Welcome back to the Successful Financial Strategies blog! In our last post, we began discussing why it is important to have the answers to four questions. To sum it up, these questions are a means to help you measure the state of your financial situation and, really, to make a plan for the future. Working harder at something will only get you so far. However, working smarter is what will make all the difference. As it pertains to your financial situation, saving “harder” may take you towards your goals, but saving smarter will change everything and will make your financial goals more attainable. Read part one of our blog series and keep reading to learn more about the last two questions that can change everything.
How long do you have to work?
When it comes to working and saving, many in the Henderson and Arden area, keep their head down and keep grinding, hoping that they will soon reach their goals and assume that if they have a 401(k) or other retirement fund that they are doing what they need to do to retire at age 65. However, this isn’t the case. Assuming that everything is fine, is leaving you wide open for disappointment and surprise when it is actually time to retire. Also, in many cases, many have not taken into consideration what kind of lifestyle they want to have when they retire. Finding out the concrete data to be able to answer this question may inform your savings habits and your career considerably.
How much will you have to reduce your standard of living?
This an uncomfortable question for many to face, for many reasons, but we must consider this as we examine our financial status and goals. Many look toward retirement as a beacon of hope and time when they finally get to do everything that they have always wanted to do while they were instead slaving away at work. But if you don’t make a measurable goal toward retirement then you may not get to do everything that you ever wanted to do. Why? First of all, the cost of living generally always increases throughout our lives. Secondly, if we simply assume and don’t crunch the numbers, we may come up short.
All of this may seem overwhelming and we completely understand. However, know that you don’t have to plan for your future alone. The financial advisors of Successful Financial Strategies are here to help you — and when we say we will help you, we actually will. When you are successful, we are successful and when you are not, we also suffer the same loses. Our financial advisors in Arden and Henderson would love to help you make a goal towards prosperity. Visit our website to learn more about us and the services we provide!