Financial Resolutions for 2022

What should you consider when making your financial resolutions this year? We talk through what differences you could make, both this year and beyond.

Have you made financial resolutions for 2022? The simple act of making that resolution may have a transformative effect, but it’s important to keep up with these financial goals throughout your life. Many who choose to make a financial resolution were able to follow through with it, helped largely by having a plan in place.

When you have a financial plan in place, you are able to achieve what you set out to do. Maybe you need to save your emergency fund, maybe you need to contribute more to your retirement savings. When you do the things you need to do, like paying off debt or funding an HSA, it feels good. Accomplishing little goals will help you meet long-term goals.

Brian has a task system that he goes through with clients to keep people motivated. It’s important to make and keep a plan. Like having a personal trainer, a good financial advisor should help you stay in financial shape.

Is your goal to retire this year? Research shows 2022 may not be the best year to do so, but how does Brian feel? Inflation is rampant, but that just means you need to adjust the numbers in your plan. Work with your financial advisor to make sure you have realistic investment and retirement projections. It’s more than just the money you’ve saved, it’s about how much you’re spending and need to live off of.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] Can making financial resolutions improve your financial outlook?

[4:09] You’ve got to update your goals.

[7:54] Are you planning to retire this year?

Today’s Truth:

“When we adjust for inflation in your plan, you need to have more money saved.”

Brian Bowen

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The Host:

Brian Bowen – Contact