financial planning-financial reviewIt’s a long time since January, but it is never too late to revisit your New Year’s resolutions. If one of them was to get your financial house in order, here are some suggestions to help you start moving in the right direction:

  • Be willing to wipe the slate clean—Take a comprehensive look at your financial planning. Is your income consistent with your projections? Have you been responsible in your spending decisions? Can you identify any bad habits you have when it comes to money? Change is possible, but only if you are intentional about it.
  • Understand that financial stability rarely (if ever) happens by accident—Do not be a spectator to your financial health—be a participant. Set aside a specific amount of time every day or every week to review how you have done, consider your goals, and identify any adjustments you might need to make.
  • Have a plan—With a financial plan, you will avoid the paralysis that can come with the many financial decisions you face. You will know that you are allocating your resources where they will do you the most benefit. Make certain that your plan addresses both long-term and short-term goals. Be prepared to make adjustments to your plans, should unforeseen circumstances arise. Your plan needs to be concrete, but it’s also a work in progress.
  • Don’t let life’s surprises stop you in your tracks—It’s pretty much a given—you can plan as much as possible, but you cannot plan for everything. At some point, you’ll face a hurdle or contingency that you never imagined. You can manage some of the risk with the right insurance coverage…make certain you have a trusted insurance advisor to assist you with health, life, casualty, automobile and disability risks. When possible, stick with your plan. If necessary, modify the plan, but keep moving forward.
  • Don’t let your planning be a burden—Always try to put your financial planning in a positive light—you may have to spend some time making certain you’re doing the right things but look at where it is taking you…to a place where you can be confident about meeting your needs.

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.

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At The Pinnacle Financial Group, we have provided professional risk management advice to individuals and businesses in New York and Connecticut for two decades. We understand the critical role investment planning plays in your financial future. We will carefully explain your options and the different strategies available to you, so that you can make appropriate decisions for you and your loved ones.

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