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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2021

Say No to Lifestyle Inflation

Say No to Lifestyle Inflation

What's on your wish list? A bigger house? A new boat? An exotic vacation? As your career advances and your earning potential grows, it's tempting to want to "upsize" your lifestyle. But before you go all in with increasing your spending, prioritize your goals and focus on what's essential for a successful financial future.


Wants Versus Needs
It’s fun to imagine yourself in a new home. Extra bedrooms, a home theater, and a pool all sound great until you consider the real cost to your savings. Think about how much more you could end up spending in monthly mortgage costs and taxes before you make a decision to buy more house than you really need. Instead of upgrading, add the money you would have spent on higher mortgage payments to your retirement savings. Having enough money once you retire is a worthwhile objective.


Family Fun
Of course you want to give your children the best possible life experiences that you can afford. But before you spend thousands of dollars on a family vacation at an expensive distant getaway, consider whether your children would have just as rich an experience camping in the mountains or taking a road trip through several states. The money you save by scaling back the expense -- but not the fun -- could be used to boost your child’s college savings. And that goes for other activities, too. Shop around for the best deals on your child’s music, dance, or sports lessons, and add the savings to a college fund.


Review Your Plan
The success of any spending plan rests with your commitment to the goals you’ve set for yourself. When you conduct your annual financial review, make sure that you’re not only on track to reach your established goals but that any new goals you’ve incorporated into your plan are realistic and affordable. An increase in your income shouldn’t inflate your lifestyle if doing so would thwart your objectives or make them harder to achieve.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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