Q&A with Mike Rausch
It's Q&A time on the blog. First up is Mike Rausch, where we delve into what makes him tick at work, at play and a few things that may surprise you...enjoy!
What's the most rewarding part of your job?
Without question, seeing our clients accomplish their goals is the most rewarding part of my job. Whether it is something simple like consolidating accounts or a major milestone like retiring, seeing our clients accomplish goals is very rewarding.
If you could offer one piece of advice to someone just starting their financial journey, what would it be?
Perhaps it is an obvious one, but starting to save early on in your life is the most powerful thing you can do. If you can, contribute at least 10% into your employer plan, take advantage of the company match, and invest it aggressively for the long term. Then forget about it and enjoy your life! The growth in your retirement account with regular savings and the power of compounding interest will amaze you.
If you could share one piece of wisdom about money and happiness, what would it be?
Having more money does not necessary buy more happiness. Yes, I realize that is not ground breaking wisdom. What you often see is “lifestyle creep”. The more money a person makes, the more they spend it on unnecessary things. You end up in a situation where you are making more money but not saving more or living a more fulfilling life. Establishing a proper budget and goals to achieve can help you avoid “lifestyle creep”.
What's a financial mistake you've made in the past that taught you a valuable lesson?
I started saving very aggressively at an early age for retirement (not a mistake). So aggressively at some points that I was maxing out pre-tax contributions and contributing more after-tax. Where I made the mistake was not transferring the after-tax contributions into a Roth account. Without getting into the weeds, I would have saved thousands of dollars in taxes if I made the transfers over time. This is why financial advisors even need a financial advisor!!! You miss things from lack of time and not having an outside perspective.
Favorite Ice Cream Flavor?
Chocolate chip cookie dough
What is your favorite part about being a dad?
Acting silly to make my kids laugh
What is one thing you don’t mind spending money on?
I’ll give two things: Vacations and education for my kids
How do you balance work and personal life?
This has never been that hard for me because I believe family time always comes first. I’ve learned to be extremely efficient with work so I can do a great job but still have plenty of time for the family.
If you could travel anywhere in the world purely for leisure, where would you go and why?
I’d go back to the small town of Ravello on the Amalfi Coast of Italy. My wife and I went there on our honeymoon in 2009. It is an incredible place with extraordinary views, rich history, wonderful culture, and great food and drinks. https://www.ravello.com/
What's a hidden talent or hobby of yours that might surprise your clients?
Like some other homeowners out there, I’ve gotten really handy around the house over the years. I’ve renovated two kitchens, multiple bathrooms, knocked down walls, installed flooring, electrical, plumbing, etc. The funny part is by the time you get really good at it, there isn’t any work left to do!
Authored by Stephen Blahovec and Michael Rausch of North River Wealth Advisors. We are an independent, fee-only financial planning and investment management firm located in Pittsburgh, PA servicing clients locally and across the country. To learn more, contact us here.
This content is developed by North River Wealth Advisors from sources believed to be providing accurate information. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.