Are You Financially Confident?

Jan. 22, 2024

Financial confidence. It may look different for everyone, however, at the end of the day, we should all feel comfortable about our finances. Confident that they will support us in accomplishing our goals and dreams – not inhibit us. Do you feel confident in your short- and long-term finances?

Finances, in some form, have existed throughout history. In ancient Rome they stored coins in temples which acted as financial centers of the cities, Sumerians formalized financial transactions in the Babylonian Code of Hammurabi, and the East India Company was the first publicly traded company that issued stock and paid dividends on proceeds from its voyages. Even during those times, societies found ways to plan, protect, and grow their wealth. While they paved the way, we can take inspiration from them and build on the benefits that come with living in the digital age.

And this digital era has its pros when it comes to feeling financially confident. Long gone are the days of balancing checkbooks and visiting the bank as a routine stop in your weekly errands. Instead, we are using direct deposit, budgeting apps, digital wallets like Venmo, and financial planning software all in our day-to-day lives. Our finances are in our control with real-time updates and tools at our fingertips.

The ancient Romans made it work, so how do we make the most of what we have access to in order to become financially confident? When looking at your finances, it’s best to divide them into short-term priorities and long-term goals. Short-term is focused on your day-to-day budget – are you living below, within, or above your means? Being in tune with your finances daily keeps them top of mind. Banking and budget apps make this all the easier. For the long-term, this is often synonymous with retirement - are you saving, investing, and planning to financially secure your future? You may not know what your future is going to look like exactly, but the sooner you begin saving for it, the more runway there is for the power of compounding to work its magic. Achieve this by creating a financial plan that marries your short-term priorities with your long-term goals to ensure all components are working together. A plan is the equivalent of creating a treasure map.

The first step to get started is to simply download an app that works for you or review your budget to get a pulse on your current state. On paper, finances are straightforward. You have income and expenses and assets and debt. All of which influence your short-term priorities and are your starting point for long-term goals. It gets overwhelming when you layer on various strategies to retain, grow, and protect your wealth.

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Luckily, you can tap into the expertise of a financial advisor who can create a custom plan, layered with tax strategies, an investment portfolio, and an estate plan that reflects your personal goals and situation. With their help, you can confirm your short-term priorities are properly accounted for while establishing a good plan for your long-term goals. The best part? Financial advisors have embraced the digital era too and have software that will capture, project, and update in real-time, providing you insight like never before. See how small changes to your plan can impact its success. Run scenarios to see how different market environments could shift your retirement plans. Outline how your assets will flow through the next generations based on what’s documented in your estate plan.

It's like the Tesla of Excel budget spreadsheets – and having a financial plan isn’t reserved for only the ultra-wealthy. There’s financial confidence that everyone can gain from speaking to a trusted professional. Take the second-guessing, emotions, and heavy lifting off your plate by collaborating with a partner who wants to see you succeed.

While you’re preparing for your meeting, another way to ensure you achieve financial confidence is by practicing good habits. We all know that habits are best formed through repetition. Inspiration for healthy habits for the year might include:

  • Gain a better understanding of tax changes and relevant strategies
  • Refresh your important document system – ensuring your paperwork is up-to-date along the way
  • Update passwords, according to cybersecurity best practices, the next time you log in to each account
  • Schedule a meeting with a financial advisor to create or review your plan

Your financial journey never ends, but it does have to start. Don’t miss out on saving, growing, or protecting your next dollar, thousand, or million all while having the utmost confidence that your short-term priorities and long-term goals will be achieved.

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We can help. Take the first step toward a brighter financial future by scheduling a consultation with a member of our team – we’ll discuss your goals and help you develop a plan to reach them.

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Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.

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