When I think about what we really do as financial planners, it boils down to three key things: we help people save their money, grow their money, and eventually, use their money. That’s it—save it, grow it, and use it. It sounds simple when you break it down, but, as with most things in life, the devil is in the details.
People have asked me in the past, “What's the best way to grow my wealth, protect what I've saved, and plan for the future?” It’s a fair question, and it touches on exactly what we do, but the truth is, there’s rarely one perfect answer. There are always trade-offs, pros and cons. What’s good for one person might be terrible for another. What works one day might not work the next. Our job is to help you navigate that gray area, weighing options and helping you make smart decisions based on your goals and the things that matter to you.
At the foundation of it all is saving. If you’re not spending less than you make, it’s going to be hard to get ahead. That’s just the truth. Saving money is critical, and the question becomes: where do you put it? Do you stuff it under your mattress? Do you keep it in a checking or savings account? Should you put it into a CD, buy some land, or invest in your 401(k) or IRA? How about real estate, a small business, or even a classic car collection? Everyone has a different answer, and there’s no single “right” way to do it. The goal is to save it smartly—spend less than you earn and find a strategy that fits your situation. That’s the key.
Next, after you’ve saved it, the question becomes: how do you grow it? There are a million opinions out there on how to grow your wealth. Some people say you should invest in low-cost index funds and forget about it. Others want to actively manage their investments, buying and selling regularly. Maybe you let your investments sit for years without touching them, or maybe you’re someone who turns them over a few times a year. The truth is, growing wealth requires a disciplined approach, one that makes sense for you and your family. It comes down to finding investments you have confidence in—something that offers you growth potential while also managing the downside. Sure, it sounds like a cliché, but it’s true: you have to pick a strategy that you believe in and that matches your goals.
Then we get to the fun part: using it. This is what it's all about. After all, what's the point of saving and growing your money if you’re not going to enjoy it? A life well-lived is one where you can have the experiences you’ve always dreamed of, where you feel fulfilled and content with what you’ve accomplished, the people you’ve touched, and the things you’ve seen. People ask me all the time, "How do I make sure I don’t wake up the day after I spent my last dollar?" And that’s the crux of it—helping you manage your money so you don’t run out. But it’s more than that. It’s about figuring out how to spend your money on the things that matter—whether it’s covering your daily needs, taking that trip you’ve always wanted, or making sure your family is taken care of.
Our job is to help you figure out how to use your money efficiently. You’ve worked hard for it, and we want to make sure you enjoy it without worrying about running out. And, if there’s something left over at the end of the day, we’ll help make sure it goes where you want it to go, in the most efficient way possible.
So really, when you break it down, we help people save their money, grow their money, and use their money. It’s not always a straightforward journey, and there’s no one-size-fits-all answer, but that’s the fun of it. Our goal is to help you feel confident at each step, knowing that you’re making the right decisions for you and your family.
Mark J Modzeleski, CFS, CLTC, AIF
President, Legacy Wealth Advisors of NY