How to Outclass and Beat the “Joneses”
We all know the “Joneses”. The couple in your neighborhood, social sphere or children’s school who place way too much emphasis on obtaining material possessions and trappings to flaunt their superior social status. The expensive new car for their child’s 16th birthday, the ongoing, extravagant group outings, lavish weddings, and exotic international vacations. All carefully curated and posted on Facebook, Instagram and Snapchat so everyone can see their charmed life.
How to Beat “the Joneses” at Their Own Game
We all know “the Joneses.” They’re that couple in your neighborhood, social sphere, or children’s school who love flaunting their material possessions in pursuit of having an elevated social status. From boasting about the expensive new car they bought their child for his or her 16th birthday to their exotic international vacations, everything they purchase and do is carefully curated and posted on Facebook, Instagram, and Snapchat, so everyone can envy their charmed life. Growing up, and still today, the practice of “keeping up with the Joneses” is something that a lot of households can easily get obsessed with.
But there’s something most Joneses don’t want you to know. They often live well beyond their means just to support the illusion they’ve created for themselves. They want to be perceived in a certain way by their extended family, friends, and acquaintances, and they will spend money they don’t have to get it. As a result, most Joneses tend to carry a lot of debt and as with all debt, the bills eventually come due.
I founded Gen X Wealth Partners because I wanted to help my clients enjoy a healthier relationship with their money, one that helps them avoid the inevitable financial pitfalls that most Joneses find themselves having to deal with. Sure, buying things is fun, but there is innate satisfaction that comes with creating and managing a budget that not only allows you to live the life you want to live today, but that also protects you from life’s occasional hiccups and unforeseen circumstances.
Life isn’t about keeping up with the Joneses. It’s about creating a lifestyle that will provide your family with everything they need for generations to come. Take it from me, there’s no car or vacation you can buy that feels better than that.
Listen to Ferris
Every Gen Xer has seen the movie, Ferris Bueller’s Day Off. In the film, Ferris shares sage advice when he says the iconic line – “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” I wholeheartedly agree with that message, but if it were me, I would add – “and there’s no time like the present to start planning for your life after retirement!” I know, it doesn’t have the same zing, but it’s no less truthful. The thing is, life does move fast, and nobody knows that better than Gen X.
At Gen X Wealth Partners, we are committed to helping our clients align their financial habits with their personal values. We call it investing with purpose. We make this one of our core philosophies because we have found that one of the keys to achieving personal fulfillment is to make financial choices that align with our values.
We offer specialized expertise in helping our clients develop comprehensive, purpose-driven financial plans designed to enable them to efficiently pursue long-term financial success and achieve their most important goals. Our team offers customized portfolio management for investors who seek the flexibility to efficiently build and maintain a portfolio using a diverse selection of investments. With our strategic investment management we can help you strengthen your financial stability throughout the different phases of your life ─ accumulation, distribution, and legacy.
6 Steps to Better Wealth Management
We utilize a 6-step process that allows us to evaluate your personal, family, and business goals, to determine your appropriate level of security and risk tolerance:
Step #1
Discovery
We begin our planning process with a discovery meeting. We listen. And by listening, we learn the answers to the critical questions you may face about cash flow, cost of living per year, and current savings. After we get to know you and your unique situation, we begin to help you structure a personalized approach designed to help you achieve your life goals.
Step #2
Analyzing Your Situation
Each family is different. Saving for college, retirement goals, required income and personal situations will dictate a timeline and financial horizon. And in most Gen X families, these financial responsibilities often compete against each other. Gen X Wealth Partners analyzes your situation and makes recommendations that will help ensure everything is managed and nothing gets left out.
Step #3
Making It Meaningful
Investing for your future should be inspiring. We focus on customizing your experience to make it meaningful to you. We listen to what is important to you and build your plan around that because we have found that a plan that is built around your interests and personality will lead to greater engagement, stronger commitment, and a better understanding of the plan.
Step #4
The Plan
After our in-depth analysis is complete, we create a comprehensive plan designed to pave the way for you to succeed financially. Our attention to detail provides direction and discipline. We believe the ability to deliver innovative planning empowers you, supports goals, and promotes mutual trust. Goals are prioritized and consideration is given to balancing ideal goals with potential outcomes.
Step #5
Delivering Your Plan
We meet with you to review our recommendations, which are designed to help enable you to live the life you are planning. All steps necessary to implement your plan are reviewed, and then any final adjustments are made to the customized plan.
Step #6
Monitoring Progress: Life and Market Changes
Steps 1 through 5 can really be considered Phase 1 of your wealth management journey. Phase 2 begins with Step 6 and it involves monitoring your progress toward those goals, and adapting your strategy to meet changing conditions and manage risk. Over time, life and market conditions may change and when they do, your plan may need to be adjusted. With Gen X Wealth Partners by your side, we will be there to guide you every step of the way to help ensure your plan is always optimized for success and to help ensure you stay on course toward your defined life goals.
Interested in taking control of your future? Let’s chat, so we can learn more about each other. No obligation and no risk. Just a call.
