This month, instead of our usual Tip of the Month, I invited our team to reflect on financial decisions, big or small, that have had an overall positive impact on their lives. Note: These situations are personal to each individual. Your advisor will always work with you to make decisions that work for your unique situation.
nick
When I went to grad school, I had no money. I took out a $10,000 federal loan, used $8,000 to live off of for the year and concentrate on my studies, then after graduation used the remaining $2,000 to travel to Japan with a friend. It was a risky move to spend basically the last of what I had (and debt-financed too!), but those experiences and new perspectives have stuck with me my whole life. I did have a job lined up which started after the trip, so that paycheck to helped me financially recuperate and pay off the loan. More recently, refinancing my family’s mortgage to 2.75% in 2020 was a positive decision.
Sam
One of the most impactful financial decisions I’ve made was opening a Roth IRA at age 16 when I got my first job. My dad encouraged me to start early and taught me the basics of saving and investing. More than the dollars, it built the habit. Contributing consistently from a young age helped me understand discipline, long-term thinking, and the power of compounding. Looking back, the biggest benefit was the mindset it created. Starting early made investing feel normal and approachable.
rachel
Hiring Bluestem as our Financial "marriage counselor" was a great decision for my husband and me. You may not know this, but Jeremy and I were clients at Bluestem for several years before I started working here. When we started as clients, I had 6 - 8 TIAA CREF contracts from different previous employers, Jeremy and I both had SURS RSP plans, and we had kids and wanted to make sure we were on track in terms of paying for their college, etc. I am a worrywart who wants to understand everything. My husband is a little more laissez-faire. Hiring Bluestem allowed us to stop discussing things that neither of us knew how to answer to the others satisfaction. Bluestem gave us an impartial third party to listen to our thoughts and ideas, and this proved very valuable as we navigated Jeremy's time at the National Science Foundation and our recent sabbatical. I am very thankful for the additional peace of mind that Bluestem has provided us.
Joe
The most impactful financial decision my family has made was for my wife to leave a full-time job and start working for herself at about half time. There were a lot of other decisions that made this possible. For example, we searched for over a year for a house that was in our desired area and well under our preapproved cost so that our budget wasn't strained. We were also fortunate to buy at a time of low interest rates and before the housing market ballooned to current values. The overall theme for us has been choosing time and flexibility over things like a bigger house or extravagant vacations.
Julie
For me and my husband, it was the decision to remain in the first house we bought—our "starter" house if you will. There were several times we contemplated moving to a different neighborhood and a bigger house but ultimately decided that our current house was sufficient for what we needed. Not upgrading has given us financial breathing room to travel and do other fulfilling things (though after the last couple of weeks I do wish we had a basement!). Now, with our kids in college, I kind of love that our house is filled with memories of every stage of their childhoods.
Josh
Last summer my wife Jen and I decided to purchase a small lake cabin in Pana, IL, the town where we grew up. It was such a unique experience going through what often comes up in my work with clients when they are contemplating the purchase of a second property. The property is walking distance to my in-laws and in the same locale as many other family members, and it was owned by family friends of my in-laws. Having "the cabin" has given us the gift of more frequently visiting family and connecting with them, somewhere we can get away to and be closer to nature and outdoor activities on our own time, and a getaway others can use when they need it too. Going through the process was invaluable in growing a deeper appreciation for what clients go through when they are weighing decisions like this. Like with most real estate transactions, the emotions run strong, so it's good to have an objective partner in your corner to make a confident and informed decision.
Tim
For me, it was building literacy around credit scores when I was in high school. The best way to build good credit is to be responsible with the credit you have (making your payments / not overspending), but another key factor is the length of your credit history. I got started early on, and that resulted in a great credit score when it was time to buy my first house, which has saved me a significant amount on interest.