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From Free Donuts to Retirement

Chris Siverson grew up knowing his parents ran a business, but not caring about the logistics. He loved visiting their bakery, the Donut Hole, a Fargo staple on 25th street where Leela Thai now resides. He had little concern for how much money they were putting into retirement or how profitable the business was. He got free donuts. Life was good.

It wasn’t until college, when Chris’s parents decided to close the business after 20 years, that all those questions suddenly became relevant. Over the years, his parents had poured their money back into the business. When the Donut Hole sold its final donuts, they found themselves in their mid-50’s with no retirement plan.

Chris was in college at the time, and watching his parents struggle to manage their finances pushed him to delve into the world of money management.

“I first hand got to see how it impacted my parents,” he said. “I didn’t want to ever see anyone have to go through the same things they had to go through.”

With these topics on the mind, Chris dove headfirst into finances, studying Business Administration and Economics at Concordia College, and continuing on to get his MBA in Business Administration from University of Mary. He got a job straightaway at a Wells Fargo and is now a financial advisor at Choice Financial Wealth Management.

What Chris saw first hand with his parents and over years in the finance industry, was that you can’t play catch up when it comes to saving money. He’s looking at you, recent college grads. Saving for retirement is not something that you can cram in like the night before a test; it’s something you simply must plan ahead for. There is no way around it.

Likewise, it’s not just a matter of putting aside a chunk of money. “You can’t just throw some in there and hope it’s enough,” Chris said.

Instead, he recommends working backwards. That’s right. Start at how much you want to have when you retire and how much your expenses will likely be. From there you can determine exactly how much you need to save now in order to reach that point.

The best way to set up this strategic plan is one-on-one with a person who has the experience and the ability to help you plan. Robotic options are less effective at personalized financial planning. Instead, meeting with someone who cares about what happens is the most beneficial option.

In the end, we can learn from the donut; if you don’t plan for retirement, you’ll be left with a big hole in the middle of your savings. By planning ahead and working backwards, you’ll be set for a sweet future.

Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Investment advice offered through GWM Advisors LLC dba Goss Advisors, a registered investment advisor and separate entity from LPL Financial. Choice Financial Group and Choice Wealth are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Choice Wealth, and may also be employees of Choice Financial Group. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Choice Financial Group or Choice Wealth. Securities and insurance offered through LPL or its affiliates are:

  • Not Insured by FDIC or Any Other Government Agency

  • Not Bank Guaranteed

  • Not Bank Deposits or Obligations

  • May Lose Value