It’s likely the toughest lesson any 20-something has ever learned. You can’t spend money you don’t have. We get it. You’re young and you want to live—what’s wrong with putting a vacation or new clothes on a credit card? Brent Welch is a a Retirement Wealth Adviser for Business & Estate Advisers of WI, LLC. He explains how living beyond your means now, can hurt your financial future.
I’m going to say that there’s three keys that you absolutely must use to unlock the door of your financial future. The first key is to live below your means. If your outgo exceeds your income, then your upkeep becomes your downfall. So make sure that you’re living below your means and you have some money left at the end of each month.
The second key is to make sure you’re paying yourself first. Put your name on the stack of bills on top, so that you’re paying yourself first through payroll deduction, or through a checkbook withdrawal.
The third key, which is a Roth IRA, or a rough 401K into growth investments. So you live below your means and you pay yourself first and you get that money growing into growth investments in a tax free environment. And there’s just nothing better. Do it for as long as you possibly can. So save as much as you can. Give as much as you can, spend as much as you can all at the same time. Get to work for you, and get it to work for your financial future.
The Wisconsin Broadcasters Young Professionals Committee strives to bring relevant information to new broadcasters by tackling industry challenges with the help of Wisconsin-based experts.
About Brent Welch
Brent J. Welch
CFP®, CRPS®, ChFC®, CLU®, AIF®
Brent loves helping people! When he was fresh out of UW-La Crosse, he founded what is now called Welshire Capital, LLC www.welshire.com and built up offices in La Crosse, WI and Madison, WI. He sold that firm to his son Jake in May of 2018 and became a partner in Business & Estate Advisers of WI, LLC in June of 2018.
Brent and his wife Marianne were married in 1986 and have lived in their lake home in Birchwood since January of 2014. They love spending time at Red Cedar Lake with their three children, daughter-in-law, son-in-law and 2-year-old grandson! They also enjoy having extended family and friends stay with them at the lake.
Brent has been a Retirement Wealth Adviser since 1984. His certifications include Certified Financial Planner (CFP®) practitioner, Chartered Retirement Plan Specialist (CRPS®), Chartered Financial Consultant (ChFC®), Chartered Life Underwriter (CLU®) and Accredited Investment Fiduciary (AIF®). Brent also holds a certificate in Bible from Capernwray Bible School in Carnforth, LANCS, England, www.torchbearers.org. In 2001, Brent served as Past-President of the International Forum, www.forum400.org. He also has served on the board of the AALU in Washington DC and various committees for www.MDRT.org and the Top of the Table.
Brent enjoys giving back! He helped found Leading with Power in Madison, www.madison.leadingwithpower.org and has served on the boards of several charitable organizations. He is active in the Rice Lake Men’s Club, Red Cedar Church and is President-Elect for NAIFA Wisconsin (the National Association of Insurance and Financial Advisors). His passions include playing the drums at Red Cedar Church, golfing, skiing, fishing and hanging out with family and friends.