Regardless of how old or young you are, achieving financial health is an ambition many generations share. Numerous professionals believe that their financial planning is done once they reach their senior years, but that is not necessarily the case.
There are still many opportunities to further secure your financial position and be ready for retirement, regardless of the stage in your career.
With only 28% of American reporting that they are financially healthy, according to the Financial Health Network, we’ve compiled several ways to enhance your financial health with a fruitful financial plan.
Source: Financial Health Network
Recognize and Record Important Financial Goals
Defining your most important goals throughout your career and recording them is essential to planning out your financial strategy. By writing down your goals ahead of time, you will more likely have the confidence and determination to help achieve your financial goals.
You can create an online journal or private Facebook wall where you record your goals and set up deadlines in meeting them. As you navigate your professional career, you can mark these goals and highlight the ones that are at the top of your priority list.
Invest in What You Can Afford
Regardless of your income, a smart action to take during your professional career is to invest in what you can afford.
One of the key factors investors identify in successful financial management is being financially confident but thinking realistically. Having a realistic approach to financial management means that you make decisions based on extensive knowledge of your options and each potential outcome.
Anticipate Unexpected Outcomes
There will be inevitable bumps on the road to improving your financial health. As you navigate through your career, always consider the risks associated with even the most unlikely circumstances.
The top risks that can derail your financial health include disability, divorce, death of a spouse, loss of job, and volatility in financial markets.
With many of these factors outside of your control, it’s best to make financial decisions that are capable of being adjusted if your financial health begins to fade. Being prepared can create a significant difference in overcoming obstacles should they occur.
Hire a Financial Professional Partnered with You
Managing your finances can become a complex job when going at it alone. It may be necessary to enlist the help of a professional who can help guide you through the process.
A financial advisor provides a fresh perspective on your financial condition and can formulate solutions that give you more flexibility.
Many professionals from diverse industries have had positive reactions in working with a financial professional. These experiences include less hassle, greater peace of mind, and a higher security level for financial and resource management.
An Ameriprise study recently revealed that 80% of successful retirees have discussed the right investment mix with their financial advisor.
Regardless of the position you are in your financial journey, there is always time to make improvements and add more security to your financial future. The lessons you learn along the way can translate into better decision-making in other areas of life as well.
With these circumstances and guidelines considered, incorporate them into your routine and make your financial future as secure as it can be.
When considering your financial health, consulting with a financial planner can help you set financial goals and find additional savings opportunities to guide you toward a path of financial stability.
Taking time to speak with a financial advisor on your financial goals, like Matt Logan, can help ensure your financial health is always being maintained properly.
Matt Logan is experienced with enhancing the financial health of his clients. If you need help managing your financial health, don’t hesitate to reach out to Matt Logan to see how he can help improve your finances. Give a call today: 336-540-9700.