by Jill Dobbs, CFP® – Vice President & Wealth Management Advisor 

Once again It’s time for those New Year’s resolutions. For many of us, at least one of our resolutions involve some goal with regards to bettering our health. It’s been said that health has more of an impact on our happiness than anything else. Ralph Waldo Emerson said, “The first wealth is health.” Some would say financial contentment follows close behind health in how fulfilled we feel with our life. Therefore, the beginning of the year is also a good time to take a look at how we can improve our financial well-being.

Have regular checkups.

A key to good health is to see the doctor on a regular basis.  Don’t just go when you’re sick, but take time for that annual comprehensive check-up.  This is how you catch things before they become an emergency.  The same goes for your finances.  Creating a plan and then doing an annual check in with your advisor will help ensure you’re meeting your budget, saving, investment and tax planning goals.  A little planning goes a long way to keep you on track and avoid financial emergencies.

Take a holistic approach.

As with medicine, approaching finances with a holistic approach is better than treating each individual financial decision that comes your way throughout the year.  Just like your team of doctors might include a cardiologist, pulmonologist, nutritionist and dermatologist, it’s important to bring your financial team together to take a comprehensive approach to your family finances.  At least annually you should schedule a meeting that might include your investment advisor, insurance expert, accountant, personal banker and perhaps your estate planning attorney.  Each professional brings expertise in different areas that impact overall financial well-being.  Creating an opportunity for the whole team to meet ensures everyone is up to date with changes in your family and financial situation opening up communication for each to share their best ideas for your success.

Don’t be an internet doctor or financial advisor.

When you read about an important advance in medicine or a friend tells you they’ve never felt better since taking XYZ pill you know you should call your doc and discuss your own personal health history before taking a medication or beginning a new health regimen.  The same applies to your financial health.  Just because your buddy invests in a business start up or your coworker’s 401k plan has returned 200% does not mean that what they are doing works in your financial plan.  Always call your advisor team and ask how these things fit with YOUR goals and objectives.

The team at Central Trust Company is here for you!  Make your financial life a priority in 2022.  We can help you develop a financial plan including budget, tax, investment, retirement, estate and legacy planning.

To ensure good health: eat lightly, breathe deeply, live moderately, cultivate cheerfulness and maintain an interest in life.

William Londen