Elizabethton Star (TN) By Nathanael Hughes December
15, 2019
With
the hustle and bustle of the holiday season, it's easy to put your financial
planning on the back burner.
It's
also easy for the treadmill of life to sweep us up through work, caring for
children, home repairs, taking care of pets, etc. – it can
be hard to find time for anything else.
However,
when you make your financial health a priority, you can rest easy knowing that
you'll be building a brighter future for yourself and your loved ones.
Whether
your goal is to get out of debt or save for the things you want today –
achieving your goals starts with a comprehensive financial plan.
This
plan will be one of your keys to preparing for potential financial risks,
saving for the future and planning for retirement. Get on track with these five
easy tips:
Know
where you stand.
Before
you know where you're going, you must know where you are today. Review your
current assets, debts, expenses, and income sources.
Get a
clear view of your financial situation by:
-Tracking
your spending to see where your money is going
-Checking
your credit profile.
-Reviewing
past financial successes and failures.
-Making
sure your finances are adequately protected.
-Calculating
your net worth.
Create
detailed and personal goals.
When
setting goals, it's important to make them specific and relatable. For example,
'saving for vacation' isn't as motivating as saving $5,000 by January for a
vacation to Hawaii.
Making
sure your goals are SMART – Specific, Measurable, Attainable, Relevant and have a Timeline – will
help propel you to achieve them.
Partner
to create a plan.
Partnering
with a trusted financial advisor will help you to map out strategies that can
get you to your goals and set a time frame for reaching them.
A
financial professional can help you build a personalized plan to meet your
short, mid, and long-term goals – no matter how big or
small. With some expert help, you can easily crunch the numbers, weigh options
and map out a saving and investing strategy that's right for you.
Take
control.
Not all
financial priorities are based on big life milestones. Sometimes achieving a
seemingly small financial feat can be just what you need to get on the right
track.
Unsure
of where to begin? Here are some items to consider putting on your financial
to-do list:
-Set a
budget and stick to it.
-Build
an emergency fund-aiming to have six months of living expenses socked away.
-Manage
debt wisely (pay off high-interest and non-deductible debt first).
-Be
strategic in your investment and saving decisions.
-Build
your credit score
-Save
for retirement-and take full advantage of your employer's retirement plan.
-Protect
your assets and your income.
-Update
your estate planning documents.
Review
your plan regularly.
Life is
filled with changes, both personal and financial.
Milestones
like a new job or a new family member will impact your strategy. Make sure to
meet with your financial advisor before one of these milestones; and at least
annually to ensure your mix of investments, budget, and insurance options are current
and accurately reflect your goals and risk tolerance.
To help
you remember, plan to review your financial plan around the same time each
year; the start of the new year or your birthday often works well.
As you
strive to get your financial house in order, be sure to stay focused on the big
picture.
Keep in
mind that financial planning isn't a once-in-a-lifetime activity, it takes a
strategic, steady effort to arrive at your destination.
With a
little thought, effort, and planning, you may confidently achieve your
financial goals.
Article
prepared by Northwestern Mutual with the cooperation of Nathanael R Hughes,
MBA. Northwestern Mutual is the marketing name for The Northwestern Mutual Life
Insurance Company (NM) (life and disability insurance, annuities, and life
insurance with long-term care benefits), Milwaukee, Wisconsin, and its
subsidiaries. Securities are offered through Northwestern Mutual Investment
Services, LLC (NMIS), a subsidiary of NM, broker-dealer, registered investment
adviser, member of FINRA and SIPC. Nathanael R Hughes is an agent of NM and
registered representative of the NMIS based in Johnson City, TN. To contact
Nathanael R Hughes, please call (423) 283-9545, email him at nathanael.hughes@nm.com or
visit his website at nathanaelhughes.nm.com.
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