As a nurse, you spend your working hours attending to the physical health of your patients. You know that one of the key components of being physically healthy is being proactive—not waiting until a physical crisis arises, but taking the little steps to minimize health risks. It’s the same with your financial health—the right measures now can bring confidence and comfort down the road. Here are some specific steps to help you pass your annual financial physical with flying colors.
- Know where you want to go—it is an unfortunate reality that very few people have an identifiable target for when they want to retire and what they need to retire. If you don’t know where you want to go, you won’t know how to get there. You may end up where you want to be, but it will be sheer fortuity. Start by looking at your current lifestyle. Are you content? Are you meeting all your needs? Are you able to enjoy some of life’s extras? If so, set a goal to maintain your current lifestyle. Work closely with a financial planner to determine two things: how much money you will need to have put away to generate the annual income you need and how much you’ll need to save every payday to work toward that goal.
- Be willing to save—You’ll be going against the grain—a third of Americans have no savings at all and more than half have less than $1,000 put away for retirement. Interestingly, studies show that nurses understand the power of saving—a 2014 study found that more than 8 of every 10 nurses had an active savings plan. If you build in the savings early, you will never miss it, but you will be thankful when you’re ready to retire.
- Rely on professional guidance—Investing is not a hobby—it’s hard work and it takes a lot of time to fully investigate all the options and make good decisions. You are better off spending your time doing what you do well—perhaps taking an extra shift—and leaving your investment decisions to people who do that for a living.
- Make financial planning a part of your daily life—Put together a budget, review it on a regular basis, and be honest about whether or not it is working.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss. Investing involves risk including loss of principal. Please consult with your tax advisor before investing.
Contact The Pinnacle Financial Group
At The Pinnacle Financial Group, we have provided investment advice to individuals and businesses in New York and Connecticut for two decades. We understand the critical role that careful planning takes in preparing for your financial future and investing for your family. We will carefully explain the different strategies available to you, as well as your options, so that you can make educated decisions about your future.
To schedule a free initial consultation, call our offices at 516-763-9700 or complete the form provided below.