Make 2017 Your Best Financial Year Yet
Blaine Johnson, LUTCF®, CLTC®
Will 2017 be the year you tackle your biggest financial goals? With the start of each new year we’re given a clean slate to begin fresh. For most of us, New Year’s resolutions often focus on the most important areas of our lives: our health, our families, and our finances.
Finance-related resolutions are the third most popular New Year’s resolution, following self-improvement and weight loss. Millions of people strive to get out of debt, save more, or accomplish a financial milestone, whether that’s purchasing a vacation home or retiring.
The beginning of the year is the perfect time to get your financial strategies on track, set new goals, and make this year your best year yet. Here is our seven step strategy designed to help you get financially fit in 2017.
1. Set Specific Goals
You can’t work toward a resolution without knowing what you want to accomplish. The more specific your goals, the better chance you have at achieving them. Rather than saying you want to save more money, you could create an ideal amount you’d like to save each month with a concrete reason behind it. For example, perhaps by December, you want to save an additional $30,000; half for an emergency cushion and half for a trip to Europe.
2. Find a Financial Coach
In fitness, having a workout coach can help you stick to a strategy and improve your performance. Having a partner holds you accountable and inspires you to push harder, even when the going gets tough. It’s easy to slack on your budget or slip up on following your goals when you don’t have someone holding you accountable. Find a financial coach you trust to help you set your goals, stay on track, and provide guidance when you need it.
3. Review Your Insurance Coverage and Estate Plan
A lot can happen in a year. As we experience changes in life, from the birth of a child to marriage to a new career, it’s important to regularly review your insurance coverage and your designated beneficiaries. As we enter a new year, now is the ideal time to review your current insurance policies and make sure they are up to date. We can also help you determine if now is the time to consider other types of insurance you may not currently have, such as long-term care insurance. Additionally, we work closely with estate planning professionals to update your strategy as your family’s needs change.
4. Assess Your Risk Tolerance
As the markets shift and as you experience new circumstances in your life, your risk tolerance may change. For example, if you’re approaching the end of your career and are focused on preserving what you’ve accumulated, you’ll want to take less risk. Start 2017 off on the right foot by reevaluating your risk tolerance with your financial professional, and make adjustments to your portfolio if needed.
5. Check Your Credit Reports
Less than half of Americans know their credit score and just 16% understand how the credit scoring models work. Unless you’ve recently applied for a loan, it’s likely been awhile since you last checked your credit score and it’s time to order your credit report. Not only does a credit report reveal your score, but it also gives you the opportunity to check for and fix any errors. The Consumer Financial Protection Bureau’s website, www.annualcreditreport.com, allows you to get a free copy of your credit report from each of the three major reporting agencies once a year.
6. Protect Your Identity
According to the Federal Trade Commission, identity theft is the number one consumer complaint, and with methods ranging from low tech “dumpster diving” to elaborate spyware and email phishing scams, everyone is at risk. In addition to checking your three credit reports on an annual basis, there are simple steps you can take to help protect your identity: Read your credit card and bank statements; know your payment due dates and when to expect the bills; make sure any healthcare claims paid by your insurance company match the statements from the healthcare providers; and be sure to shred all documents that have personal and financial information.
7. Plan Some Splurges and Reward Yourself
The potential attainment of a reward helps motivate you to work harder toward your goals and stay on track. Early in the year, plan a few milestone rewards to keep you motivated. One way is to schedule three small rewards at the end of the first, second, and third quarters, and one large splurge for the end of the year. It could be as small as a nice dinner out with your spouse, or as big as a European vacation (as long as you’ve budgeted for it, of course!).
How We Can Help
Financial professionals do more than just invest your money for you. They help you create contingency plans, make sure your family is taken care of, and analyze every aspect of your financial life. We work to instill confidence, create a comprehensive strategy, and transition you from where you are now to where you want to be in the future
Let 2017 be the year you get your finances on track and set yourself up for a fulfilling future! If you want the opinion of a seasoned professional, call us today at 916-781-7493 or email bkjohnson@ft.newyorklife.com. Together we can come up with a strategy to protect your portfolio no matter what Washington throws your way.
About Blaine
Blaine Johnson is an agent with New York Life Insurance Company and a financial professional with nearly a decade of industry experience. He specializes in providing financial and insurance services for pre-retirees and retirees including physicians, executives, and business owners. By focusing on a particular clientele, he can provide a customized approach that responds directly to the specific needs of clients. He is a Life Underwriter Training Council Fellow and holds the Certified Long-Term Care designation. Based in Roseville, California, he works with clients throughout Sacramento and the Bay Area, as well as Southern California, Arizona, Nevada, Florida, Texas, Oregon, and Washington.
Blaine Johnson, CLTC, LUTCF®, Member Agent, The Nautilus Group®, a service of New York Life Insurance Company. Registered Representative offering securities through NYLIFE Securities LLC, Member FINRA/SIPC, A Licensed Insurance Agency, 2999 Douglas, Blvd Suite 350, Roseville, CA 95661 (916) 781-7493. Blaine K. Johnson Insurance and Financial Services is not owned or operated by New York Life or its affiliates. New York Life and agents and employees thereof may not give legal, tax or accounting advice; everyone should seek and rely upon the counsel of his or her own financial professionals. Blaine Johnson, California Insurance License #0G27275. 1727706 12.31.2017
This material was produced by Indigo Marketing Agency. © 2016 Indigo Marketing Agency. All rights reserved. It is being provided by Blaine Johnson as a courtesy.
