Reflecting on the Positives in an Unusual Year

By Kate Welker, CFP®

Can we all agree this year has just been weird? As we head into the end of the year and the holidays it is a natural time of reflection and a slower pace and I believe we all need to embrace that, especially this year. Our holiday celebrations look a little different than in the past. Many of our readers will not be able to see their family, may be struggling financially, or may just be overwhelmed with the changes we have seen. Along with all the craziness and negatives that the world is focused on, there have been positive opportunities this year! I want to encourage you to think back on the year and find the positive moments that might not have happened if we hadn’t been in a global pandemic. Regarding your finances I want you to look back at the year, and decide how you want to move forward.

Below are some of positive changes I have seen this year in my life and I have heard others say the same things.

Family Time - Forcing the world to hit pause changed the way the week looks and families interacted. On my side we went from rushing out to door in the morning, rushing home from work, running to dance, cub scouts, softball, board meetings and managing to squeeze dinner and a few moments together in there. When everything went on pause it felt a little like being on a merry go round that suddenly stopped and threw you off (think more the terrifying metal playground merry go round than the gentle amusement park style) and you had to lay there and catch your breath for a minute. Switching everything virtual meant that by evening everyone was tired of their devices and we made meals together, sat at the table to eat, played games and went for walks, so many walks. My yard looked the best it has in years and I also have the strongest Mario Kart game I’ve had since I was 12. As things started to get a little back to “normal” we have really rethought our lifestyle and are being very conscientious of the obligations that will get us back into the rush and run that was exhausting.

Exercise and Nature - I have found the time to get into a great habit of making a workout a part of my day. My husband and I have been able to do this together, it keeps us accountable, and it’s a bonding experience. Sitting as much as I do, it has made me feel so much better to know I’m doing something good for my body to start the day. Watching the increasing numbers of walkers and runners head down my street and the kids out riding bikes I know more people have had a chance to get outdoors to enjoy nature and move more. With the normal entertainment and amusements closed we explored the state finding parks and open areas where we could still maintain safe guidelines and might not have thought to explore before.

Finances - I want to make sure I don’t discount the financial difficulties many people are facing this year as a result of the pandemic and resulting ripples, and we encourage you to reach out for assistance if you need it. For others this year was an opportunity where you may have found yourself bringing in additional money from stimulus sources or staying home more meant you saved more money. We have seen more clients that feel like they have the time now to focus on their finances and their overall financial wellness.

Reflecting on finances is always important and especially important after this year. Set aside a little time for yourself to look back at the decisions you’ve made this year and the progress or backwards steps taken. If there have been some poor decisions, face them and admit to yourself what you did and how you can change that, but don’t continue to beat yourself up about it. Talk about how you can prevent those same poor decisions from happening again and set yourself up for success in the next year. If you had really positive changes talk about why that was and ways you can continue to move that momentum forward.

Enjoy your holiday and set aside a little time for reflection. We’d love to hear any positive changes this year has had on your life or ways you are changing your financial decision making.

Monday Morning Quarter-Buck: The Boston Marathon and Money by Kerrie Beene

Happy Tax Day!  While we find this day to be one of the most stressful overall days of the year with last minute decisions and actions, the team made a commitment this year to make sure we managed our stress with healthy behaviors like exercise and eating right.  What does this have to do with finances? Read below as Financial Planner Kerrie Beene shares her experience on this journey. We also want to wish all of the Boston Marathon runners the best of luck today!!

The Boston Marathon and Money

By Financial Planner Kerrie Beene

Rooted Planning Group

April 15th is Tax Day but even more exciting than that, it is Boston Marathon Day.  A marathon is 26.2 Miles. There are around 570 marathons held each year in the United States.  Around 24% of runners have run a marathon, which accounts for 0.5% of the U.S. population.

The Boston Marathon is one of the World Marathon Majors - these are the top six annual marathons run in major cities around the globe.  The other five are held in New York City, Chicago, Berlin, London, and Tokyo.

The first Boston Marathon was ran in 1897.  It is always held on the 3rd Monday in April, also Patriot’s Day.  The day is a state holiday in Massachusetts and Maine and all local offices and schools are closed.  

Every year since 1903, the Boston Red Sox, play a game the morning of the marathon.  After the game, spectators head to Kenmore Square and cheer on the runners. There are other fun traditions held each year, such as, the scream tunnel and Greek inspired wreaths for winners.  Unfortunately, in 2013, was the Boston Marathon bombing where explosives killed three people and injured hundreds.

The Boston Marathon attracts around 500,000 spectators each year to watch the 30,000 qualifying runners.  The Boston Marathon has a serious registration process that begins in September the year before you would like to race.

To begin the registration process you have to be 18 years old and already ran a marathon with the International Association of Athletics Association within the last 18 months.  Eighty percent of entries are reserved for the fastest qualifying times. Unfortunately, even if you qualify that does not mean you will get to run. For the 2019 race, more than 7,000 entries were not accepted.  

Example of Qualifying Standard:

• 40 Year Old Male - Qualifying Time - 3 Hours and 10 Minutes (Under 8 minutes per mile)

• 40 Year Old Female - Qualifying Time - 3 Hours and 40 Minutes (Under 9 minutes per mile)

• 20 Year Old Male - Qualifying Time - 3 Hours (Under 7 minutes per mile)

• 20 Year Old Female - Qualifying Time - 3 Hours and 30 Minutes (Around 8 minutes per mile)

Male and Female Winners of the Boston Marathon receive:

• $150,000 for 1st Place

• $75,000 for 2nd Place

• $40,000 for 3rd Place

Reading about the history of the marathon and the associated facts is fun.  However, I do not foresee myself running a marathon anytime soon.

Most people, including myself, jump on and off the exercise bandwagon many times throughout our adult lives. I have been exercising for a while now and see myself continuing.  I have created a habit and enjoy the endorphins. I do it for my health and so should everyone, but could it also make us wealthier?

The answer is yes!  Some of the answer comes from personal experience and some of it comes from facts.  My experience has taught me that when I do one positive activity, it encourages me to do another positive activity.  For example, I notice when I exercise I am naturally attracted to healthier foods and vice versa. When I do not exercise, I warm up a honey bun after dinner and then binge watch Netflix.  Well, I watch Netflix regardless, but I feel less guilty if I am not eating a honey bun. The other thing that I have noticed is that when I exercise, my house is cleaner and I don’t mind cooking at home.  On the days I exercise, my endorphins keep me moving and I come home and am in the mood to get to cooking or even pickup my house and then cook. I also look forward to doing things outside, like yard work and cleaning outside.  While, this is not formal research, it is real and I see the results.

More formal research shows that one cost saving advantage of exercising is our medical bills.  We all know the multiple health reasons to exercise but The Lancet states that, just walking 150 minutes per week will result in $2,500 less per year on Healthcare.  

The FI Introvert website shows other ways fitness can also save you money by simply eliminating one behavior for a healthier, more enjoyable behavior:

• Walking and biking rather than driving saves on car maintenance and gas

• Hiking and taking in nature’s scenery rather than scenes from a movie saves on sedentary entertainment expenses

• Buying fruits, vegetables, and unprocessed meat rather than expensive and nutritionally weak processed meals saves on food costs

• Drinking water is less expensive than sugary soda and other drinks

• Going out and playing sports saves money on mindless cable TV consumption

• Save on alcohol and cigarettes by not wanting to negate the gains from your investment in your health

So, at the end of the day, maybe the Boston Marathon is not on your bucket list, but exercising should become a daily habit…. It will make you healthier and wealthier.

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