Moving Beyond Savings

By: Dave Graham, Portfolio Advisor Posted:

Over these past 11 months, the pandemic has made us become more aware of how critical the small things are and aware of how consequential our inaction to these small things can be.

One such thing that we look over and think “I have more time” is the act of saving and not just saving but saving in a more meaningful and purpose driven manner.  “Pay yourself first” is not a bad mantra to adopt.  Savings is the money a person has left over when they subtract their consumer spending from their disposable income over a given time period. Savings can be used to increase income through investing.

As a child most of us were given a ‘piggy bank’ to ensure that we saved.  As adults, that “piggy bank’ will become Savings Account at a recognizable financial institution.  Once that has been established then you will be on your way.  These accounts will provide the individual with a small rate of return and create the platform towards more complex instruments with higher rates of return.

Making a commitment towards savings is the first step towards creating and maintaining your wealth.  It is the gateway through which all financial objectives are met, whether, a major purchase, education objective or retirement planning.  Once the commitment is made and a determination on the monthly amount, based on budgeting is ascertained then the next step is to identify opportunities available in the market to invest your savings.

The opportunities will present themselves in many different forms.  Identifying a wealth advisor is your first step followed by a meaningful and frank discussion with your advisor on the way forward in order to meet your financial objectives.  Your advisor based on your time horizon and risk tolerance will expertly guide you through the financial landscape.

As it is with your doctor and your attorney your licenced advisor should become your confidante.  The joint discussion with a licensed advisor should surround key areas such as:

  • Financial Goals
  • Time Horizon
  • Risk Tolerance/Appetite
  • Investment Knowledge
  • Your Expressed commitment to get the job done


Identifying these areas will help your advisor to get a more rounded understanding of “Who you are” as an investor and better be able to align you with the best products suited for your needs.

Do not be afraid of taking a chance in investing.  First make the step, commit to that step and more importantly be consistent in your purpose.  It will pay off in the long run.