JESSE HURST EXPLORES THE VALUE OF A GIFT OF TIME AND EXPERIENCES VERSUS A MONETARY LEGACY

What's the point of saving money for the future if you never take the time to enjoy it or share it with others? It's one thing to put away money for a rainy day. It's another to miss out on opportunities to share time, resources and experiences with those you love during sunny days. Clients often ask, "How do you make wise decisions about how much and when to share?"
By Jesse Hurst, CFP®
The book, Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton, suggests three principles:

1.  Experiences are more satisfying.

2.  Sharing time is a great investment.

3.  Spending money on others trumps spending money on yourself. 



Think back to childhood experiences, whether it was camping, going to the beach, or simply just being stuffed in the car with your siblings on the way there. Everybody was talking or reading books ... not absorbed in their own world of headphones and a smartphone screen. Many of us can remember at least occasional experiences like this, but how many remember what you got for your 10th birthday?  Or that Christmas gift when you were 12? Over time, the value of shared experiences with those you love goes up in value, while the value of the 'stuff' you got goes down.

Another interesting point is how often or how frequently should you indulge. It seems that even with things we really enjoy, if we do them too frequently, we become desensitized. Perpetual indulgence tends to lessen the effect, but time between experiences tends to give rise to greater anticipation and enjoyment.

One benefit of financial planning is the opportunity to know how much money you can allot on an annual basis to indulge in these shared experiences with those you love. Some view the discipline of budgeting negatively, but I have found the planning process extremely freeing. You know how much money you need for basic living expenses and how much you can afford to spend from your retirement resources towards the joys of life without worrying about depleting resources over your life expectancy.

As with anything else in life, you must strike a balance between enjoying the present without sabotaging the future. You have to make smart decisions about your priorities. As I have told clients throughout the years, you can have anything you want, you just can't have everything.

At Impel Wealth Management, we seek to "Move Life Forward." We've helped clients give the gift of time and experiences to their families, and not just leave them money after they are gone. Client photos in our library show the joys of shared experiences, and some clients were kind enough to share them in the articles below. Please let us know what we can do to help create these moments for you and yours.

SHARED EXPERIENCE: COUPLE SHARES A HAWAIIAN TRIP

Children and grandchildren help Al and Fran celebrate golden anniversary in the Aloha state.

Al and Fran had visited Hawaii several times. They wanted to give their family a chance to enjoy their same adventures. So, the couple returned to the 50th state once again for their 50th anniversary. This time, they brought their children, spouses and grandkids with them. 


"This trip represented a significant outlay," says Jesse Hurst, CFP. "Al and Fran came to me well in advance, and we created a two-year plan where we could create cash withdrawals from their savings - outside of their retirement distributions - to create this once-in-a-lifetime experience for their family."

The two weeks exceeded expectations. At 8 a.m. one morning, some family members chartered a boat and caught 20 pounds of tuna. That evening, the family shared their catch for dinner.

Their children had some surprises of their own for this golden celebration.

Each morning, the couple received a meaningful gift left at their door. One of them was a DVD of "Dr. Zhivago," a 1965 film they watched on their honeymoon.

One evening, Al and Fran sat down to watch what they thought was going to be "Pearl Harbor". Instead, it was a DVD of old pictures their daughters had gathered, a true "this is your life" moment.

A bigger surprise came when Al and Fran were asked by their granddaughter to go to the beach. The couple thought they would be watching her take her senior pictures.  
When the couple arrived, they found their family had arranged a ceremony to renew their vows. It was an emotional ceremony as they said, "I do," surrounded by those most important to them.

"It is so rewarding to be part of the planning process for an event like this," says Jesse. "The planning process gives people the freedom to give - and enjoy - meaningful moments in life."

Al and Fran hope their children will return to Hawaii with their own families to create a legacy of island memories. 

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GOODBYE POST-GRADUATION FINANCIAL STRESS

Evelyn treasures family by buying saving bonds to help granddaughter's student expenses
 

No student loans. No financial stress during and after college graduation.

That's what Evelyn, a client of Jesse Hurst for 25 years, wanted for her granddaughter, Starr. So she talked to Impel Wealth about her plans to ensure that she could bless Starr while remaining independent in her retirement. 


"Evelyn wanted to be generous in a smart way," says Jesse. "We reviewed her finances and assured her that she would be able to help Starr without disrupting her own lifestyle."

For Evelyn, help included buying savings bonds from the time Starr was born. She bought her coats, books and other items while in school. She also helped with car payments after graduation.

They were all actions that Starr appreciated while on her post-secondary journey. She still appreciates them today as she has entered the education field.

If you are considering helping someone the way Evelyn did, talk to Impel Wealth early in the process. We can help frame your giving plan based on your life circumstances and financial goals.

STAFF  
   UPDATES

Welcome Leslie Campanini
 

Leslie serves as the Director of First Impressions and is the newest member of the Impel Wealth Management team.  

With previous job experience as an office manager and receptionist, Leslie's strong work ethic, initiative and drive for excellence ensures that she fits in well.

As a life-long resident of Akron, she is married to husband Brian and has two daughters, Chloe and Bella. She enjoys anything outdoors such as gardening, hiking with her family, and jogging with her husband. She is also a big Buffalo Bills fan, her husband's hometown team.

Impel Wealth Management 
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The client stories herein should not be construed as an endorsement of the advisor by any client. No system or financial planning strategy can guarantee future results.Therefore, no current or prospective client should assume that future performance or any specific investment, investment strategy or product will be profitable.