Certainly, while the core essence of financial planning revolves around future considerations, Preston Cherry, a certified financial planner, and the visionary founder and president of Concurrent Financial Planning located in Green Bay, Wisconsin, underscores a crucial caveat. Cherry highlights the potential consequences of forsaking one’s present well-being in pursuit of future objectives, a valuable insight in the realm of financial planning.
Cherry underscores the importance of finding a balance between enjoying life now and securing a good future. He provides the following insights:
Wants are needs, too
Cherry challenges the conventional distinction between “wants” and “needs,” suggesting that these categories are not always clear-cut.
He believes that it’s essential to recognize that wants can also be needs, especially when considering their interplay. For instance, saving for retirement is crucial, but it can also be a personal desire.
Neglecting this desire can lead to stress and hinder the enjoyment of the present. Cherry advises granting oneself some leniency and allowing for discretionary spending to make financial discipline more manageable.
Be selective of the fun
Cherry advises individuals to spend on experiences or items that genuinely bring them joy but to exercise discernment in their choices.
He cautions against letting discretionary spending interfere with essential financial goals. At the same time, he discourages wasting money on purchases that do not contribute significantly to one’s happiness or fulfillment.
Cherry encourages people to reflect on their spending habits and identify expenses that genuinely enhance their quality of life, emphasizing that joy can be found in various areas of life, from material possessions to meaningful experiences, depending on individual preferences and life stages.