Get financially fit in a hurry
Written by Nolan Baker Mark Clair | | letters@toledofreepress.comThe start of the new year is gone and many are back focused on daily routines as the holiday parties have come to an end. Many made New Year’s resolutions on things to personally improve on. One resolution, getting and staying financially fit, should be a top priority for 2010.
The problem with getting financially fit is it can seem like a major mountain to climb. We have had a decade lost in the stock market and fixed rates are still extremely low. Life continues to throw in other “what ifs.” Unexpected medical bills and family needs are common things that can get people off track. Last, it is common to just focus on getting through today and put the future on hold. Before you know it, another month has gone by and still no major changes have been made and the problems could be compounding.
The quicker a person realizes that the only person responsible for their financial situation is themselves, the faster he or she can work toward taking action and putting solutions in place.
The first step in getting financially fit is to focus on what is important to you. The way to greatly increase the chances of being financially fit is to write down three specific financial concerns that are the most important to you.
The second step is to write down the positives and negatives of changes on the three items that are most important to you. Try and be as specific as possible. Describe how much each of these problems is costing. What will the cost be over the next five years? Include who else is affected by these problems. Since this plan of action is based upon what is important to you, dream big dreams.
Follow through can be the hardest part for many people. It is easy to write down the three most important financial items to work on. Most can even detail specifically what each item is costing them and what the impact positive changes can make. Now it is time to take action. There are two ways to do this, first on your own and second in a “coaching” program. Both plans should include specific dates next to each item on when you want to have them accomplished. There has to be a deadline to measure results.
Finding the right coaching program can be the other option to staying on track. In many cases this involves working with a team to create an individual written plan of action and becoming educated and involved in the ongoing process. Financial Fitness works the same as so many other successful programs out there today, like joining a life group for spiritual growth or hiring a trainer for physical fitness. To get started, or to help you stay on track, head on over to our website at www.retirementguysradio.com and sign up for a complimentary six week e-mail training program by clicking on The Complete Retirement Toolkit.
Got a question for The Retirement Guys? Send your e-mails to letters@toledofreepress.com or you can reach them by calling 419-842-0550. Securities are offered through NEXT Financial Group Inc., Member FINRA / SIPC. The Retirement Guys are not an affiliate of NEXT Financial Group. Their office is located at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537.
