Lifestyle Inflation and How to Avoid it

A resident of Albany, New York, Michael Fish is an accomplished financial advisor with experience in helping both families and businesses achieve financial security. Since 2018, he has worked as a financial advisor and college unit director at Northwestern Mutual, a financial services company in Albany, New York. In this role, Michael Fish provides risk management, tax efficiency, estate preservation as well as wealth management and accumulation services. 

Accumulating wealth is a strategic process that requires careful planning and sufficient time. Wealth accumulation calls for deliberate effort and adjustment especially on lifestyle choices. Lifestyle inflation is one of the main impediments to wealth accumulation and this happens when you increase your expenses as your income increases. It’s common to want to upgrade your car or take a vacation as you may afford at the moment. However, if your saving is not at par with your rising expenses, it can leave you in a worse financial situation.

Many people don’t realize they’re engaging in lifestyle inflation as it’s not easy to detect. One effective strategy for avoiding lifestyle inflation is to automate your savings as it’s easy and tempting to spend cash lying idle in the bank. For instance, if your emergency fund is full and there are no immediate short-term goals that require savings, the extra funds can be automatically redirected to a brokerage account for investment purposes.

Furthermore, consider investing in brokerage accounts outside of the traditional retirement accounts such as 401(k) whose contribution limits remain the same with individuals whose incomes are significantly less than yours. Funds in brokerage accounts can be withdrawn if needed based on taxes and prevailing market rates but aren’t as accessible as funds in a cash account.

Alex’s Lemonade Stand Foundation Announces New Partnership

Since graduating from SUNY Plattsburgh in 2017, Michael Fish has assisted clients in the Albany, New York, area with accumulating and managing their wealth. Charitably active, Michael Fish volunteers with Alex’s Lemonade Stand Foundation, a nonprofit committed to funding research into childhood cancer.

Already one of North America’s leading supporters of childhood cancer research, Alex’s Lemonade Stand Foundation (ALSF) announced in September of 2020 a new strategic partnership that will further enhance its work. As part of the partnership, ALSF will join with the I Care I Cure Childhood Cancer Foundation (ICIC), a Fort Lauderdale, Florida, organization founded in 2006 by the parents of a victim of pediatric cancer.

The partnership will specifically see ALSF absorb ICIC, taking on its assets and overseeing much of its operations. For its part, ICIC plans to create an advisory board to manage its ongoing programming and events, the proceeds from which will now help ALSF pursue ICIC’s mission of funding research into gentler, less toxic cancer therapies.

In a statement, ICIC co-founder Beth Besner commended ALSF and said she expects the partnership will result in increased fundraising, particularly for safer pediatric cancer treatments. ALSF founder Liz Scott, meanwhile, noted she was honored to join with ICIC and pledged her organization’s commitment to continue to work toward the Fort Lauderdale nonprofit’s specific mission.

 

Special Olympics Provides Sports Opening for People with Disabilities

Michael Fish is a financial advisor who works in Albany, New York. While he was in college, Albany, New York resident Michael Fish participated in many charitable activities, such as the Special Olympics.

The Special Olympics provides sporting opportunities to five million people with intellectual and physical disabilities worldwide. The non-profit organization is recognized by the International Olympic Committee and organizes sports events at both the local, regional, and national levels in 172 countries. Its international event is modeled alongside the Olympic Games with summer and winter games held every four years. It is the most prominent global sporting organization for the intellectually and physically challenged.

Special Olympics was founded by Eunice Kennedy Shriver in 1968, drawing inspiration from the annual camps she organized for children with intellectual and physical disabilities who could participate in sports activities. These camps were based on research by renowned professors who showed that sporting participation helped develop positive attributes in people with disabilities. One attribute is the physiological benefits, such as an increase in the participants’ self-esteem, socialization abilities, and anxiety reduction.

Top Ways to Support Alex's Lemonade Stand Foundation

Michael Fish of Albany, New York graduated from SUNY Plattsburgh before launching a career as a financial advisor. Beyond his pursuits as an Albany, New York-based financial services professional, Michael Fish gives back to the community through his support of several nonprofit groups, including Alex's Lemonade Stand Foundation (ALSF).

Those interested in supporting ALSF and its efforts to fight childhood cancers can get involved with the organization in various ways. Supporters can make a one-time or recurring donation via the ALSF website or take part in various fundraising activities throughout the year.

Each year, thousands of ALSF supporters across the country raise money by hosting lemonade stand fundraisers and other events, including walk-a-thons and golf outings. Supporters also take part in Lemonade Days every August and The Million Mile awareness challenge each September. Currently, much of the fundraising for ALSF is taking place online through activities such as virtual lemonade stands, watch parties, and skill share activities.

All of the money raised by ALSF supporters is used to fund cancer research and programs that support families affected by childhood cancers. More information about ALSF and what you can do to support its work is available at www.alexslemonade.org.