Morgen Rochard, CFP®, CFA Origin Wealth Advisers LLC

Online and Store Sales are Not Your Friend!

I created the below graphic because I was almost scammed! I went to purchase my son a Halloween costume, Daniel Tiger of course. I thought, "I'm so smart, I'll get him something he can wear more than once, like a red hoodie!"

I go onto primary.com. They have this awesome feature on their site where you can search for a kid's costume and they will tell you what to buy. So, goody ole me, I search for Alex's costume on their website. They recommend a red hoodie, plus an orange t-shit and orange pants. Surely, he needs the shirt and pants to look like a tiger!! I add the red hoodie, one orange t-shirt and one orange pant to my cart. It costs $42.00. I think to myself, "I didn't really want to spend $42 on a costume." Negative feelings start to come up - like anger at spending so much on a Halloween costume for a 1 year old. And shame, I shouldn't spend this much money.

I see a little pop-up come through. "If you spend $50, you get 5% back! Only $8 to go!" It was gamified, had a bar showing me how much more to spend. I considered it for a moment, it seemed very enticing! And then I did the math.

This little pop-up is what inspired this post. If I add $8 to my cart, I will get $2.50 back. What a deal!!! *rolls eyes*

Below are some of the little tricks I've seen from retailers, enjoy!

Read the full post →

What's most important? Focus on wealth!

I always get asked this question: how do I pay less in taxes?

Why? Because we don't feel like we have a choice in the matter. Choice is everything when it comes to our money. Think right now about 2 things that seriously bother you about your finances - I bet both of them are completely outside of your control. That's the way it is. Worse - we focus on those things instead of the real items that will truly affect our financial situation.

I've created what I'm calling the "Financial Planning Hierarchy of Needs". It's like Maslow, but for your finances. Start at the bottom and work your way up. 

Income: It all starts with income!! The best way to better your financial situation is to make more money (and then control your outflows). 

Emergency Fund: Building a good emergency fund is the best way to weather through tough times. Put your emergency fund into something liquid with a little interest, like a high yield savings account or money market fund.

Savings: It's important to save both inside and outside a retirement account. When I see folks who have the majority of their assets in retirement accounts, this is usually because they are trying to take advantage of the tax deduction and haven't worked on spending enough to also save outside a retirement account. If you find you're only saving in a retirement account, it's probably time either address spending or to talk to a planner!

Insurance and Estate Planning: You need to protect your family and yourself! It's super important to have proper insurance coverage and an estate plan in place. No ifs, ands or buts.

Investments and Taxes: You'll notice tax is near the top. Stop worrying about your taxes all the time. Definitely don't make investment decisions based on taxes alone. Your investments are important but not something you should be worrying about on a day to day basis. Invest according to your risk tolerance and needs and then wait... and wait some more... and then keep waiting. Watch the paint dry!

All other $2 items: STOP! Let it go. Do you want to live your life driving yourself crazy? At some point, you need to decide if these things are truly worth your time and energy.

You've probably noticed there's no budgeting here - why you may ask? Healthy savings implies a level of spending that is sustainable. If you focus on how much you save, then you shouldn't need to worry about the rest. Worry about individual categories when savings is not in a healthy place. 

Read the full post →

Automate Your Wealth

Read the full post →