Apprise's Five Favorite Reads for the Week of November 24th, 2024
Philip H. Weiss, CFA, CPA, RLP®
Helping Women Flourish Through Life's Big Changes
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How Are You Spending Your Time, Energy, Attention, and Money (TEAM)?
At first, I thought life planning was just about aligning how you spend your money with your values. Over time, I've realized it's also about balancing how you spend your other vital resources, including time, energy, and attention. Like money, our time, energy, and attention represent finite resources. Together, these elements form our TEAM of capital—Time, Energy, Attention, and Money—the building blocks of a fulfilling life. To live your most fulfilling life, you want to align your time, energy, attention, and money (TEAM) of resources with your values.
Time, energy, attention, and money often feel in short supply, especially as we head into the holiday season. Holiday gifts can strain our budgets. The flurry of parties, concerts, and travel plans can leave our calendars—and our energy—completely tapped out. By January, the season's financial, emotional, and physical toll can leave us feeling drained and unbalanced—hardly an ideal way to start a New Year.
As you prepare your budget and schedule for the busy weeks ahead, you might also reflect on how you spent your time, energy, attention, and money throughout the last 12 months. Reflecting on the past year can help you get more Return on Life in the year ahead.
1. Establish priorities.
Right now, your calendar for the new year is probably wide open. Before life gets in the way, establish some nonnegotiable. These could include your weekly—or daily—exercise routine, vacations you'd like to take, regular time for family activities, new skills or hobbies you want to learn, financial goals you'd like to hit, and upcoming life transitions such as moving, sending your child to college, or retirement.
Block off time for these big goals and make them the top-line items in their budget categories for the year as well. Use that clarity to fit in smaller goals and expenses around the major things you want to accomplish rather than the other way around.
2. Review your habits.
No matter how many life-hacking blogs we read and expert routines we emulate, there will always be some inefficiencies in how we spend our time, energy, attention, and money. Identifying them at the beginning of a new year might help you zero in on some strategies to shore up weaknesses and build up strengths.
For example, an overspender who makes too many spur-of-the-moment purchases might need to set a stricter budget. An underspender might need to look at all the leftover cash from the previous year's budget and think about vacations she could have taken, comforts she could have upgraded, and people whose lives she could have enriched.
Likewise, folks who have trouble keeping to a set morning routine might need to reassess their sleep habits and how they use their time. Are you tired in the morning because you're staying up too late? Or is your morning routine not inspiring you to jump out of bed? What if you had a different morning activity to look forward to, like taking a long bike ride, reading, or working on the business plan for the dream company you'd like to build?
You might also think about ways to prepare for success in the morning by committing to your morning routine before going to sleep. For example, I take steps the night before to prepare to exercise when I wake up the next morning. I lay out my clothes and other items at night. Since starting this practice a few years ago, I find it much easier to start my day with exercise.
3. Automate the essentials.
If you haven't already, make this the year you start "paying yourself first." Paying yourself first represents one way you can automate how you manage all elements of your TEAM of resources. Consider ways to automate how you allocate your time, energy, and attention, just as you do with money.
Make automatic contributions to your retirement, long-term savings, and emergency savings accounts as soon as you get paid. You can also set up automatic deposits into savings accounts dedicated to your big goals for the year, such as vacations or buying a new car.
Automating how you spend your time and use your energy could take a bit more trial and error. You might experiment with time blocking. You could also set precise boundaries related to when you work on specific tasks throughout the day. If you have trouble etching those blocks in stone, try setting alarms on your phone or smartwatch that will nudge you from one task to the next. At the end of your workday, unplug from what you need to get done tomorrow so you can be truly present in your most essential blocks: those dedicated to your friends, family, and personal passions.
When you make plans to work towards the things that are most important to you, you'll also gain the flexibility to adjust as your priorities change and as life happens. As you reflect on how to align your time, energy, attention, and money (TEAM) with your values, we can help you create a Life Plan that turns your goals into actionable steps, setting the stage for a year filled with intention, fulfillment, and meaningful growth.
We can help you align your Time, Energy, Attention, and Money.
Life Planning helps align your time, energy, attention, and money with your values. Our process can help you clarify what your TEAM of resources means to you, how it can help you achieve your goals, and how to prepare for life's transitions. We want to help you align your use of capital with your values. Schedule a call so we can start working on your Life Plan. Together, we can create a plan to help you and those who mean the most to you thrive.
If you are facing new beginnings, including divorce, loss of a loved one, an empty nest, or retirement, you can take our Flourish Though Life's Big Changes Assessment to discover how ready you are to embrace and thrive through your significant life transitions.
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Schedule a call so we can discuss how Life Planning can cascade your financial goals throughout your life.
This Week's Favorite Reads
This week's favorite reads include articles discussing upcoming changes to Medicare, the importance of a digital death-cleaning plan, talking to your family about inheritance, the unique challenges women face as they age and how to navigate them, and tips to live a longer, happier, and more successful life.
Here are the links to this week's articles, as well as a brief description of each and why you should check it out:
1. Medicare Open Enrollment: What to Know as You Enroll for 2025.
I have already shared this with clients who receive medical coverage through Medicare. As a result of the Inflation Reduction Act of 2022, prescription drug coverage will incorporate some notable changes in 2025. You will want to evaluate your current coverage options during this year's open enrollment period, which ends on December 7th. To learn more about the key changes for 2025, you can read the article. You can also check this article, which focuses on the new Medicare Prescription Plan.
2. Why Everyone Needs a 'Digital Death-Cleaning' Plan.
You probably think of decluttering your home more than your parents did. Many kids have little interest in the things their parents accumulate. Leaving behind a houseful of stuff makes things hard on your kids, too. Decluttering your home reduces the burden on your survivors. In today's digital world, it's easier to leave your survivors with countless digital files and online accounts. This article suggests a "digital death cleaning" plan. Such a plan allows you to retain your digital history while you're alive. It also suggests you consider what your children will do with your data after you pass. Read the article for some suggestions on how to address this issue.
3. How to Talk to Your Family About Inheritance.
When we die, we leave our things behind, making estate planning an essential part of any adult's life. However, we can struggle to communicate our bequest plans to our family. While death is an uncomfortable topic, inheritance can be even more problematic. Do you worry about how your gifts will impact your loved ones? According to research cited in the article, parents' and children's expectations for bequests often don't match. After creating your estate plan, consider talking about it with your heirs. The article suggests three tips to help you get the most out of such conversations.
4. How Women Can Navigate Competing Priorities as They Age.
Women face unique challenges as they age, often balancing financial and emotional responsibilities for themselves, aging loved ones, and younger generations. With longer life expectancies and changing societal dynamics, many women will spend their later years alone, highlighting the need for comprehensive planning. Taking a proactive, holistic approach empowers women to thrive while confidently managing competing priorities. Important takeaways include the following:
5. 30 Essential Tips for Living a Longer, Happier, More Successful Life With No Regrets.
This article provides simple, practical strategies for improving longevity and happiness, focusing on physical health, financial security, and strong relationships.
Small, intentional decisions—like limiting refined carbs or practicing kindness—can help you live a longer, happier, and more fulfilling life.
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