Insight
What I learned about money from working a seasonal job
December 14, 2018
“Laura Gilman, a financial planner and managing partner at KCS Wealth Advisory in Los Angeles, California, explains that this mentality is like climbing a ladder. The first rung is building up emergency savings in case you get laid off, land in the hospital or have to repair your water heater.
“Having that emergency reserve takes away some of that panic,” she says. “Then you go to the next step: You say, ‘Now what’s important to me?’”
This is where you balance saving for retirement and other long-term goals with the “fun” stuff. “You can plan for fun,” Gilman says. Decide what else you want to spend your money on — vacations, home upgrades, a new computer — and how to prioritize what you’re saving toward those purchases. Earmarking savings for specific purposes and in separate accounts has helped me stay committed to my goals — which yes, includes some “fun” expenses.”
Read the full article here.