I was fortunate enough to go the Hackney Diamonds Tour in Orlando, FL this week. I was so moved by the concert and them and then I had an epiphany, most of their songs are related to financial planning. In the words of Mick Jagger and Keith Richards, “You can’t always get what you want, but if you try sometimes, you just might find, you get what you need.” This iconic line from The Rolling Stones’ classic song is more than just a catchy refrain; it’s a nugget of wisdom that can be applied to many areas of life, including financial planning. Let’s take a journey through the Stones’ discography and discover how their lyrics can guide us in making sound financial decisions.
“Start Me Up” – Taking the First Step
“Start me up, if you start me up I’ll never stop.” Getting started is often the hardest part of financial planning. Whether it’s creating a budget, setting up a savings plan, or beginning to invest, the key is to take that first step. Just like in the song, once you get started, momentum can carry you forward. Begin by assessing your financial situation and setting clear, achievable goals.
“Time Is On My Side” – The Power of Early Savings
“Time is on my side, yes it is.” This lyric emphasizes the importance of starting early when it comes to saving and investing. The earlier you begin, the more time your money has to grow through the power of compound interest. Even small amounts saved regularly can accumulate significantly over time. Remember, in the long run, time can be your greatest ally.
“You Can’t Always Get What You Want” – Prioritizing Needs Over Wants
“You can’t always get what you want, but if you try sometimes, you just might find, you get what you need.” In financial planning, it’s crucial to differentiate between wants and needs. Prioritize your spending on essentials like housing, food, and healthcare. Once these needs are met, allocate funds towards savings and investments before indulging in discretionary spending. This approach ensures that your financial foundation is solid.
“Gimme Shelter” – Building an Emergency Fund
“War, children, it’s just a shot away. It’s just a shot away.” Life is unpredictable, and financial emergencies can arise unexpectedly. An emergency fund acts as a financial shelter during tough times. Aim to save three to six months’ worth of living expenses in a readily accessible account. This safety net can provide peace of mind and stability when faced with sudden expenses or job loss.
“Paint It Black” – Confronting Debt
“I see a red door and I want it painted black.” Debt can feel like a heavy burden that darkens your financial outlook. To paint your financial picture in brighter colors, create a plan to tackle your debt. Focus on paying off high-interest debts first while making minimum payments on others. Consider strategies like the snowball or avalanche methods to systematically reduce what you owe and regain control over your finances.
“Waiting on a Friend” – Seeking Professional Advice
“Out of these girls passing by the tales they tell of men, I’m not waiting on a lady I’m just waiting on friend “ Sometimes, you need a little help from a friend—or a financial advisor. Professional guidance can be invaluable, whether you’re navigating complex investment options or planning for retirement. A financial advisor can provide tailored advice, helping you make informed decisions and stay on track to meet your goals.
“Wild Horses” – Staying the Course
“Wild horses couldn’t drag me away.” This sentiment is crucial when it comes to long-term financial planning. Markets fluctuate, and it’s tempting to react impulsively to short-term changes. However, a disciplined approach, staying the course with your investment strategy, and sticking to your financial plan can help you achieve your goals. Wild market swings shouldn’t drag you away from your long-term objectives.
“Shine a Light” – Transparency and Honesty
“May the good Lord shine a light on you, make every song you sing your favorite tune.” Transparency and honesty are vital in financial planning. Regularly review your financial situation, track your progress, and be honest about your spending habits and financial goals. Shining a light on your finances ensures you remain accountable and proactive in making necessary adjustments.
Incorporating these Rolling Stones-inspired insights can make your financial planning journey a harmonious one. Remember, you might not always get what you want, but with careful planning and perseverance, you’ll likely find you get what you need. So, start up, let time be on your side, build that shelter, tackle your debts, seek advice when needed, stay the course, and shine a light on your financial future. Rock on!