We’re not ones for putting on airs, but we came across an idea lately that has us thinking about fine dining.
In French, it’s mise en place. (To get kind of close, you can say it like “mee zon ploss.”) For those who aren’t in the know, mise en place is French for “sort the buckets.”
Just kidding.
It’s a culinary term for “gathering” or “putting in place.” It’s the practice of preparing the kitchen workspace before service begins. You organize the ingredients. You put together what you’ll need at arm’s reach, and you tidy away what you won’t need for a while.
It can refer to the time you put into the process, and it can refer to the state of mind you get into.
Sound familiar? When we work on your financial plans and planning, we have called this process “sorting the buckets.” (Now, say it again with a French accent!) We take stock of our resources and arrange by time horizon. What do I need now? What will I need later?
What am I low on? What could use some tidying up? Sometimes even a quick review and a few small moves can make a world of difference. More things become possible with a little organization—and a little space to work.
There’s a certain calm afforded us when we know how we’re going to pay the bills, where we would go in an emergency, and what we can turn toward for the future.
That’s “sorting the buckets.” That’s mise en place.
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Maybe you’ve heard of a mental wellness day, or maybe you’ve taken one yourself! It’s an intentional break for work, school, or regular commitments to unplug from the world and take a breath. We know that it is impossible to be hustling and grinding every minute of every day. It’s nice to set aside time every once in a while just to relax—and remind us what we are working so hard for.
What if we incorporated the idea of a mental wellness day into a day of financial planning? Why not schedule yourself a financial wellness day?
Instead of looking at a review as just another chore, we can make a day of it! We can get our minds right and get our plans in order. We could take some time away from work, grab breakfast at our favorite spot, and get some perspective on our financial lives. For those with kids at home, maybe trade some babysitting with another family to buy a few weekend hours of focus. For partners, consider scheduling a financial wellness date!
No matter how you make it happen, focusing on financial wellness doesn’t have to be intimidating. You could work your way into reflection by asking a few questions:
What’s the current state of things? This first step is all about getting the lay of the land, no fancy tools required.
You could start with a list or spreadsheet that includes a sketch of your monthly inflows (income) and outflows (spending). Jot down your current account types and their balances, as well as any other assets. If they’re weighing on your mind, you can also include any major outlays or projects coming up.
You can go as deep as you’d like: review the last 3 months or the last 12. Choose whatever level of detail will help you get the major parts of your financial life on the table. What kind of snapshot do you want to review?
How well are things working? Once you’ve got all these different parts in front of you, this step is your chance to take stock. Is anything surprising you so far? What are you feeling, now that you’ve got a sense of the state of things?
You may notice that there are things that “don’t add up,” places where how things have been going is not lining up with your values or your goals. Maybe you’re spending more in one area than you would’ve guessed—and would much rather have those resources going somewhere else. Maybe you’ve been focused on the long-term more than you need to and can loosen up in some areas; maybe you’ve been thinking about the short-term more than you’d like.
So, what’s working well? What could use some more thought? This is a great time to get perspective on the big picture and start dreaming up any bigger plans that will take some runway.
What’s next? Take this step in whatever direction makes sense for you. It could be time to do some research, to see what opportunities might be out there—different types of accounts, new goals or plans or changes you’re imagining. It might be time to call in some support. Whether it’s a trusted confidant, a tax professional, or an investment adviser, think of who might be able to help you keep things moving.
For any list-lovers out there, this could be the time to collect any tasks that have popped up during the process: double-checking an employer’s retirement plan match or other benefits, naming beneficiaries or working on legacy planning, or canceling any subscriptions or services you’re no longer using.
Or consider giving yourself just one follow-up action. It could be as simple as a calendar reminder, set for a week or two after your financial wellness day, that says “call a friend to tell them about what I’m learning from my financial planning day.” The key is to plant a seed for yourself.
We know that these topics sometimes bring a little apprehension, so it pays to set yourself up for success. Figure out what will help you get into the right headspace—and where you might start.
We can also take heart that tending to our finances is one of the ways we take care of ourselves and the people we love. Time spent like this can pay dividends.
Have questions before or after your financial wellness day? Reach out, any time.
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No—we’re not talking about all the different people we might consult when making a decision. We’re not talking about the family members, loved ones, or trusted counselors in our lives that help us navigate the big stuff.
