The Evolution of Quantity into Quality

Last year, when I turned 50, I decided it was time to get more serious about my fitness. My athletic days were long behind me, and after years of prioritizing my family and career, I realized that my personal physical health had taken a backseat to life’s other priorities. Thus, I made a commitment to change, but at the same time I knew I would need some help with a plan. So, I hired a personal trainer to jumpstart my fitness routine.

Sure, I could have saved some money by following an online workout plan or by watching a bunch of videos, but it wouldn’t “know” me. An off-the-shelf workout program wouldn’t assess my body’s needs, track my progress, or adjust for setbacks. It wouldn’t recognize when I was sore and needed a modified routine, anticipate any injuries I might be prone to, or tailor workouts to my body’s unique responses. A local, human trainer is much more than an accountability partner (which I need!)—they provide expertise and a customized approach. Investing in this professional service was the right choice for me.

Why? Because the stakes are higher at this stage of life.

When I was younger, I could wing it by watching YouTube videos and mimicking others at the gym. I also recovered from workouts and injuries faster. Back then, fitness goals were simpler: build muscle, look good at the beach, max out my bench press, and find the cheapest gym membership. At that stage, it was all about quantity—more reps, more weight, more hours at the gym.

The same concept applies to money.

In our 20s and 30s, the key is just to get started. Open a Roth IRA. Contribute to your 401(k), even if it’s just a small amount. Draft a basic will to protect your loved ones should something happen to you. Buy a term life insurance policy while you’re young and it’s cheap. The goal at this stage is to build as many strong financial habits as possible—focus on quantity, stacking up good financial decisions along the way.

But as we age, just like with fitness, the financial stakes rise and we need professional advice that matches our stage of life. Now, it becomes about quality.

We need a financial plan tailored to our exact financial situation, as our goals become clearer and more immediate. It’s time to dial in college savings for our kids, optimize retirement contributions for tax efficiency, and consider Roth IRA conversions to lessen our lifetime tax burden in retirement. We need the right amount of umbrella liability insurance to protect our assets, a strategic charitable giving plan to maximize tax benefits, and a well-crafted estate plan to ensure our wealth is distributed as we intend. This phase isn’t about doing more - it’s about doing better.

I thought about this concept the other day when opening the refrigerator. My teenage son is obsessed with “bulking” at the gym. For him, fitness is all about hours in the gym and consuming as many calories and grams of protein as possible—he’s not concerned with quality ingredients or a personal nutrition plan, just sheer quantity. But one day, as his metabolism slows, he’ll realize that quantity isn’t enough—he’ll need quality nutrition to maintain his health and performance.

The same shift happens in our financial lives as we age and accumulate more wealth and have more defined goals. Early on, the focus should just be on taking action and building a solid foundation. But at some point, quantity needs to evolve into quality. Recognizing that transition—and acting on it—can make all the difference.

If you or your loved ones have any questions about this transition, please reach out to a member of your Woodward Financial Advisors team!