In part two of our conversation regarding your time and its value, Matt and I discuss the concept of intentional attention. Your time is a limited resource. How often do you find yourself scrolling through your phone on social media, clicking on videos and generally winding up down a rabbit hole? Suddenly, you look up and three hours have passed. Probably more than you’d care to admit, right? 

You’re not alone. Forty seven percent of Americans identify as being addicted to their cell phones. So how do we quit the habit?

Think about your time as currency. You are paying Facebook, Instagram, Twitter…whatever your guilty pleasures might be, with your time. That’s not all you’re spending. You are also paying them with your information which is fed to advertisers. Billions of dollars are spent and received keeping your eyeballs glued to your screen.

How can you spend less? Be intentional. 

• Organize your tech habits - make reading lists in your browser or folders in your email that you store articles or other materials you’d like to read at some point. Schedule “reading” time to go back and choose what you actually want to spend time reading.
• Set a curfew for your screens and put them away (out of sight, out of mind) during downtime.
• Make a schedule and stick to it. Give yourself a prescribed amount of time for scrolling, tweeting, reading…whatever it is you enjoy but set a timer and stick to it. 

The overall question you should ask yourself is “am I getting value from this activity?” Or, in other words, is it worth your time? Be intentional with your attention.

How do you know if you have a problem? Are you forgetting things in your life? Crucial moments with your children is something you don't want to miss, because in a few years you will wish you had it back.

What can you do? STOP, think about if this time on your phone is really benefitting you, or if it's just a time killer exercise. The chances are you don't need to be on your phone 24/7.

You will struggle! Phones are addicting, you won't be perfect, but just realizing the time you are missing out on can change your entire perspective for the better. Accept your mistakes, learn from them, and move on!

Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

Imagine being dropped in the middle of a vast forest with no phone, no map, not even a compass. Scary thought, right? Without an estate plan, that is basically how you are leaving your children should something happen to you.

This week I am joined on my podcast by David Feakes, founder and owner of The Parents Estate Planning Law Firm, PC. David works with families to make a comprehensive plan should something catastrophic happen, such as the death of parents with minor children. David and I talk about estate planning in terms of drawing a map. First, you figure out where you are. Then you decide where you want to go. Lastly, you make a plan for how to get to your destination. With regard to estate planning, there are three major legalities to cover:

1. Guardianship - You might have an idea as to who you would like to raise your children in the event of your untimely death, but you need to be sure that your desires are spelled out in a legal form. Additionally, you must consider short-term guardianship. Do you know who will take care of your kids until your long-term guardian assumes duties? Especially now, when travel is more complicated, short-term guardians, or people within a 15-20 minute radius of your home, are a necessity.
2. Assets - Who will have access to your assets? How will they be delivered to your heirs? Who will manage the money and until what age? How do you protect what you’ve earned and saved to ensure it all goes to your intended recipients?
3. Incapacity - If you are unable to make decisions, it is important you name someone to take over management of your affairs should you become incapacitated.

All of the above-mentioned affairs can be “mapped” in two different ways: a will or a revocable trust. A Personal Family Lawyer® is a great resource in helping you draw that map to lead your loved ones down the path you intend. 

David Feakes is the founder and owner of The Parents Estate Planning Law Firm, PC. His practice focuses on estate planning, wealth transfer, and asset protection. He develops lifelong relationships with his clients, serving as a trusted advisor to them and to their families. David has the distinct honor of being one of only a few Personal Family Lawyers® (PFL®) in Massachusetts. Most importantly, David is a husband and a dad and in his free time enjoys hiking, biking, and traveling.

Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

Megan Rusell of Marotta on Money joins me once again to discuss how to enjoy your wealth and stay wealthy at the same time!

There are many items that we want, need, and enjoy purchasing. Almost exclusively none of these are absolutely necessary within a week - so do yourself a favor and utilize wish lists to hone your spending on those items that will truly bring you the most value.

