At KB&P Partners, we work with clients who are often at very different stages of life. They have different needs and priorities. They utilize different services and areas of expertise. They have different amounts of resources to work with.
But ultimately, they all share a common goal: they want to be financially healthy.
“Financial health” is a bit of a buzzword that applies to the current state of person (or business’s) fiscal condition. It factors in how much you make, how much you own, how much you’re spending, how much debt you have, what kind of assets you have, what you have in savings, and more.
It is the entirety of your monetary value measured against the expectation of where someone should be at your age in your circumstances. That means there is no universal definition of financial health.
A person in their late 20s who makes less than $40,000 but has no debt and has started saving for retirement can be considered financially healthy.
A person who in their late 40s who makes over six figures, yet has no retirement or investments, is making payments on multiple vehicles and/or properties, and carelessly uses credit cards can be considered financially unhealthy.
Being “financially healthy”’ isn’t about reaching a certain point of wealth. It’s not a destination at all.
Being financially healthy is a lifestyle.
There are goals that are set and worked towards, but it’s ultimately about committing to the actions needed to reach those goals. These actions aren’t just determined by the goals you’re trying to reach but also where you’re starting.
Everyone’s situation is unique which means…
Everyone Starts in a Different Place
The first actions of being financially healthy could be:
- Putting away $1000 for an emergency savings
- Cutting superfluous expenses and increasing payments towards debt
- Opening a Roth IRA (or other Retirement Account)
- Setting up an investment portfolio
It’s all about where you’re starting and where you want to be. Much like with physical fitness, the healthier you want to be, the harder you’re going to have to work (and the more sacrifices you’ll have to make).
But also, like physical fitness, if you put in the work and follow the plan, changes will happen.
One of the best things you can do to jumpstart your financial health is to meet with a professional financial advisor. They’ll be able to assess your current standing, explain your options, create strategies, motivate you to take action, and guide you throughout the process.
As your life changes, a certified advisor can help your financial plans change with it.
At KB&P Partners, we offer a variety of services designed to improve your financial health including investment management, retirement plans, small business retirement, wealth management, personal financial advising, and more.
For a team of certified financial planners in Springfield, Ohio, contact KB&P Partners today.