Discover the Financial Wellness Journey
Financial wellness is just like eating healthy – it’s difficult and not always fun, but you know it’s good for you. Similar to how you feel better after a healthy meal, a balanced financial plan can lead to long-term benefits. It may take time and effort, but every step secures your goals and vision for the future.
Let’s explore actionable resources to help you take on some healthy financial tasks. First up: increasing (or getting) life insurance. Life insurance is crucial if you carry significant debt or have dependents who rely on your income. It comes in various forms, such as permanent and term life insurance. Term life insurance is affordable and can be tailored to your unique situation and needs.
Next on the financial wellness journey is preparing your estate planning documents. This includes drafting a will, appointing guardians and trustees, setting up a trust, and creating power of attorney and medical directive documents. While this may seem daunting, it’s not as painful as it seems, and it can bring confidence, clarity, and peace of mind to your financial plan.
Finally, it’s time to set up or rebalance your 401(k). This tax-efficient retirement plan can be optimized by making decisions regarding which account to fund, selecting contributions, and making investment choices. It’s important to periodically rebalance your portfolio to maintain a consistent allocation and risk preference.
These are just a few of the tasks you need to make progress on when it comes to your financial wellness journey. In our next post, we’ll cover four additional areas that are often overlooked but have a significant impact on your financial well-being. Stay tuned for more tips and resources to help you take control of your financial future.