Most of what we purchase has fleeting utility. You really want something so you click buy. The money is gone and the enjoyment of the pursuit is fulfilled. However, that enjoyment fades quickly until we click buy again. Instead, try waiting a week and if you still really want that item, then go for it.

Other strategies for having the enjoyment AND keeping money in your pocket:

• Take a picture instead. When traveling and you see a great item for yourself or a friend? Pull out your phone and snap a pic.
• You can afford anything but not everything. Learn to do without (and what you want to live WITH)
• Use shared wish lists to create greater value for yourself and others. This allows better purchasing (more enjoyment!) for both buyer and receiver.

Why is this important?

• Feel CONFIDENT about your financial future.
• Decision fatigue on two levels:

1. Consistently remembering to save.
2. Deciding what to purchase or what to do.

• Make the decision once!
• Future flexibility!

What should you do?

• Decide how much to start with.
• Set up automatic transfers.
• Invest: You can do this every 3 or 6 months, or even once a year!

Why is this important?

• Feel CONFIDENT about your financial future.
• Decision fatigue on two levels:

1. Consistently remembering to save.
2. Deciding what to purchase or what to do.

• Make the decision once!
• Future flexibility!

What should you do?

• Decide how much to start with.
• Set up automatic transfers.
• Invest: You can do this every 3 or 6 months, or even once a year!

The stock market is off to a shaky start in 2022. Many are asking: What should I do with my portfolio? It’s important to have a plan for when the market goes up or goes down.

A client recently asked, “What should we do with my portfolio and when will we do it?” Remember that market declines are normal: it goes down 10% every 2 years, on average. So it’s important to plan ahead and understand what to do and when to do it.

Options for your plan include:

1. Do Nothing. You can let your portfolio decline and ride the return on the other side. That’s a viable plan, as long as it’s an actual plan (not sticking your head in the sand!)
2. Rebalance. You can purchase more stocks while they are on sale.
3. Tax Loss Harvest. You can sell stocks or funds that have lost value to make lemonade out of lemons.

The important thing is to have a plan, write it down and stick to it.

Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

Are you ready to create your ideal lifestyle? Let’s Connect.

It’s best to learn how to use money while in a safe environment: when you’re a kid. This is a lot better than trying later on when it really matters! Kids are natural learners, but we need to give them the space to explore their own desires and their environment; to try things out and fail and succeed.

In this episode we discuss:

• Allowing freedom for kids to spend their own money
• Don’t couple chores with allowance: allow children to be a part of the family duties
• When and how to talk to teenagers about college expenses

Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

The average American is bombarded with advertisements throughout the day. Companies spend money on these ads because they work! To align your spending with what truly brings you happiness: make sure to avoid and understand advertising so that you don’t end up with too many things cluttering your home.

First, avoid as much advertising as possible. Use ad blockers, skip commercials, call your credit card company to stop mailings, and unsubscribe from newsletters. This will help reduce the number of ads you see each day.

Second, understand when you are being advertised and build awareness at the moment. The more you recognize an ad and interact with it, the more likely you are to avoid its traps. Advertisers know that you aren’t paying much attention - and so they prey on your subconscious and feelings. Be alert and interact with the ad in front of you and its power will quickly fade.

Is that great a product if you have to advertise it?

Megan Rusell of Marotta on Money joins me once again!

Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

Most people choose a career fairly randomly. I mean, maybe you had a high school counselor that helped you. Or you spent some time thinking about your major at college. But a job comes along and it’s like “Money? Let’s go!”

Your human capital, or the amount of money that you make over your lifetime is one of the biggest factors in your financial success. (Hint: the other is your expenses). No matter where you are in your life journey, it’s worth thinking about that trajectory. How steep is the income potential in your current career? Can you pivot to another career that has a steeper path? What is the job that you really want after your next job?

And how much did you think about your current work team and boss? Finding people that you enjoy working with and will invest in you makes a tremendous difference. Ask anyone who works with the best team: it’s a joy going to the office every day (or the zoom room ;)

Matt and I discuss all these topics and more!

Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/