A “pandemic” business that opened in 2020, Abeona Wealth's mission is to offer approachable, empowering financial advice and to help individuals – particularly women, young couples and those close to retirement — invest, save and plan for the future with confidence.
With a background in psychology and teaching, founder Mary Meadows Livingston was inspired to engage her analytical skills and people skills and begin a new professional journey. She’s now a CERTIFIED FINANCIAL PLANNER™ practitioner and one of a few female CFA® charterholders in the state, showing clients how financial ideology influences habits — and how to overcome former ideas about money to build lasting wealth.
What do you tell clients who want to set new savings goals?
Money decisions are a tradeoff — in the case of savings and debt, you’re weighing current spending versus paying for it down the road and sacrificing long-term goals. I start by helping clients discover their core values, and we make a decision based on the actual numbers and how the decisions align with their values. Awareness of spending and cash flow is necessary.
A good savings rate is around 20%, but at least 10%. It depends on goals and situations, but I would advise 50% for needs, 30% for wants and 20% for savings.
Remember, our brains are not wired to make good financial decisions. A new savings goal requires discipline, and setting up automatic transfers will help you be successful.
Any tips for young adults just starting out?
Yes! Do not get financial advice from TikTok or Instagram. Content creators are doing just that – creating content – and may not be giving sound advice. You need someone who has your best interests at heart. Start saving and creating good habits now.
Should we anticipate and prepare for national changes for 2022?
That’s a big question. There is potential for new tax legislation to be passed in Congress, but the substance of the proposals has changed so much this year that it is difficult to predict. Small business owners, couples making between $400,000 and $1 million annually and families needing detailed estate planning will likely be most affected.
I think housing prices will remain elevated until the supply on the market catches up to the demand, but I doubt there will be a big correction or bursting bubble.
I encourage those who are concerned to get in touch. I love using my analytical side to solve problems, and relationships are important to me. I put my clients’ interests first.
Abeona, by the way, is the Roman goddess of the journey — that’s where the name of my firm comes from. I want to be your guide on your financial journey.