New Year – New Financial YOU!

Happy New Year, Money Masters!

I hope you all had a wonderful holiday season! It’s 2018-  I hope you are as excited about this new year as I am! In fact, according to a study by Fidelity Investments, 76% of Americans are optimistic in that they expect 2018 to be a better year financially than 2017.

I love this optimism and it is completely REALISTIC! A new year brings all sorts of new adventures, challenges, and successes. But the first thing needed to ensure a better year with your money is a…

FINANCIAL PLAN!

Yes, you will have to put in a little time and effort but think about all the time and effort you would put into planning a party or a vacation. If your finances are not in order then you may not be able to party or go on vacation. You know I’m right 😉

What is a financial plan?

A financial plan is a documented process that will help you make decisions about your finances and help you achieve your financial goals. It incorporates data, strategy and fluctuation. A financial plan looks at your assets vs. liabilities and puts in place a plan for your finances allowing room for periodic review and flexibility.

How do I do this?

You have a choice. You could pay a professional financial advisor or you can sit down with your pen and paper and documents and get to work! This decision will most likely depend on how complicated your finances and estate are.

If you choose to take a shot at this by yourself…

1. Gather your data (statements, bills, etc.)

2. Map out your goals

3. Analyze the data- Where is your money going? Do you have an emergency fund? Review your retirement account.

4.  Adjust the data- move things around, cut back where you can and apply these adjustments to your goals.

Being prepared is KEY to having a successful financial future. The time and effort it takes to make a financial plan is well worth the reward of feeling secure and confident throughout the year.

Best of luck,

-Helen