Let’s talk about personal finance for steppers. Many steppers are either in or close to approaching the golden years – that is the time from retirement to the rest of our lives – 65+. Research shows that more than 21 percent of Americans do not save for retirement. How does this apply to the steppin’ community? I can easily say I see the steppin’ community as a dance family spread across many cities. Like family and any community, we want to take care of each other and plan for the longevity of good circumstances. In this segment of our interview, Randall Avery addresses personal financial planning.
When should I start financial planning?
First, it is a mindset. Before engaging with a financial planner, you have to make a commitment that financial security is a goal you want to achieve. Then acknowledge there will be some sacrifices to achieve that goal. Second, there are some natural triggers in life that cause people to seek out a financial planner – starting a new job, divorce, beginning to pay back student loans, or receiving an inheritance. Also, it could simply be a current struggle, like I don’t have enough money at the end of every month. These are the two things in my experience that prompt individuals to seek financial planning.
How can I catch up if I started financial planning late in life?
Over 75% of Americans are living paycheck to paycheck, and being over 50 does not exclude you from that statistic. When I work with my more senior clients, I sometimes see there is even a bit of guilt associated with past spending habits. When I speak to someone about their finances, I first tell them everything is going to be okay. Then, after the initial emotions, we can map out a plan so that they can retire with some level of security. In some cases, my clients don’t want to retire, but we create a plan in a way that if certain health situations arise, they can still make it. My goals for all my clients are to enjoy life, love on those individuals they want to love on and be excited about what life holds for them in the future.
What are hints of steppers living beyond his or her means?
I think the first sign that you are living beyond your means is if you use credit cards to finance your vacations. If you have to swipe your credit card and do not have the cash flow to fund your steppin’ habit, that is a good sign of living beyond your means. If things are beginning to fall apart at home – the roof is leaking, the car needs certain work, and you still go on vacation and eat out in spite of it all – this is when you are living outside of your means. Maybe you do more local steppin’ events, or you do free steppin’ events. There are sometimes opportunities where you can help out at an event. E.g. sometimes people help out at the event and then have some time at the event to themselves. Enjoying steppin’ should not cause you to live beyond your means.
How does your book help steppers looking for help with financial planning?
My book ‘Hacking the System by Creating your Own System’, is an excellent read for someone who is confused about how they should use their money. It really explains ‘WHY’ of why most people struggling with money. Check out the book! One of the key segments of my business is helping steppers on their financial journey. Surprisingly, there are people who are doing really well financially in the steppin’ community, but there are also some that can use a little guidance. I love working with steppers because we have more in common than just aspiring to be financially secure. We also have the opportunity to talk about steppin’ and the things we see in the community. This allows for a stronger relationship around something we both love.
