After a hard winter for most of the country, spring is beginning to sprout. Here in the Philadelphia region, the green tips of daffodils are just beginning to push up through the moist, cool soil. White snow drops and purple crocuses are already blooming, adding wee color to the brown palette all around us. At the birdfeeder, little American Goldfinches’ winter coloring of dull brown and tan shades is giving way to a lemony green tint that will turn to bright gold (in males) by late spring. The seasons are changing.
What about your life seasons? Specifically, your financial life? What can gardening teach us about our finances?
Plan ahead. Those nursery catalogse in late winter when there is no chance of planting anything outside in the harsh weather. But gardeners start dreaming and planning. If I plant vegetables next to the back door, they’ll take the space of colorful asters, petunias and begonias. But, can I expand the garden next to the patio to allow me to plant those flowers and have the vegetables, too?
Like the rest of our lives, gardening involves making choices. Most of us don’t have unlimited grounds and money to create our perfect garden. We have to choose between vegetables and flowers, between grass and gardens. But most gardeners understand that the process is the crux. Try something this spring, evaluate in the fall and during the winter create a plan to improve the garden next spring.
Our financial lives can benefit from the same attitude.
Create a Plan: Dream. Think about your ideal job, house, vacation. How can you achieve it? More than likely, you will have to make choices: grass or garden? More education or leisure time? Then get started on your plan.
Patience: Gardeners know that we must be patient. Even in regions without a winter, most gardens take time to develop, to grow. Every garden is its own little ecosystem where certain plants will grow better than others. It takes time to find out what will grow well and look good. Your life is your garden. Think about what you want and be prepared to spend the effort to educate yourself or retrain for your next job. Allocate your money and time efficiently, according to your plan. If you have definite goals, give yourself time to achieve them.
Replant, Divide, Remove: In a garden, the plants are not going to strictly adhere to your original plan; there may be too much sun, not enough water or too little space to spread. You will have to manage the garden: dividing large clumps of iris, trimming out-of-control trumpet vines or moving a rhododendron to a more sheltered area. Your life and investments will profit from the same attention. Analyze what is working and what is not. Similarly to your approach to your garden, take the emotion out of maintaining your investments. Conditions are constantly changing and need cool analysis of current economic, world and industry occurrences. Keep an eye on your 401(k) as you do your roses. Enjoy the growth, but be prepared to prune by changing your investment choices.
Take a gardener’s approach and watch your life and investments slowly grow rich.
Tammy Kraig is a Certified Financial Planner™ professional licensed with a registered investment adviser that provides personal financial advice online for a fee. She specializes in working with couples to help them identify and work toward their investment and retirement goals, long-term or short. Contact Tammy for help with virtually any financial need.
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