My family may very well be at the peak spending stage of life.
To give you an idea of our monthly expenditures, you should note that my wife and I have three teenage boys and a German Shepherd/Rottweiler/Mastiff mixed puppy, so our grocery bills alone are brutal.
We are certainly not alone in our quest for deals, but a “good deal” is increasingly difficult to find.
As prices have risen, we are often left choosing between something inexpensive that may be poorly made or short-lived and something expensive that still may not feel worth the price. Whether it is a meal, a car, clothing, a service, or almost anything else, many of us have had the same thought:
Where did all the Value go?
Inflation is certainly part of the answer. I could opine for pages on that, but the basic problem is straightforward: when the cost of labor, materials, insurance, financing, and transportation rises, businesses have to respond. Sometimes prices go up. Sometimes quality comes down. Sometimes both happen at once.
The result is that value becomes elusive.
This realization has caused me to step back and dissect what is “value” versus what is “valuable”
The Ultimate Scarce Resource
Value is subjective, therefore it can be difficult to determine on a universal scale, but it is still easy to define personally. Most would agree value can be identified with a simple yes/no question. “Do I feel like I got my money’s worth?”
What is valuable also has a good deal of subjectivity to it, but I’d submit we can solve this problem with economics.
Basic economics examines the dynamics of supply and demand and how they influence the prices of goods and services.
For example, when the supply of something is limited while demand remains stable or increases, its price generally rises.
If we apply that idea to our lives and search for what is valuable, we can substitute the word “scarcity” for supply, “value” for price, and “need” for demand.
Our search for what is Valuable or “of maximum value” then becomes a question: What is the scarcest thing we can possess—something we need today and will almost certainly want more of in the future?
The answer, perhaps obviously at this point, is Time.
For all of us, time is scarce. It is limited, and most people would gladly ask for more.
But once time is spent, it is gone. When a day, a year, or a decade passes, we cannot earn it back or add more of it at the end.
What is the scarcest thing we can possess—something we need today and will almost certainly want more of in the future?
The answer, perhaps obviously at this point, is Time.”
Money is scarce, but we can earn more of it. Markets can fall and recover. Careers can change. Businesses can be rebuilt. Savings can be replenished.
That makes time perhaps the most valuable asset any of us possesses. Unlike money, none of us knows exactly how much of it remains. In fact, I would argue that this is an important part of our humanity: the knowledge of our own mortality. The burden of knowing our limitations should also drive us to live with purpose—but I’m digressing.
This is one reason I believe money should never be viewed simply as a scorecard. Accumulating wealth matters, but wealth is most useful when it gives us greater control over how we spend our treasure – time.
It can provide the ability:
- To retire when you reasonably choose.
- To travel.
- To help your children or grandchildren.
- To spend less time worrying about money.
- To say no to something you no longer want to do—or yes to something you have always wanted to do.
At some point, wealth becomes less about how much you own and more about the choices it gives you. We call this “optionality.”
What We Believe Our Job Is
This is a significant part of how we think about our role as financial advisors.
Of course, managing investments properly is a major part of what we do. The same is true of managing risk, building financial plans, helping clients make important decisions, coordinating accounts, and preparing for the unexpected.
But those are all means to an end.
Our goal is to help organize and manage the financial side of your life so you can spend less of your time worrying about it.
We cannot create more hours in the day for you or your family. But good planning can give you greater freedom over those hours and potentially allow you to spend more of them with your family, on vacation, or doing the things you enjoy most.
That, to us, is real value. It is what we strive to provide to you every day.
A Small Favor
In a world searching for value, we recognize that our firm must demonstrate it through the service we provide.
Our value is not found only in the investments we select. It is found in the planning, perspective, communication, accessibility, and judgment we offer. It is found in helping families make decisions during uncertain periods, avoid costly emotional mistakes, prepare for the future, and remain focused on what they are ultimately trying to accomplish.
Most importantly, it is found in the trust our clients place in us.
We are grateful for that trust, and we never take it for granted.
Today, people frequently begin their search for financial guidance online. Before prospective clients meet an advisor or make a phone call, they look for evidence that a firm is trustworthy, established, responsive, and genuinely valuable to the families it serves.
That is where you can help.
If you are willing to share your experience with our team, we would be grateful for a Google review. Your words may help another family searching for financial guidance understand what it is like to work with us.
We also invite you to follow WNY Asset Management on Facebook. There, we share educational information about investing, retirement, financial planning, markets, and the economy. Liking and following our page helps that information reach more people—including friends or family members who may find it useful.
At a time when genuine value can seem increasingly difficult to find, your review or your decision to follow our page helps others discover the value we strive to provide every day.
The Most Valuable Time of the Year
As this is our final newsletter of the year, it seems appropriate to end where we began: with value.
We spend a great deal of our lives working, saving, investing, planning, and preparing for the future. Those things matter, but they are supposed to serve a larger purpose.
The holiday season begins with Thanksgiving, a day set aside not for wanting more, but for recognizing the value of what we already have. It gives us an opportunity to pause, express gratitude, and spend our most valuable resource with the people who matter most.
That spirit carries through the entire holiday season: sharing Thanksgiving dinner with family, a conversation with an old friend, watching children or grandchildren open presents on Christmas morning, traditions repeated for generations, and new ones just beginning.
None of these things appears on a financial statement, but they may ultimately be among the most valuable things we ever possess.
In a world where value can sometimes feel increasingly difficult to find, we hope you spend this holiday season enjoying the one thing that has always been priceless: time with the people you love.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through WNY Asset Management, a registered investment advisor and separate entity from LPL Financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.