A new year presents the opportunity to start fresh and focus on areas of improvement in all aspects of life, including those important financial aspects. January is also National Financial Wellness Month which makes this month an opportune time to revisit the primary ways to sustain and improve financial wellness.
Our Kensington team is fortunate to have clients who already have incredible focus on their financial wellness, but even the most knowledgeable wellness expert can gain from the few simple reminders outlined below.
Create your financial wellness vision
Financial wellness is often the positive outcome of our personal financial journey, but our definition of what financial wellness means can vary greatly depending on the goals we are working towards. The first step in creating your financial wellness vision is identifying what financial wellness means to you. For some, financial wellness may mean living debt free and being knowledgeable about financial topics and for others, financial wellness could mean creating a plan to take care of their family for generations to come. There are no right or wrong definitions of financial wellness but working on defining yours will help you better manage your financial priorities, feel confident in the amount of financial risks you take, and create a plan for your future while navigating life’s most important events.
Prepare for the expected and unexpected
Financial wellness includes being prepared for market volatility. Having a financial expert in your corner is one of the best ways to ensure your financial wellness stays intact during good and bad times. After a period of drastic market downturns, it’s natural to become frustrated but there are techniques to remain calm and wait out the ups and downs. It’s important to remember that historically every downturn has been followed by recovery and not let your emotions control your investment decisions. Continuing to stay the course and diversifying your investments is always a helpful tactic during tumultuous times.
Extend your philanthropic efforts
Financial wellness should include an arm for giving back as well. A new year is a great time to revisit your philanthropic activities and determine if there are additional charities you can support. Our Kensington team is interested in finding ways to help ensure that your charitable contributions can make the biggest impact for the groups you are interested in supporting.
These three reminders are a great way to get yourself set up for a year filled with wellness. If our team can be of assistance in helping you set a vision or revisit your goals, let’s find time to connect.
Paula Tarpey is a strong leader in the financial community and she has been an integral part of Kensington Wealth Partners’ success for over 20 years. She is a published author and is often requested to speak to national audiences on financial planning topics. Most importantly, Paula is passionate about serving her community and proactive in helping her clients take action toward their goals.
Paula Tarpey is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Kensington Wealth Partners is not an affiliate of Lincoln Financial Advisors Corp.