Top Tips To Keep Your New Year’s Resolutions for 2020
Financial planning is crucial in order to keep your 2020 resolutions. Read how to find a fiduciary advisor and follow through on your financial goals.
Updated on Jan 06 2020
2020 is here and are you keeping up with your new year resolutions? Every new year, millions of Americans make resolutions, but by February, they are long forgotten. This doesn’t have to be the case. Improving your diet and exercising more are great for your physical health, but what about your financial health? Financial planning is important so you know where you are and where you want to go.
What are some important financial resolutions for seniors? Let’s look at some top tips so that you can stick with your 2020 financial goals.
What should your financial resolutions be?
It can be overwhelming when you’re trying to plan out your financial goals, but it is essential to successful retirement planning.
Main financial resolution focuses should include:
- Paying down high-interest debt.
- Stacking your emergency fund.
- Contributing to your retirement accounts.
- Setting up a budget.
How to make achievable resolutions
As with any lifestyle change, wanting to better yourself and making big changes is easier said than done. The problem that most people have when sticking to their resolutions is that they make drastic changes—and often many of them—and become overwhelmed. While sometimes you need a good lifestyle overhaul, the truth is that making smaller goals will bring you more success in the long-run.
Where to begin? Start with these three steps:
- Determine what is doable.
- Be honest with yourself.
- Prioritize and plan.
Focusing your 2020 new year resolutions on retirement is a great way to set you up for financial success. Here is a list of guidelines to keep your retirement planning on track.
The best way to keep your resolutions is by finding a fiduciary advisor
What are your financial goals and how are you going to reach them? When it comes to financial resolutions, making one large goal with multiple smaller goals will get you where you need to be. Something actionable that you can do now is to find a fiduciary advisor.
What is a fiduciary advisor?
“Fiduciary financial advisors are legally and ethically required to put your best interest before their own. In the financial marketplace, fiduciary advisors are the best kind of advisors because they typically have fewer conflicts of interest and have a relationship of trust with their clients.”
Fiduciary advisors build a relationship with their clients that is based on trust because they must act in the best interest of their clients. You won’t have to worry if they are going to make high-risk investments on your behalf, because if you lose, they lose. With investments being key to successful retirement planning, a fiduciary advisor is the way to go.
How to find a fiduciary financial advisor?
Not all financial advisors are fiduciary advisors, though it is in your best interest to find one. Here are some questions to ask so you can be prepared.
- What other compensation, if any, do you receive besides what I’m paying you?
- What credentials and other licenses do you have?
- Are you dual-registered?
- What are your areas of expertise?
- Have you ever been negatively cited?
Once you find a fiduciary advisor that you feel comfortable with, they will help set you up with a plan so that you can meet your financial goals for 2020 and beyond.
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