Posted on January 4, 2022 in

Ensuring a Successful Start

Welcome to 2022! Now that the confetti and celebrations have settled, have you taken the time to set financial goals to work towards in the next 12 months? Following these five, simple resolutions can ensure that you’re on the path to achieving financial independence in the in the New Year:

1 | Reevaluate the Past Year’s Goals

This can be a helpful conversation to understand what went well and what needs to be improved. Also, it helps to fine-tune what goals were attainable and what is realistic for the year ahead. Review the past year’s savings and spending to determine if your habits are helping you reach your goals.

2 | Pay Yourself First

One major component of achieving financial independence is paying yourself first. Whether it’s maxing out employer-matched 401k and retirement accounts or a high-yield savings account, allocating your earnings can help you in the future and ensures that the bottom line reflect your assets after you contribute to your financial resolutions.

3 | Establish an Estate Plan

An effective estate plan is one of the most crucial parts of a financial plan and avoids disagreements and unnecessary expenses. If you are looking to create your estate plan, make it a team approach. Be sure to include your CPA, your estate attorney, and your trusted financial advisor. If you already have a plan established, take a few minutes to review it with your advisor to make sure it still makes sense for you and anyone else it may cover.

4 | Expect the Unexpected

As we have learned over the last two years, we must accept the curveballs thrown our way and Congress has been in talks about infrastructure bills and pandemic-related measures. Thinking through the possible changes and gathering ideas on what to do if they happen will make it easier to take action when changes take place.

5 | Meet With Your Financial Advisor

It would be easy if there was a one size fits all solution to achieving financial independence, but unfortunately this is not the case. Each individual or family has unique circumstances, which is why it’s encouraged that you seek a trusted financial. Your financial advisor will evaluate the big picture and navigate through investment strategies, tax planning, estate planning, and whatever is important to you by aligning all your resolutions into a clear, actionable plan.