Financial Wellness
Aaron Evans
6 financial wellness steps every young professional can take
Contributed by Aaron Evans , Michael McGraw
First things first
A proper emergency fund ensures that if “stuff” happens you won’t have to borrow or use credit cards.
Down with debt
Debt doesn’t go away, so we recommend attacking it sooner than later. Start by getting organized using an account aggregator, and/or budgeting tool. Next, consider the alternative “snowball method” of paying down the smallest amount of debt first, rather than the one with the highest interest rate. Small victories can lead to sustained success.
Long-term gains
You can’t borrow for retirement. Either you have the funds or you have to keep working, so making retirement savings a priority is recommended.
Get in the game!
Start saving a little bit with an employer sponsored plan or IRA, and then look for opportunities to increase over time. Don’t forget to take advantage of company matching contributions.
Goooaaaals!
After the foundation is built, you may want to fund other goals like kids education, a home purchase or a big trip. Set up a plan to save, invest or borrow to fund those goals.
Play defense
Lastly and importantly, take the time to put in place a contingency plan including life insurance and basic estate documents. This is really for your family, and though you are young things can happen, making this a key part of any solid financial plan.
The advice provided is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. A professional advisor should be consulted before implementing any of the options presented.
About Strategic
Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets of over $2 billion.
OverviewDisclosures
Strategic Financial Services, Inc. is a SEC-registered investment advisor. The term “registered” does not imply a certain level of skill or training. “Registered” means the company has filed the necessary documentation to maintain registration as an investment advisor with the Securities and Exchange Commission.
The information contained on this site is for informational purposes and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Every client situation is different. Strategic manages customized portfolios that seek to properly reflect the particular risk and return objectives of each individual client. The discussion of any investments is for illustrative purposes only and there is no assurance that the adviser will make any investments with the same or similar characteristics as any investments presented. The investments identified and described do not represent all of the investments purchased or sold for client accounts. Any representative investments discussed were selected based on a number of factors including recent company news or earnings release. The reader should not assume that an investment identified was or will be profitable. All investments contain risk and may lose value. There is no assurance that any investments identified will remain in client accounts at the time you receive this document.
Some of the material presented is based upon forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. Strategic Financial Services believes that such statements, information, and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information and opinions.
No content on this website is intended to provide tax or legal advice. You are advised to seek advice on these matters from separately retained professionals.
All index returns, unless otherwise noted, are presented as price returns and have been obtained from Bloomberg. Indices are unmanaged and cannot be purchased directly by investors.