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10 Actions That Help You Pursue Financial Wellness


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Financial wellness is a dynamic, individualized state that grants the power to make choices while maintaining control over one's finances. This ever-changing journey involves setting and achieving financial goals through specific actions. While some actions are time-sensitive, others can be undertaken at any point in the year. Here, we present ten actions to guide you on your path to financial wellness.


Fiscal Housekeeping:


1. Reviewing Your Monthly Budget: Regularly assess your income and expenses to enhance savings and reduce debt. Trim unnecessary subscriptions and memberships to align your budget with your financial goals.


2. Increasing Retirement Savings Contributions: Set a goal to boost contributions to your retirement accounts, like 401(k), IRA, or Roth IRA. Automate contributions to inch closer to your retirement savings target.


3. Evaluating Your Emergency Fund: Ensure your emergency fund covers six months of living expenses to prevent hasty liquidation of assets. Consider maintaining a reserve of six to twelve months for added security.



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Building Financial Foundations:


4. Reviewing Your Investments: Collaborate with a financial professional to evaluate the performance of your investments. Assess risks, rewards, and consider tax implications to fine-tune your investment strategy.


5. Reviewing Your Life Insurance Policies: Yearly reviews of life insurance policies ensure that the death benefit aligns with your financial obligations. Maximize employer coverage and consider supplemental private insurance for comprehensive protection.


6. Evaluating Your Will And Estate Plan: Keep your will and estate plan updated to reflect your current wishes for asset distribution. Regular reviews ensure your intentions are preserved.


Future-Proofing Finances:


7. Reviewing Your Retirement Savings Goals: Regularly assess your progress toward retirement goals. If retired, evaluate the sustainability of your nest egg based on inflation rates, interest, and market performance.


8. Evaluate Other Insurance Coverage: Examine property/casualty, disability, and long-term care insurance. Collaborate with professionals to determine if your coverage aligns with your current needs.


9. Preparing For Taxes: Initiate tax planning sessions to make strategic decisions that can offset future tax liabilities. Compare current and past earnings against tax documents for a comprehensive analysis.


10. Giving To Charity: Contribute to charity in a meaningful way. Explore options like donor-advised funds, charitable trusts, and gifting life insurance dividends to make a positive impact while potentially saving on taxes.



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Nurturing Financial Health:


Complete this list throughout the year with the guidance of your financial professional. Their expertise can help monitor your progress and offer tailored recommendations, ensuring your ongoing journey towards financial wellness.


Embark on the journey to financial wellness by incorporating these actions into your financial routine. With diligent planning, periodic reviews, and the support of financial professionals, you can build a resilient financial future, achieving your goals and securing peace of mind.


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