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How to Take Control of Your Finances in 2024

Money is often a stressful topic, and the desire to feel more confident about our financial future is a shared sentiment.

Money is often a stressful topic, and the desire to feel more confident about our financial future is a shared sentiment. As we usher in a new year, financial resolutions are almost as popular as weight loss ones. But what actions have you mapped out for this year to benefit your financial life and move you closer to your dream retirement?

Here’s a blueprint for making 2024 the year you finally take control of your finances and embrace a future filled with financial confidence.

1 – Create a Detailed Financial Plan and Write it Down: If you’ve ever felt like you’re spinning your wheels financially, juggling various goals without a clear direction, you’re not alone. The first step to financial empowerment is to take the time to create a detailed financial plan. Most people are overwhelmed by this and don’t know where to start. Outline your short-term and long-term goals, including savings, retirement contributions, budgeting, and emergency fund building. Putting your plan in writing provides clarity and accountability, helping you track your progress and celebrate your successes.

If you already have a financial plan, the start of a new year is a great time to review it. What is going well?  What needs to be adjusted? If you are not confident about your direction, it may be time to get a second opinion.

2 – Understand Your Risk Exposure and Align Your Investments Appropriately: The more you improve your financial education, the more confident you will become. One of the keys to financial success is understanding and managing your risk exposure. A holistic financial plan considers your risk tolerance, time horizon, and financial goals. Aligning your investments appropriately ensures that your portfolio is working in harmony with your overall strategy, helping you confidently navigate the ups and downs of the market.

3 – Prioritize Saving for Retirement and Planning Your Distributions: Saving for the future is a cornerstone of financial well-being. Ensure that you’re not only contributing to your retirement accounts by making it automatic each month so that other expenses can’t prevent you from doing so. Also, ensure that your investment strategies align with your retirement goals. Ask yourself, “What income will I need to live out my retirement how I want to?” Focus on strategies to create the income you need without needing to rely on the stock market to cooperate. You want guaranteed income sources so you can count on reliable income when you need it most – no matter how long you live or how the economy performs.

4 – Work with the Right Professional Who Will Educate You: Not all financial advisors are created equal, and finding the right professional can make a significant difference in your financial journey. Seek an advisor who goes beyond traditional advice, one who is committed to educating you about your financial options and empowering you to make informed decisions. A true partner in your financial journey will help you build a retirement strategy that goes beyond market trends, focusing on your unique needs and aspirations.

You deserve financial confidence and the peace of mind that comes with knowing your retirement is secure and you can never run out of money. To support you in this journey, I invite you to take advantage of our complimentary Retirement Income for Life Blueprint. This valuable tool will guide you through the decisions you can make today to design a retirement that aligns with your dreams.

Together, let’s make 2024 the year you take control of your finances and embrace a future of financial freedom.

Wishing you a prosperous and confident New Year!

Investment advice offered through Copia Wealth Management Advisors, Inc.

Copia Wealth Management Advisors, Inc. is a registered investment advisor.

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