Getting Your Mind Right About Money Management

Getting Your Mind Right About Money Management Hilltop Wealth Solutions

Although the basic idea of setting aside funds for retirement has remained constant over the years, the tools and overall picture are beginning to change. In the past, people were able to depend on pensions and Social Security benefits to carry them through retirement, but now it is equally vital to have a positive attitude towards budgeting and making money while saving. This means that those who are saving for retirement now are presented with issues that weren’t taken into account in the past.

A Saving Mindset is the True First Step to Retirement Planning

Recently, many companies in the United States no longer offer traditional pension plans and are instead providing 401(k)s or Roth IRAs to their employees.[1] Unfortunately, while these investment accounts provide exposure to potentially growing assets, they are also subject to volatility, which means you could face some risk while you save.[2] However, this doesn’t mean that the retirement of your dreams is out of reach.

It is well known that the sooner you start saving, the more likely your funds will last you. However, the truth of the matter is that a person’s income, expenditure, and capability to save can differ drastically over the course of their life. Taking into account all the different types of jobs, modifications to lifestyle, and economic upheavals that you have experienced, the standard concept of accumulating wealth and income for retirement may not be as easy as it seems.[3] Some might find it difficult or believe it to be out of reach to save enough money to cover their costs for their whole retirement. However, by putting in time, effort, and a portion of your working income to this objective, you can actually achieve the retirement you look forward to. During this “accumulation” period, it’s important to grow your nest egg with the goal of financial independence as your north star. Having the right state of mind toward retirement could be the difference between being nervous and putting off retirement planning to a later date versus starting now and taking pleasure in all that the retirement lifestyle can offer.[4]

Understand the Transition Period from Saving to Spending

Moving from putting away money to spending it requires a new set of priorities and strategies to adhere to. You spend a great deal of your life saving, but the transition to spending what you’ve saved is a new game to understand.

Initially, it may be difficult to start using the money you earned for your retirement. You might have built a habit of saving money, so spending it can feel frivolous. But it is important to recall that the whole point of saving is to eventually spend it wisely for retirement.

Undoubtedly, when people receive a pay raise, a promotion, or experience a major change like retirement, they are tempted to savor some of life’s luxuries.[5] But keep in mind that constantly altering your lifestyle can ensure that your accumulated earnings will dwindle fast. So, checking in with and adjusting your retirement plan is necessary to instill a solid plan and maintain a healthy income. While your mind no longer needs to be set in saving gear, your financial well-being should remain at the top of your priority list.

Ultimately, retirement planning exists so that we can spend more of our time in retirement doing the things that are important to us. If you want to start mapping out your retirement plan, reach out to us for a complimentary review of your finances!


Hilltop Wealth Solutions (“Hilltop”) is a registered investment advisor with the Securities and Exchange Commission (“SEC”) and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not imply a certain level of skill or training. Please refer to our Form ADV Part 2A disclosure and Client Relationship Summary (Form CRS) for additional information regarding the qualifications and business practices of Hilltop. Hilltop Wealth Solutions, LLC is an SEC Registered Investment Adviser firm. Hilltop Tax Solutions, LLC, is an affiliate of Hilltop. Wealth Solutions that provides tax and bookkeeping services.

Website Disclosures

Hilltop Wealth Solutions (“Company”) is an SEC registered investment adviser located in Mishawaka, IN with branch office located in MI and other locations throughout IN.  The Company may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.  The Company’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links.  Accordingly, the publication of the Company’s web site on the Internet should not be construed by any consumer and/or prospective client as the Company’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.  Any subsequent, direct communication by the Company with a prospective client shall be conducted by a representative that is either registered or qualified for an exemption or exclusion from registration in the state where the prospective client resides.  For information pertaining to the registration status of the Company, please contact the SEC or the state securities regulators for those states in which the Company maintains a notice filing.  A copy of the Company’s current written disclosure statement discussing Company business operations, services, and fees is available by going online via the SEC’s Investment Advisers Public Disclosure (IAPD) database at, using SEC #801-115255.

The Company does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to the Company web site or incorporated herein and takes no responsibility, therefore.  All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by the Company, will be profitable or equal any historical performance level(s).

Certain portions of Company web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, the Company (and those of other investment and noninvestment professionals) positions and/or recommendations as of a specific prior date.  Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s).  Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from the Company, or from any other investment professional.

The Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if the Company is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of the Company by any of its clients.  Rankings published by magazines and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.  Rankings are generally limited to participating advisers.

To the extent that any client or prospective client utilizes any economic calculator or similar interactive device contained within or linked to the Company web site, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from the Company, or from any other investment professional.

Each client and prospective client agrees, as a condition precedent to his/her/its access to the Company web site, to release and hold harmless the Company, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from the Company.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.