck until reaching $25,000 for a downpayment on a house. 
• Measurable: Track your progress! Utilize budgeting apps or spreadsheets to monitor how much you’ve saved towards your goal.  
• Achievable: Be ambitious but realistic. Research average costs and set milestones that challenge you without discouraging you. 
• Relevant: Ensure your savings goals align with your overall financial and lifestyle vision. What are your biggest financial aspirations? Early retirement? Owning a home? Leaving a legacy for your children? Priorities help direct you toward results. 
• Time-bound: Set a deadline. This creates a sense of urgency and keeps you motivated.

3. Utilize Financial Resources

Financial planning requires having access to the right tools and resources. We recommend you conduct thorough research from reputable sources, use those retirement calculators, and factor in historical market trends to build a solid financial foundation. 

Here are some other resources that can help you to achieve the Two Comma Life:

• Automated Savings: Set up automatic transfers to savings and investment accounts, so you can save without even thinking about it. This “pay yourself first” approach ensures consistency and avoids the temptation to spend by treating it like a fixed bill. There are numerous budgeting apps and online banking tools that allow for automated transfers, making this a seamless process.
• Employer Benefits: If you haven’t already, explore your employer-sponsored retirement plans and other long-term planning benefits to take full advantage of any matching contributions offered. 
• A Financial Advisor: Remember that building wealth isn’t a solo journey – you can leverage professional guidance along the way! A qualified advisor can assess your risk tolerance, financial goals, and current situation. They can also recommend investment strategies, help you navigate the complexities of the financial markets, and ensure you’re on track to achieve your long-term objectives. 

4. Embrace Growth

Don’t focus solely on the dollars along your Two Comma journey. Instead, think of it like a goldfish outgrowing its bowl: The wider your perspective, the freer you feel about exploring new options. 

You can give yourself space for growth by::

• Embracing Continuous Learning: Ask your advisor about any new investment strategies, tax-advantaged accounts, or alternative asset classes and seminars they might recommend. You can also consider adding some financial-focused books to your nighttime reading routine. 
• Explore Unconventional Options: Don’t be afraid to consider side hustles or passive income streams to supplement your retirement income. This could involve starting a small business sparked by a passion project, investing in rental properties, or developing an online course to share your expertise.

5. Share Your Abundance

Integrating philanthropy into your financial plan creates a sense of purpose and a lasting legacy – and it’s an important piece of the Two Comma Life. Here are a few ways to contribute to a more just and equitable world for future generations:

• Charitable Giving: What ignites your passion? Identify organizations that resonate with your values and goals. Research impact and finances, and donate strategically. 
• Impact Investing: On a larger scale, consider investing in companies that align with your values and contribute to positive social or environmental outcomes.
• Volunteering and Mentorship: “Giving back” doesn’t just have to be monetary! Donating your time as a volunteer can be just as impactful. Not only do you witness that impact first hand, but you can also share your experience and wisdom with others as a mentor. 

The Two Comma life doesn’t have to be a dream, but achieving financial freedom isn’t just about reaching a certain number in your bank account. It’s about the freedom and purpose it unlocks. With these five steps to help you get started, you can focus on enjoying the journey and using the financial security you gain to live a more fulfilling life.

Ready to Achieve Your Two Comma Life?

We’re here to help you craft a plan toward your ideal future. Schedule a free consultation with the Prarie View team and get started.

 

[Disclosures]

PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.

PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.

Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.