Couchside Conversations
Modern life for Gen Xers and Millennials is complicated. Some questions you might be asking yourself...
How do I take care of my aging parents and children at the same time? How do I change my career and make more money? Can I renovate my house? Should I buy an investment property?
Instead of consulting Google and hoping for the best, with Modearn® by Morton Wealth and our video series, Couchside Conversations, you'll always have someone in your corner—a financial advisor who has gone through the same experiences as you. We believe in more than just financial solutions—we focus on building a lasting relationship with you to ensure your success. We prioritize empathy, awareness, and personalized support to help you navigate every decision with confidence.
Couchside Conversations
Smart Spending Strategies: Life, Family, Career & Investments
Do you spend too much? Too little? Just right? Answering this question is more complicated than it might sound. In this session, Morton advisors will help attendees bucket their spending into areas that are most meaningful to them and their lifestyles. For example, how much spending should go toward your memory bank vs. bank account? There are dozens of spending decisions we make on a daily basis, and by having a clear plan, investors will be much more likely to feel empowered to enjoy their wealth.
Here are some key takeaways from their conversation:
- A spending strategy aligns short and long-term goals with priorities and values. It helps to categorize your needs, wants and dreams separately so you can allocate different parts of your wealth toward different buckets accordingly. It is natural for a spending strategy to evolve throughout life.
- Kevin introduces himself as someone who prioritizes creating meaningful experiences and enjoys spending on traveling, concerts, etc. Patrice emphasizes financial responsibility and long-term planning, while Mike advocates for strategic spending and allowing flexibility in achieving life goals.
- Session participants identified their personal needs, wants and dreams, illustrating the importance of written goals for clarity and accountability.
- Needs include things like housing, healthcare and food. Wants are short-term desires like a vacation in the next year or home upgrades. Dreams are long-term aspirations like a second home or early retirement.
- When building your spending plan, it is crucial to start with an emergency fund (3-6 months of expenses), take advantage of employer 401(k) matches, pay off high-interest debt before investing, and automate savings to ensure consistent contributions toward goals.
- Younger generations often lack guidance due to insufficient assets under management. Morton’s approach includes working with clients on financial decisions without requiring a traditional AUM threshold.