Instead, we’re talking about what happens in our own minds. We never make decisions alone because there are always at least three different versions of us in the mix! This idea has been explored by a number of researchers who study the psychology of happiness, and writer Laura Vanderkam has summarized it really nicely in her work.
Basically, our decisions are always happening by committee:
There is the “you” who looks forward to things, who plans or even worries about the future: that’s the anticipating self.
There is the “you” who is right here today, living life: that’s the experiencing self.
There is the “you” who gets to look back, reminisce, and savor memories: that’s the remembering self.
The challenge is that only one of these people has to live out the costs of each choice: the experiencing self. Consider an everyday example… Should I go for a walk this morning?
“Nah, too cold,” says the experiencing self. “I’m tired.”
“But think of how energized we’ll feel after we walk,” says the anticipating self.
“Yeah, that’s how we felt last time we didn’t want to take a walk but then we did,” says the remembering self.
“Yeah, but you bozos don’t have to find clean socks, or bundle up, or drag your behind out there, or clean the floor after we track our shoes inside. I do!”
And that darn experiencing self isn’t wrong. But it doesn’t mean she should get the final say every single time. Do you hear the good points the other two have to offer? They’re not wrong either.
The experiencing self—the one that lives here, does a lot of the lifting, and has to deal with discomfort—has a disproportionate impact on two other really important people: your anticipating self and your remembering self. It’s a huge opportunity.
That anticipating self is teeing up some good stuff for you. She’s planning for retirement, investing wisely so that you might spend well. Making the most of those chapters of life is something you can do to honor her effort.
The remembering self might be savoring your choices for decades. What kind of experiences do you want to give her to work with? How do you want her to look back on you?
It’s not about getting every little thing in life just right. Sometimes, a walk is just a walk. A sandwich is just a sandwich. A paycheck is just a paycheck.
But from time to time, it’s good to zoom out and see how these three people are getting along. When our plans, experiences, and memories are working together, life can feel very rich.
What are you savoring from the past, enjoying in the present, or looking forward to in the future?
No matter where you find yourself, we’re wishing (all three of) you some peace, comfort, and joy today.
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The legend goes like this: after the Greek hero Theseus slayed the minotaur and saved a bunch of people, he escaped on a ship. Later, to honor him, the people of Athens would take the ship out each year and sail it on a pilgrimage.
As time passed, the people had to replace an odd plank here and there. The boards of the ship would decay or break, as boards do. It’s basic maintenance.
But a question emerged. After generations, the ship reached a point where none of its pieces were “original,” so to speak. So… was it still the same ship?
This is mostly a philosophical question, but it offers an interesting puzzle about the nature of things in our everyday lives. This enterprise comes to mind. When I, Mark, started Leibman Financial Services at my kitchen table in 1996, there was no telling that the business would become what it is today.
And yet, we haven’t changed anything fundamental about what we’re doing here. I set out to build something that would let me try to help people grow their buckets. I operated with the understanding that when others are better off, I probably will be too.
Those things still stand, today. The ship is still a ship.
But my life looks radically different from when I first set foot on this ship. Two of my co-owners were still children at home with me. (And we wouldn’t even meet our other co-owner for another decade and a half!)
In what ways do things change—and how do they stay the same—as they grow? The ship remains, but it is not the same.
This type of conversation might sound familiar. We’ve enjoyed talking about similar ideas before, like how things have the potential to become greater than the sum of their parts, how “teamwork makes the dream work,” and how we never step in the same river twice.
No matter how you think about it, it can be amazing, this whole “life” thing. It’s a privilege to be here, building something with you.
Come by to chat about this or anything else, any time.
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Our brains are so good at getting used to things that they will keep chasing new pleasures, new experiences, and the next thing to bring us a boost. But research shows there’s more bang for our buck by treating ourselves more frequently, in smaller doses—and our wallets might thank us.
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As we navigate our working years, there will be times of uncertainty. We may question our motivations, our goals, or the impact we are making. We may be searching for a partner to share the journey. We may wonder what it is we’re working toward. Questioning things is completely normal.
There was a fictional group of friends who were often switching careers, struggling in their romantic lives, and just trying to find their way. Anyone else remember Seinfeld? Okay, so it’s hard to say that this show represented “normal,” but it’s all relative, huh?
