Top 10 Stash Plan Goals of 2023
What are young professionals spending their money on? You came to the right place to find out. Our Financial Advisors ranked the Top 10 client goals of 2023.
If viewing patterns of millennials have told us anything about what we’re interested in, we all want to know what people spend their money on. Think about shows like Bravo’s Housewives, HGTV’s Fixer Upper, MTV’s Cribs, MTV’s My Super Sweet Sixteen, MTV’s Pimp My Ride. The homes, the cars, the parties, we want to see it all. And, apparently, MTV has a thing for voyeurs.
According to a recent study by Schwab, 54% of individuals with a financial plan felt "very confident" they would reach their goals, compared with only 18% of those without a plan in place. The point we want to get across is that
Financial planning is not some boring exercise for rich people. Financial planning is goal setting with the how-to thrown in.
Given that our average client is 35 years old, we see all the standard planning stuff (house, kid, engagement ring, MBA, etc.), but we also come across a slew of other things people want to spend their money on. So every December, we ask our Financial Advisors to share some of the most fun and interesting goals of the year.
Take a seat, grab a drink, and get some inspiration while you’re here. Because there’s so much more you can do with your money when you’re young and you have your [financial] sh*t together.
Welcome to Stash Wealth’s 7th annual Top Ten Stash Plan Goals list.
10: Sailing trip off the coast of Greenland – $3,000
10: Sailing trip off the coast of Greenland – $3,000
Our clients value travel more than almost any other big ticket item and we were pumped to see this trip make the list. Greenland is known for its quaint cottages, a decent shot at spotting the Northern Lights, and crystal clear waters.
9: Gucci loafers – $1,100
9: Gucci loafers – $1,100
Between return to office and return to 90s fashion trends, we’re loving the classic take on an iconic staple for this client. You know what they say, “invest in your bed and in your footwear because if you’re not in one, you’re in the other.” (TBH we’re not exactly sure who “they” are but you can be sure we’re behind them. “Them.”)
8: Season tickets to the New Orleans Saints – $1,000
8: Season tickets to the New Orleans Saints – $1,000
Not all of us have home teams that are winning teams, but what’s a true fan if not someone who is loyal through the ups and downs of every season? Unless you’re a Jets fan. Because, damn. We tip our hat to you for sticking it out this long.
7: Drum kit – $2,000
7: Drum kit – $2,000
Unclear if soundproofing the living room is also included in this price tag, but you can’t keep an artist from his craft.
6: Trip to Antarctica – $35,000
6: Trip to Antarctica – $35,000
Clients are digging the cold weather destinations this year and after this summer in NYC, we can see exactly why. Nothing like coming face to face with a few ruthless killer whales to bring you right back to life.
5: 10th anniversary party – $50,000
5: 10th anniversary party – $50,000
$50,000 gets you one hell of a party and we are so excited to help our clients celebrate this major milestone. It’s enough to make us want to start finding more things to celebrate. Student loan payoff party has a nice ring to it.
4: Ceramics studio – $5,000
4: Ceramics studio – $5,000
Nobody puts basin in the corner. Wait, wait, that’s not right for more than one reason.
3: 6-Month cruise – $60,000
3: 6-Month cruise – $60,000
Now this is a proper European vacation on steroids. Forget the 6 weeks over the summer, this client wants to have their bed made, readily accessible pool, dry cleaning, any meal imaginable, for 6-months straight and we love it. And with the remote work options, why not take advantage of an incredibly big boat?
2: “Outrageously fun giving” – $7,200
2: “Outrageously fun giving” – $7,200
Well, well, well. Who says millennials aren’t generous?! We loved this client's idea of surprising and delighting with their money. From surprising an excellent waiter with a great tip to dropping an out of the blue charitable donation, it’s your money. Spend it exactly how you want. Even if that’s not on yourself.
1: Bark Mitzvah – $5,000
1: Bark Mitzvah – $5,000
Just when you thought you were the most loving pet parent on the planet, you’re outshined a bit. The monthly toy deliveries, the bed in every room of the house, the daily walks are all great. But if you aren’t throwing your dog a proper coming-of-age party, one could argue you have more to give in terms of showing them some love. Add it to your list to start saving next year so that your pup knows just how much you care. It’s the only way.
That was fun. And what’s better for you, is you’re warmed up and ready to start setting those goals for 2024. Take the time to really think about how you want your money to be working for you in the short-, mid-, and long-term. And then get into the weeds with it. Do you want to travel? Do you want a vacation home? Do you want to upgrade your Ikea furniture? Do you just want to be able to not go into credit card debt with the bachelor and bachelorette parties booked next year?
We suggest creating categories where you’d like to spend your money. Then, think about how much you’d like to spend on them, how often, and how badly you want them.
This is the beginning of a beautiful friendship (with you and your money. Not between us and you. We don’t even know you.)
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.