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Lesko Financial: What Those Who Get Wealthy Sacrifice

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VESTAL, N.Y. -

Transcript of Thursday's November 7, 2019 Lesko Financial segment that aired on Fox 40 News at 6

BRI:
THE DIFFERENCE BETWEEN WEALTH AND FINANCIAL STRUGGLES IN LATER YEARS MAY REST ON A FEW KEY DECISIONS. GREG LESKO OF LESKO FINANCIAL EXPLAINS. GREG…

GREG:
THANKS. BRI. IMITATING THE BEHAVIOR OF THOSE WHO HAVE AMASSED WEALTH COULD HELP CREATE A LIST OF MONEY “HOW-TO’S.” BUT, WHEN IT COMES TO SAVING FOR RETIREMENT, IT BECOMES A LIST OF: “WHAT-NOT’S:” WHAT NOT TO BUY OR OVERSPEND ON. THOSE WHO END UP WEALTHY BY THE TIME THEY RETIRE OFTEN SPEND LESS THAN MANY PEOPLE ON HOUSING, TRANSPORTATION AND TRAVEL. THEY’RE LIKELY SUPER-SACRIFICERS, AS WELL AS SUPER-SAVERS.

BRI:
MANY PEOPLE VIEW SACRIFICE AS DIFFICULT AND NO FUN.

GREG:
GIVING UP SOME THINGS TO BUILD SAVINGS FOR INVESTING TAKES DISCIPLINE, BUT IT DOESN’T MEAN DETERMINED SAVERS DON’T OCCASIONALLY SPLURGE. WHEN THEY DO, IT’S OFTEN ON SOMETHING THAT SAVES MONEY IN OTHER WAYS, SUCH AS A TV STREAMING SERVICE INSTEAD OF PAYING A LARGE MONTHLY CABLE BILL--OR ENJOYING LIFE’S NON-MATERIAL PLEASURES, LIKE SPECIAL TIMES WITH THE FAMILY.

BRI:
WHAT COULD SOMEONE WHO WANTS TO BUILD WEALTH SACRIFICE TO HELP GET THERE?

GREG:
START WITH THE THREE AREAS I MENTIONED… HOUSING—DON’T BUY MORE HOUSE THAN YOU CAN REALLY AFFORD OR NEED. TRANSPORTATION: THE VERY WEALTHY USUALLY BUY TWO-YEAR-OLD PRE-OWNED VEHICLES AND PAY CASH. AND TRAVEL: FOREGO INTERNATIONAL TRAVEL OR LUXURY VACATIONS IN FAVOR OF MORE MODEST GETAWAYS NEAR HOME. OTHER WAYS TO SACRIFICE INCLUDE NOT BUYING DESIGNER OR BRAND NAMES; NOT USING CREDIT OR LOANS TO BUY WHAT YOU REALLY CAN’T AFFORD; NOT EATING OUT OR GOING OUT WITH THE GANG TOO OFTEN; AND KEEPING A CHECK ON MUSIC, ENTERTAINMENT AND OTHER SUBSCRIPTIONS. AND HERE’S ONE MORE FOR THE HOLIDAYS: NOT SPENDING THAT BONUS CHECK—BUT INSTEAD, INVESTING IT.