Investing in Yourself is The Best Decision for The Future

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Teresa Milner

A young lady was referred to me for my financial services this past month. We got together for lunch and by the end of our time together, she may have felt more like she was speaking to her mother. The more she shared her current situation, the more I realized she was taking care of everybody in her life -except herself. She has three young children that are counting on her. She has a significant other that owns his own business, and she runs it with him. It really opened my eyes to the need to educate young women on ways to care for and protect yourselves from the unknown. The earlier you make yourself a priority, the easier it will be to stay on track as your life progresses.

Research shows that those who plan end up better off than those who do not. This can be as simple as planning ahead for a trip to the grocery store, or as complicated as planning for your future wealth. It’s easy to “forget” an ingredient needed for a meal you want to prepare, and it’s just as easy to not get everything in place for a successful financial future.

Set goals. From daily goals to 10-year goals…know what’s important to you. Make them in various categories; i.e., personal, career, family, spiritual, health, financial. While you’re at it, make your goals Specific, Measurable, Achievable, Reasonable and Trackable (SMART)! SMART goals are much more successfully attained than general ones. Often making short-term goals is easier and more achievable for you. If you can accomplish your short-term goals, you’ll be well on your way to accomplishing your long-term ones. Write your goals down and refer to them on a regular basis. Get an accountability partner if that’s what you need. Keep in mind that you can’t win a race if there’s no finish line!

Here are four steps I recommend to take care of your financial health:

 

1.  First and foremost, make a plan.

Most of us will spend more time planning for the holidays or a family vacation than we do for our financial lives. How do you know where you want to end up if you don’t know where you’re going?

2.  Pay yourself first.

Are you putting money aside for your future? Make it a goal to save at least 10-12% of your income. If you haven’t already started — get started! If you need to, start small and build up your savings goals. Saving for your future needs to be a budget item, not an extra! It’s a necessity. Make saving a habit.

3.  Live within your means.

In other words, don’t spend more than you make. Know what comes in and what goes out. Leave room for flexibility. Spending more than you make is very stressful, and thus, not healthy at all.

4.  Know the basics of financial literacy.

Roth IRA vs. Traditional IRA – term life insurance vs. cash value life insurance – mutual funds – understand your risk tolerance – taxation issues – pretax, tax free and taxable accounts – accumulation phase vs. distribution phase. Take the time and make the effort to become knowledgeable in personal finance – it will pay off throughout your life.

 

The story I share with you about the young lady hit home with me, as I recognized many of the same things I did to myself back when I was in her shoes. Had someone taken the time to sit down with me and talk about steps I needed to take for my future, it’s hard to tell how much of an impact it would have made. This is just a small sampling of why I do what I do. I want to help as many as I can have a healthy financial future, and the younger you are when getting the proper guidance, the earlier you can pursue your goals.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Five Reasons Your IRA is Deflating, and What to Do About It

By Craig Lemoine, Director of Consumer Investment Research Stocks, bonds and mutual funds have had a rocky start to the year. The S&P 500, a broad measure of the United States stock market, was down 4.6% over the first quarter. Mutual funds holding stocks and bonds have also lost value. …

Planning for the Rising Cost of Dependent and Child Care

Kevin Oleszewski, Senior Wealth Planner For many parents, childcare can be their biggest monthly expense, and rising inflation hasn’t helped matters. Add in the cost of caring for aging parents? You’re likely spending a fortune on care.

Traditional or Roth – Which IRA Works for You?

Many of us all but ignore our retirement accounts for much of our working lives. We look at a pay stub and have a vague sense of the “minuses:” Social Security, insurance, taxes. But the IRA is one of the most powerful retirement savings tools available to us, and so it warrants our attention. 

17 Things You Need to Know About the New Stimulus Package

Congress passed the new $900 billion economic relief and spending bill on Monday. While most of the focus has been on a second round of relief payments to most Americans, there is plenty more in the 5,000-plus pages of the stimulus package.
1 2 3 67 68 69

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation