This January not only brings in a new year, but also a new decade. As you look forward to 2020 and beyond, you may find it challenging at times to plan for your financial future. While the amount of uncertainty and the rate of change seem to be increasing year by year, we believe the following three financial planning tips continue to stand the test of time and will help keep you motivated.
1. Align Your Money with Your Values
The beginning of the year is a great time to take inventory of what is truly important to you, including the financial priorities you desire for yourself and your family. For example, consider how you are currently spending your money. Be sure you see an alignment between your values and your resources. If not, consider what changes can be made that will enable you to maximize what is most important to you.
2. Develop a Plan
Any successful financial plan includes documenting specific actions that support how you will accomplish your goals in the coming year. Once you have taken inventory of your values and goals, write down a plan with specific steps that will help you accomplish and protect these important priorities.
3. Be Consistent
Consistency is powerful. Did you know that it took years of planning and seven weeks of climbing for Edmund Hillary and Tenzing Norgay to reach the top of Mt. Everest during the initial 1953 summit? It wasn’t speed that conquered Mt. Everest; it was a consistent and committed approach that enabled the climbers to reach their summit. The world of investing and financial planning is no different when it comes to the importance of consistency.
Your best results are achieved through a consistent execution of a plan that is designed to accomplish what is most important to you. Here’s to your successful year ahead!
Evan Crouse serves as a Financial Planning Associate with Warren Averett Asset Management. Click here to learn more about him or to reach out to him directly.