5 Ways to Stay on Track for your Financial Goals
What are my financial goals? Am I on track? If I’m on track, how do I know I’m staying on track? What does my money situation look like? Feel like? How much do I need to feel comfortable now? In the future? In retirement?
Are you asking yourself these questions from time to time? Well, you’re not alone! As life's journey unfolds, sometimes changes to your investments and financial plan are needed.
Here are 5 ways to stay on track with your finances:
- Set goals. Figure out what matters most to you. Make ongoing edits. A written plan with facts and figures brings clarity and confidence - maybe even more fun! Put everything from the practical and pressing to the fanciful and distant on the table for examination. If you don’t know where you are going, you won’t know which road gets you there efficiently.
- Saving at your bank or credit union and a diversified (‘non-retirement’) investment portfolio have two different purposes. Savings is for short-term goals and needs. Investing is for your intermediate and long-term goals. Take an hour this week to consider if you’re comfortable with your short-term bucket, intermediate term bucket and long-term buckets of financial resources.
- Never stop considering your cash flow. This ensures you are in control of your money and there isn’t a “hole in your pocket”. If needed, find ways to reduce expenses that aren’t serving you well in reaching your bigger life goals. If your cash flow is comfortable, ask what opportunities or investments to consider for your future goals and needs.
- Review changes each year that impact your financial picture. Are you getting a new job, a raise, promotion or cost of living adjustment? How does that play into your tax strategies? How does that change your ability to save or invest more? What’s going on with your work retirement plan, your pension, your personal investment accounts? Have tax or legislative changes created risks or opportunities for you that might be important to consider sooner than later? Many factors are at play and may create a need to revise portions of your financial plan.
- Check all the boxes! First, review your debt and asset position. Some debt is productive leverage, other debt takes away from your ability to comfortably achieve your life goals. Next, review your savings and investment portfolio. Remember, savings is short-term and investing is your long game, a marathon. Steady progress tends to be more valuable over time as compounding interest works in your favor. Last, evaluate what is going well and where you may want to see changes made. You’re in charge of your financial future and taking time to evaluate will provide clarity and confidence going forward.
When you find yourself questioning where you are financially, it is time to connect by phone, virtual meeting or in-person to help make this part of your life easier, efficient and fun. To schedule a time to talk or meet, contact my office at (541) 683-0766 or by emailing: Info@BrightFutureWealthManagement.com. My assistant, Jessica Branch, will assist with scheduling.
The goal of our check-ins are to discuss, strategize and optimize progress toward your life and financial goals. I want to hear from you - and want to emphasize that it is my job to assist you.
As always, I’m honored and humbled that you have given me the opportunity to serve as your financial planner and investment advisor.
Emily A. Secord, CRPC®, CFP®
(541) 683-0766 (call/text - office)