Strategic Savings: Investing in Opportunities, Not Just Emergencies, in 2024

By JW Rayhons, CRPC

Do you get “excited” about saving for something bad to happen? Having money ready and accessible for life’s unexpected emergencies is important, but have you noticed that when you just save for emergencies, the cycle of always having to use your savings never seems to end?

What if… you believed opportunities will come along in your life. I mean, haven’t you already had opportunities show up in your life unexpectedly? How much would you save up and have ready if you knew great opportunities are going to come along?!

The reality of life is that we will have both unexpected tough stuff and unexpected incredible stuff happen in our lives. Being able to capture opporunities when they appear is what can accelerate our goals or maybe even take our financial success to another level. As Hall of Fame and legendary coach John Wooden said, “When opportunities come, it’s too late to prepare.”

Shifting the Savings Mindset:

Challenge the conventional view of just an “emergency fund.” Embrace a mindset that recognizes the importance of saving for opportunities that can accelerate your financial goals and financial wealth.

Create a Separate Opportunity Fund AND Automate the Contributions:

Establish a dedicated account for opportunities. This separation ensures that you're not tempted to dip into these funds for day-to-day expenses and reinforces the purpose of this account. Set up automated transfers to your “opportunity fund.” Consistent contributions, even if they're modest, will accumulate over time and provide the financial foundation you need when the right opportunity arises.

Be Ready to Act, YET Have a Clear Plan for Opportunities:

Maintain flexibility & accessibility to your Opportunity Fund so that when the right opportunity arises, you're ready to act. Identify potential opportunities in 2024 (or the future). This could include investment opportunities, educational pursuits, career advancements, or even entrepreneurial endeavors. Set a clear goal of how much money you need in your Opportunity Fund and commit to achieving it. No exceptions; no excuses. Periodically review your Opportunity Fund for how it’s invested and how well it’s growing. Adjust it based on changes in your financial situation, market conditions, or personal priorities.

Keep your eyes and ears open in your areas of interest. The more clear you are about what type of opportunities you’re looking for, the more of them you will see. By adopting a strategic savings approach focused on opportunities, you're positioning yourself to capitalize on the unique chances that 2024 may bring. This proactive mindset not only expands your financial possibilities but also empowers you to take control of your financial destiny. Cheers to a year of purposeful savings and seizing the opportunities that show up in your life!

There’s more to Life than money! The Rayhons Financial family is a team of professionals that want to help you capture opportunities that present themselves. Connect with us for a conversation.

more to Life than money™

The Rayhons Financial family is a team of professionals that want to guide you towards your ideal, joyful Life. A professional can help you create a personalized financial plan, provide valuable insights, and guide you through a better approach than “live and learn” or “trial and error.” Take a small yet courageous step today, simply go to RayhonsFinancial.com and connect with us for a conversation.

The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.