Across 40 years of experience in the U.S. finance and investment sector, Wayne von Borstel has spent a career helping others lead better lives through successful wealth management. Both in conversation with his clients and in his book, “The Truth Project: Finding the Courage to Ignore Wall Street,” he sheds light on the minefield of financial myths that hold many of us back from achieving a fulfilling retirement.
Here, the wealth expert and author:
- Unpacks the common misconception that many U.S. citizens can’t afford to save.
- Explores the concept of avoiding debt and only spending what you have.
- Explains how to be happy with your current financial situation.
How Wayne von Borstel in Portland, Oregon, Serves U.S. Clients
von Borstel is the founder and president of von Borstel and Associates, an independent financial planning company in Oregon. From the firm’s offices in Portland and The Dalles, he and his dedicated team help clients across the U.S. align their values, visions, and wealth.
The firm partners with select individuals and families who seek superior financial guidance. Through von Borstel and Associates’ eight-step Vision to Wealth Process, clients gain clarity on what matters most and enjoy exceptional integrated wealth management services.
Busting a Common Financial Myth: “I Can’t Afford to Save”
While some believe that they can’t afford to set money aside regularly, von Borstel explains that money management is all about what you prioritize. Often, when we don’t prioritize saving, it’s because the world around us is convincing us that spending our money will make us happy.
Figures from the U.S. Bureau of Economic Analysis show that consumer spending in the United States (private expenditure on goods and services) reached an all-time high of $14,178.56 billion in Q3 of 2022. A lot has changed since the mid-twentieth century, when consumer spending sat at a record low of $1,403.69 billion (Q1 of 1950).
Whether it’s a “nicer” house, a new vehicle, or a trip to Disneyland, today’s obsession with spending leads us to make purchases that may not be prudent or affordable. With payment plans, if we can’t afford something outright, it can still be ours. As a result, many people could find that large amounts of their budgets go towards repaying debt.
Wayne von Borstel on Learning to Be Content With Less
von Borstel compares the effect money has on us to a drug and describes the U.S. as a nation addicted to spending money: His term is “moneyholics.” The addiction will drive moneyholics to spend more and more over time to achieve the same level of satisfaction and joy that spending first brought them.
The problem, von Borstel explains, is that if money is all that makes you happy, you’ll never truly achieve happiness. There will always be more money to make and more to spend. The key to avoiding this addictive cycle, and prioritizing saving, is learning to be content with less.
It may mean going against the prevailing U.S. culture of credit card spending and the idea that more is more, but von Borstel argues that the impact of choosing to prioritize saving can be life-changing.
Shifting your priorities to emphasize saving money may necessitate changing ingrained habits. von Borstel shares how, in his experience, not everyone is willing to make those changes to improve their financial position and would rather spend carelessly without thinking about the bigger picture. However, people’s mindsets often shift when they reach retirement age.
People who prioritize saving care about the impact their choices will have in the long term, rather than just focusing on the here and now.
Wayne von Borstel’s Three Tips for Prioritizing Saving
If your mission is to make saving money a priority, these are von Borstel’s top three tips:
- Analyze where you spend your time and money to understand your current priorities. This may mean a shift of habits to realign your priorities with saving.
- Calculate how much you need to live on and get into the habit of spending only what you have.
- Learn to put some money away for yourself first and live on the rest.
For most, priorities exist by default and not design. Redesigning your priorities and implementing a wealth plan can lead to financial success and a happier life overall. This is where the services of an experienced financial advisor can come into play.
About Wayne von Borstel
Finance and helping others find happiness are lifelong passions for Wayne von Borstel. At the age of 18, his grandmother allowed him to invest her money, and, in 1985, he launched his career offering financial advice and analysis services to wealthy clients and families.
Before launching von Borstel and Associates, von Borstel spent 10 years as a representative for Mony Mutual of New York and 19 years as a representative for LPL Financial. He also founded the Northwest Planned Giving Initiative.
von Borstel holds a Master of Science in Financial Services (MSFS) degree from the Graduate School of Financial Services at The American College. Additionally, he holds several professional designations: Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU), and Certified Financial Planner (CFP).
You’ll often find Wayne von Borstel in Portland, Oregon, supporting his firm’s clients. He also assists key financial organizations and is a member of the Portland Estate Planning Council, the National Association of Insurance and Financial Advisors, and the International Association for Financial Planning.
von Borstel and his wife Marta are dedicated philanthropists who believe in helping underprivileged children gain educational opportunities, both locally and internationally.
The couple has funded the development of multiple schools in Canada, Bangladesh, Nepal, and many other worldwide locations. They also give financial aid to an orphanage in Medan, Indonesia, that supports children who have lost their families as a result of a devastating tsunami.