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December 2022 Newsletter: Being Truly Wealthy

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What is Living Debt-Free & Truly Wealthy?

Many people have asked me, “What do you mean when you say ‘Living debt-free and truly wealthy’.”  The answer is both simple and complex.  The goal I have set for myself is to help all my friends, family, and people in my community become debt-free and truly wealthy.  There are two parts of this, (Debt-free and Truly Wealthy respectively.)  Debt-free is pretty clear in its meaning, but what does truly wealthy mean?

Becoming truly wealthy is a relative term with an important meaning.  It is founded on the core that everyone has a different definition of ‘wealth’. To some it is as simple as having a roof over their head and food on the table for their family, others it is being able to help send their children to college, and still others are dreaming about diamond-studded swimming pools.  For me, living truly wealthy is being able to spend, save, invest and plan wisely for the future, and be financially independent while still having enough to give to the needy.

When I think of people who I consider wealthy, it is not about buying everything on the shelf and going on vacations each month. It is about being in control of your checkbook.  It is wisely managing your purchases, so all of your needs are taken care of without seeing that dreaded 0 or red number.  It is knowing how and when to say, ‘no’ and not worrying how you are going to pay all of your bills.

The next part of being truly wealthy is being able to save and invest for the future.  It is about knowing how to put money aside for the important things to come.  It is realizing that a rainy day will come and being prepared for it.  Furthermore, it is about planning wisely, to make sure to be able to retire one day.

The next step in being truly wealthy is being able to help others. Throughout life, there will be people who are going through a rough time and need help.  This may be a friend, family member, or total stranger.  I don’t want to have to say, ‘no’ to them if they truly need it.  There are many causes in this world that are worth supporting. Being truly wealthy is being able to help them.

The final step in living truly wealthy is to be financially independent.  It is being able to manage all of the above things (whether by yourself or with help from an advisor) wisely, and to stay ahead.  It is reaching that true balance.  It is not relying on loans or credit cards.  

All in all, it doesn’t matter how much you make each month.  Living truly wealthy, is about managing what you do have wisely, to keep yourself in a prosperous situation.  It is about planning and discipline, and making your money work for you in the best way possible.
Rick McEvoy, CLU, CHFC, LUTCF 
McEvoy Insurance &
Financial Services Inc

6363 Walker Ln Suite 130, Alexandria, VA 22310
Office: 703-642-6408 
Fax: 703-485-4940
Cell: 571-205-8961


Interesting Facts:
-Fresh Bread is the most commonly purchased food in the United States.

-Lemons are one of the healthiest foods in the world. They contain vitamin C, cleanses the liver, boost immunity and aids in weight loss.

– Almost without exception, the highest-calorie fast food item is a milkshake (1,680 calories).

-Turkey, fish, and cheese have the highest protein-to-calorie ratio of foods.

-Americans consume the most ice cream in the world.  Most of the ice cream is consumed between 9 and 11pm.

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What Are Your TOP 3 Financial Objectives?

Most people, when asked that question, answer with general goals, such as achieving financial security.

The truth is most families spend more time planning a vacation than planning for their future. With that being said, we need to put some thought into our financial objectives and set specific goals. Rather than running through our financial lives, like a sailboat without a rudder. Without goals there can be no destination.

Since financial goals continually, butt heads with one another. Such as paying for Susie’s braces may rob money that would otherwise go into her college fund, for example. And saving effectively for your kids’ college can wipe out any hope of putting aside adequate money for your own retirement.

That’s why to get what you want most, you must 1) decide which goals will take priority and 2) work toward the lesser goals only after the really important ones are well provided for.        

Fortunately, you have at least one ally in meeting your long-range goals: time. That’s an advantage because of the power of compounding — the fact that even a small amount of money can earn interest, and that each year that interest gets applied to a growing sum of money.
For example, you put aside only the cost of a cup of coffee — about $2.00 — each day. Invested in a tax-deferred account paying 5 percent a year compounded monthly, that string of savings would grow to $9,355.76 in just 10 years and to $50,143.58 in 30 years.

To put the power of compounding on your side, you have to start now.  Waiting is the biggest wealth killer. The point is that to put time on your side, you need to decide early which of the many possible financial goals are really worth pursuing — and start working toward them.

To get started, make a list of all the things that you’d need to feel secure and happy. These can range from getting out of debt to a vacation home in the Alps. You don’t need to prioritize them yet.

But you should write down all of the money-related things that will really get your motor started. Here are some objectives we got from other families that you may want to include among the possibilities:

•    Accumulating enough savings to handle an emergency
•    Buying a house large enough to accommodate you comfortably
•    Getting out of debt — and staying out
•    Ensuring that your parents are comfortable and well taken care of in their old age
•    Paying for your children’s college education
•    Amassing enough wealth to retire comfortably


We’re thinking of
you this time of year,

Wishing you happiness,
joy, and cheer.

May all your days be
warm and bright,

And your nights enhanced
by holiday light.

Enjoy your delectable
holiday foods,

As parties and gifts
create holiday moods.

Favorite people play a meaningful part,

While treasured rituals
warm your heart.

You are special to us
 in many ways,

So we wish you

Happy Holidays!

By Joanna Fuchs