Financial Wellness – Pierson Wealth Management

It’s a new year, so now is a great time to connect with your financial professional to discuss your financial wellness and aspirations for the future.
Defining Financial Wellness
The first thing to do is define what “financial wellness” means for you. It is informed by who you are, where you come from, and what your experiences with money are.
Ask yourself what you need to feel secure financially. Here are some questions to consider:
How much should you have saved?
How much income should you be bringing in monthly?
Where are you with your debt?
Would things be simpler if you carried less debt?
How fluid is your cash flow when it comes to expenses that aren’t urgent versus larger financial goals?
Finally, and perhaps most importantly, will you be able to retire at your target age?
Financial Wellness Goals
Thinking about financial wellness is often a matter of setting goals for what you can accomplish now and what you can work on to make it a part of your larger financial strategy. Consider taking these actions:
Have a values-based conversation with the decision-makers in your household. Make sure that the non-essential things you are spending money online up with your commitments to meeting your financial needs.
Consider automating payments for regular items, including student loans, credit cards, and other installment payments.
Build an emergency fund reflecting 3–6 months of household expenses to establish a stable foundation going forward.
Make regular contributions to your retirement accounts. Take advantage of any matching contributions you might get from your employer.
Make long-term financial goals.
Is becoming totally debt-free an achievable goal? It can be if you make it a priority. That said, being totally debt-free can be a difficult task for most households. For that reason, it may be better for you to focus on other goals first and make debt freedom a target for a later date.
These are not hard and fast rules. Every individual has their own specific definition of financial wellness. The good news is that with careful practice and judicious scrutiny, many people can gain a feeling of satisfaction from maintaining financial wellness.
Having your financial strategy in place can mean a great deal to you in the long term and may also provide you with comfort in the short term. Schedule a time to discuss this with your trusted financial professional today.
Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC CA Insurance Lic#0132305), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. Ivy Pierson CA Insurance Lic#0C92500. For a comprehensive review of your personal situation, consult with a tax or legal advisor. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice.

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