Seinfeld follows the lives of four friends in New York: Jerry, George, Elaine, and Kramer. Each character has their own goals, career paths, hardships, and hangups—their lives couldn’t be more different, but they supported one another through it all. Sometimes it takes tough love, but they keep each other humble. (Like when Jerry has to break the news to Elaine that her dancing is atrocious.)
Life can get complicated; Seinfeld reminds us to work with the hand we’ve been dealt. George always tries to take things with a grain of salt. As he once said, “Divorce is very difficult. Especially on a kid. Of course, I’m the result of my parents having stayed together, so you never know.” (George’s life could sometimes be a mess, but hey, we all have troubles!)
The show reminds us that while starting over can be scary, it can also be exhilarating. We get to experience “firsts” all over again. Elaine is a good example. There’s the first time meeting new coworkers, the first time holding hands on a date, the first time we get a fresh paycheck and get to decide what to do with it. Elaine shows us that it only takes a little energy—and maybe a commercial break—to jump back into it. All these opportunities wouldn’t be available if we didn’t keep putting ourselves out there.
There is never going to be a perfect way to handle a hard situation. But that doesn’t mean we can ignore our challenges, to never learn or grow. Kramer tends to think of his life as “doing what I do, the way I’ve always done it, the way I’ll always do it,” but that won’t get most of us very far.
It’s good to remember why we keep at it, too. We don’t want to be like Jerry and think, “Why do I always have the feeling that everybody’s doing something better than me on Saturday afternoons?” We don’t need the same plans as everyone else: we need the plans that work for us, the ones we actually want to be enjoying!
Do our actions align with our goals? Is there anything we could be doing differently? The funny this is, Seinfeld is known for being a show “about nothing,” so it does give us a chance to think about what all this is adding up to. Are we headed for a retirement like Jerry’s parents, with a condo in The Pines of Mar Gables? Are our plans, our support system, and everything else pointing us in the right direction?
Seinfeld may resonate with some of us because we enjoy comedy, but we also enjoy the fact that the characters show up for each other and keep at it, time after time, even when life is at its most absurd. It’s not a bad reminder.
Whether you’re starting a new job, a new relationship, or a new stage in your journey, we wish you the best. It’s aways better if you can lean on your friends and get some laughs in along the way.
Call or email us, anytime—our perspectives are free, just like your friends’.
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“Well begun is half done,” the proverb says. And we tend to agree. Since it’s your journey, we don’t like to sweat the particulars: it’s never too early to start, but it’s also never too late.
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Suppose someone told you, “I’m worried about what will happen in the future, so I want to make sure I have less money when I get there.”
This makes no sense, and yet, it is essentially what conventional investing wisdom tells anxious investors to do: “Hedge your risks! Seek safety!” But what does this mean? When investors choose “safety,” they are sacrificing their growth over the long term. In return for stability in the short term, they are choosing a smoother ride to a poorer future.
It’s human and normal to feel concern for the future. But choosing, in the moment, to soothe that short-term fear about long-term returns by avoiding volatility means you may be sacrificing those exact long-term returns that would soothe your concerns.
And investing for the long term doesn’t mean foregoing spending—it means a little bit less short-term spending now in exchange for (hopefully) a little more spending overall, in the long run. Spending more money now does mean that you will miss out on opportunities to invest that money for compounding returns, so it can be another road to a poorer future.
Choosing to invest for the long run is not a path of deprivation. Suppose the worst of the worst just happened last week: nuclear war broke out, or a giant asteroid hit Texas, or maybe you got struck by lightning. Should the worst happen, you are not likely to go out wishing that you had invested more conservatively: “If only my balances hadn’t wiggled so much! If only my returns had been lower!”
But maybe you could go out a little more content knowing that at least you committed to a possibly-more-abundant path: you chose to focus on the long term, and maybe you enjoyed some of it along the way. Maybe you found the perfect house for you, maybe you took that amazing vacation with your loved ones that you’d been dreaming of. You made your life happen along the way.
We invest for the long run; we spend for the long run too, so to speak. We don’t invest for a poorer future; we don’t spend beyond our means. (The road to broke is never worth it.) And, as always, you need to understand where your short-term money is—and keep it out of your long-term buckets.
