This week’s top reads are all about the important stuff! From how to discuss money with your children to creating healthy spending habits, while keeping your happiness at the forefront.

In the personal finance section, Jonathan Clements encourages us to get off of our hedonic treadmills and work toward true happiness, Chris Creed explains how wealthy parents can raise fiscally responsible children and John Wasik shares how we can use financial planning to prevent us from overspending due to FOMO.

In the personal interest section, Poul-Erik Tindbaek talks about what matters most in retirement and Sheri Ferguson identifies how to create a work environment that fosters employee retention.

For more articles like this, check out Raghav’s two previous Top Reads posts here and here.

Personal Finance

Work Out What’s Important

At a glance, our spending habits are a reflection of what’s important to us. But upon a closer look, it’s apparent that this isn’t always the case. If we think about the messaging we receive as young adults from our families, our friends, targeted advertising etc., the reality is that we often spend money to lead the lives that others want us to live.

In this article, Jonathan Clements discusses the consequences of the five most common messages we hear about how to be successful as we grow up, and dissects why we feel the need to save as much as we can while working to get ahead and our desire to impress others with our purchases and social status. Clements shares the solution for getting off of the hedonic treadmill and working toward true happiness.

We can recall earlier times when we had far less money but were just as happy. But mostly, we have a better sense for how much we need to lead the life we want — and we’re pretty sure a bunch more money wouldn’t make a whole lot of difference.

For the full article, click here.

7 Tips for Raising Wealthy Kids to Be Socially Responsible

As a parent, it’s important to talk to your children about money, starting at a young age. If you are particularly wealthy, it’s even more imperative to have these discussions, to ensure they are prepared for handling your estate. This task can be difficult and daunting if you have many investments and business interests and your child is not equipped with the proper knowledge to handle the assets you’ve left behind.

These conversations may not be easy, but Chris Creed has seven tips to help you start the conversation around managing money responsibly. Among his tips:

Require Work for Money Given

Take Your Children to Investment Meetings

Write Clear Estate Plans

For the full article, click here.

How To Get Past FOMO And Save For Retirement

Is the fear of missing out affecting your ability to reach your financial goals and impacting your spending? For many Americans, it is, as noted in the results of a recent survey by Schwab. Some interesting takeaways:

  • FOMO is particularly acute among millennials and Gen Z, but impacts older Americans as well with 31% of Gen X and 16% of Boomers feeling pressure to keep pace with friends when it comes to buying.
  • Nearly two-thirds of those with a written financial plan feel financially stable, while only a third of those without a plan feel the same level of comfort. But only 28 percent of Americans have a financial plan in writing.

So how do we prevent FOMO from interfering with our short- and long-term savings goals? John Wasik recommends starting with a written financial plan, setting a monthly leisure budget to continue making fun experiences a priority without going overboard, and using financial planning as a way to help us save.

For the full article, click here.

Personal Interest

The 4 Things That Matter Most Late in Life

“What is most important for well-being in later life?” When Poul-Erik Tindbaek was asked this question, he decided to answer it in a way that would apply to most people in their third age (those retired, age 60 and over). When compiling this list of the four things that matter most late in life, Tindbaek keeps in mind that many enter this stage of life in different ways – some apprehensive, some excited for the new adventure.

These explanations can help you decide what you would like to transfer to your life in the third age from your work life and your life outside of work.

For his full list, read the full article here.

What Really Matters to Improve Employee Retention

If you’re a business owner, you know the resources it takes to find, hire, and train new employees and the importance of having low turnover rates; not only for your pocketbook, but also for the morale of everyone in the workplace. In this article, Sheri Ferguson provides a thorough breakdown of just how much it can cost to onboard new hires, how retaining employees saves you money, and how you can improve employee retention.

Different sized companies will need to use different tactics, but all organizations need to care about and respect their employees to be successful. Turnover is going to happen in any industry and within any company, but you can minimize this by paying close attention to employee engagement.

For the full article, click here.


GuideVine

GuideVine

From time to time, the team at GuideVine highlights certain topical videos and content from expert financial advisors. We find these helpful and hope you will to for your managing personal finances. To learn more, you can view and find potential advisors through our advisor matching service and listings, ask one-on-one personal finance questions to these experts, and view “How to” videos on our YouTube channel (https://www.youtube.com/channel/UCJopbGDSgc1szGZaoUPqTrA).