Christmas is that time of year when we all start to get a little bit sentimental. As we draw near with family and friends and enjoy special times of celebration, there is a certain warmth and happiness in the air. Family memories are made and special traditions are created. With that sentiment in mind, we would like to offer a bit of sage financial wisdom based on the examples of three iconic Holiday Characters.
Ebenezer Scrooge brings to mind the very picture of someone you don’t want to invite to the holiday party. At the beginning of his story, Scrooge is depicted as bitter miser who prefers to keep everything for himself without a care for anyone else. After seeing the error of his self-centered ways while visiting Christmas past, present and future, Scrooge finds that his newly beating philanthropic heart is not only good for his fellow man, but also for himself. This sentiment is still true today. Donating to charities is a great way to help those in need, while benefiting your tax outlook. The most important thing to remember is to give within your means and do careful research on the organizations to which you plan to donate before you write the check.
Buddy the elf
Buddy the Elf has only recently become an iconic Christmas character. His child like faith and always positive personality makes his holiday cheer infections. However, Buddy is an excellent reminder of how important it is to discuss money management strategies with your children. Just as Buddy found himself in a very scary new world; without proper guidance, children and young adults can find themselves in a world of financial peril as well.
One of the biggest Christmas Icons is dear old Santa himself. His thrifty do-it-yourself style and ability to plan for and keep track of the wishes of all the world’s children is a true example of great organizational savvy. St. Nick teaches us the importance of making a list and checking it twice. In the case of a financial portfolio, his example reminds us that just because someone (or something) is on the “good list” one year, they can be on the “bad list” the next. It is crucial to keep track of your investments and ensure that everything is performing at its very best.
With the peak of the Holiday Season quickly approaching, the team at Financial Fiduciaries wishes you and yours the very best. We are thankful for our wonderful clients and the privilege it is to help them chart their financial paths and we look forward to a bright 2014 with each of them.