We think the smart money is in investing for the best possible future. But we never know what the future may hold, so it does make some sense to hedge your bets. At 228 Main, we don’t tend to think of hedging investments in terms of bonds or gold or real estate—or any conventional option that sacrifices returns for Future You in order to pander to the fears of Current You.
Instead, you could continue investing for long-term growth and spend some money on the ultimate hedge: living your own best life.
Ready to talk about what this means for your portfolio? Call or write, anytime.
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss.
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No matter their savvy or experience level, most investors would probably agree that money is a means to an end. It’s not an end in itself. You could have all the cash and all the stock certificates in the world, but you can’t eat them or burn them for fuel. They make terribly inefficient insulation. They’re less fun than a deck of cards.
But when it comes to deploying our money to optimize pleasure, finding joy can be more of a challenge than you’d think. One reason? Psychologists call it the “hedonic treadmill”: our brains are so good at getting used to things that they will keep chasing new pleasures, new experiences, and the next thing that will bring us a boost.
In terms of our spending, this means that we get used to fancy new gadgets sooner than we think we will. Luxury goods lose their luster as fast as anything from the bargain bin.
The danger is that if we don’t notice that we’ve started running from one thing to the next, the costs mount and the returns on enjoyment diminish.
Consider how we make decisions the larger the ticket price gets: housing and transportation are huge outlays, and they make up sizeable portions of many household budgets.
Is the purpose of buying a new vehicle to replace a family car, to enjoy the everyday pleasure of being able to get reliably from point A to point B? Or is this “for fun,” for the joy of driving and being seen driving a particular make or model? If this is fun money, are you okay with the fun that might be given up, if the money goes toward this one decision?
It’s okay to deploy our discretionary spending however we see fit, but we might do well to remember something powerful: we shouldn’t underestimate how gratifying even the smallest of joys can be. In fact, sort of like the effects of compound interest, routine doses of fun can go much farther than those fewer, farther-between spending sprees.
This is why it’s vexing to hear a little treat like a latte get such a bad rap. As writer Laura Vanderkam explains, such “small, repeated pleasures” have the power to give life a lift, regularly. And better, even a lifetime of $3 lattes will not sink your longer-term goals the way that a $300,000 status symbol—like houses or cars truly beyond our means or needs—could.
So what do the happiest people know about spending? That if you want more of that proverbial bang for your buck, think more about the frequency than the size of life’s pleasures. The big stuff may be overrated, in that humans tend to overestimate the impact that large purchases will have on their happiness.
Tending more often to your joy and enjoyment as you spend? Now that sounds like a nice way to direct your time and money.
Want to talk more about how your money is working for you in your everyday life? Let’s visit, anytime.
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Quite a bit of the news around retirement research focuses on shortfalls. How many of us have heard a headline lately about how many people aren’t saving enough for retirement or aren’t hitting their retirement goals?
It can sound bleak. But when you get into the numbers, things are a little more nuanced. (Examples: people sometimes overestimate what they think they’ll need, and even when they “fall short,” people tend to make do with however much they do end up with.)
According to survey findings from Allspring Global Investments, most retirees agreed that they were glad they had started preparing for retirement when they had… but most retirees also wished that they had started earlier. Turns out humans are a tricky bunch to satisfy!
Retirement is such a huge topic, and our emotions around it can affect how willing we are to take a closer look at our situation. We don’t need to let fear call the shots, however. Avoidance is a survival skill, not a “thrival” skill.
“Being clueless about money is no longer affordable,” writes Kate Levinson in her book Emotional Currency. (Ouch, right?) But Levinson points out that this challenge is also an opportunity: any day is a great day to get started.
Not only is it never too early to get started, it’s also never too late to get started. Ever ripped off a Bandaid or taken a flying leap into the deep end? Ever opened that email or that bill you were dreading?
Ever crossed a finish line after you thought it would be impossible to even get started? In the face of the unknown, it’s easy to let fear tell us stories about how hard things will be. We don’t have to accept the first story our fear tells us.
Instead, let’s let the journey be as pleasurable as it can be. We can embrace this very moment as the best possible one to take the next step. It’s never black-and-white. Sure, maybe we could’ve started yesterday, and after all, there’s always tomorrow.
But it’s also really nice to be here with you, today. Call or email us, any time.
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