What Autumn Can Teach Us About Saving
There are things I look forward to in each new season, but fall is my favorite time of the year. Based on their reaction to fallen leaves last year, I think our boys might feel the same way.
Everyone can enjoy the orange, red, and yellow leaves. Children enjoy playing with them when they fall to the ground. I loved jumping in piles of leaves that we raked in grandma’s yard as kids, and I still enjoy shuffling through dried leaves as an adult. (I became a little less in love with fallen leaves as soon as I had my own gutters to clean.)
There aren’t enough leaves on the ground to take a current picture of the boys enjoying piles of leaves, but this picture from last year gives you an idea of how much they loved fall.
I try to appreciate trees at all seasons, but I don’t think we really appreciate them until they are gone. Nearly a dozen years ago, my small Central Illinois hometown of Gifford was struck by a rare fall tornado. It cut across town from west to east, leaving a scar of destroyed homes and toppled trees in its wake. Even today, you can still see its path by the newer houses and the smaller, less mature trees in town.
After clearing debris and rebuilding houses, the next thing people did was plant trees. I have fond memories of being part of that with my good friend, the late State Sen. Scott Bennett.
Sen. Scott Bennett and I helped plant trees after the November 2013 Gifford tornado.
“We all sit in the shade of trees we did not plant” is one of my favorite sayings about the need for long-term planning.
I take this to mean that we all have benefited from the actions of people before us, and that we should all take actions that benefit people who will follow us. Trees take a long time to grow to cast useful shade. We should be less interested in instant gratification, and more concerned with preparing for the future. Just like those squirrels we see storing nuts in autumn in anticipation of a long, cold winter.
If you want to be better prepared for the future, whether it is the high cost of post-high school education for your children or your own winter years of retirement, the State Treasurer’s Office stands ready to help.
I know that the value of compounding interest is greatly diminished by high fees that some financial advisors will charge. That is why we designed our college savings programs to have some of the lowest fees in the country.
I know that it can be difficult to set aside money today for 20 years down the road. That’s why we set up our Illinois Secure Choice retirement savings program with automatic payroll deductions, making it easier to do something everyone knows they need to do. We’re highlighting this program in October, which is National Retirement Security Month.
May your retirement bring you as much joy as these leaves brought my sons!
I know that most people lead busy lives between their jobs, family, and taking care of daily chores. Few people spend a lot of time studying investing. That’s why we have selected good, reputable providers that provide choices for you in a way that is not overwhelming.
If you do want to dive deeper into better understanding your personal finances and savings options, we also created the Illinois Financial Wellness Hub to help you on your personal finance journey to economic security.
Squirrels know that when the leaves start changing color, it soon will be time to live off the nuts they have stored away. They begin working harder. Take some time to enjoy the beautiful views that autumn gives us. Enjoy a stroll, shuffling through the fallen leaves. Make sure to clean those gutters before the snow falls. But also take some time to ponder how much you have stored away for winter. If you need some help preparing for your future, we are ready to assist you.
Sincerely,
Michael
Lincoln’s Legacy at Marine Bank
Check out the video above, and join me on a tour of our office building in Springfield! I’ll share stories about its history and ties to my favorite president.
Home to the Illinois State Treasurer’s Office, this historic former bank marks the site where President Abraham Lincoln once banked. Copies of Lincoln’s bank ledger and his unofficial will can connect visitors to this building’s rich history and preserve Lincoln’s legacy.
We would love to welcome you to our Marine Bank Building on your next trip to Springfield and experience this part of Illinois history for yourself!
Investment Earnings That Work for You
As the state’s chief investment officer, I take my job seriously. Every dollar we make in investment earnings is a dollar that lawmakers don’t have to raise in taxes, or a dollar that doesn’t have to be cut from our schools, universities, or roads and bridges.
Over $117 million in earnings last month goes a long way to helping our students learn. And more than $65 million for local governments throughout the state helps reduce property taxes.
If your local government, doesn’t use us to maximize their returns, we are ready to help. Please reach out to see how much more we can earn for you!