January is a great month to refresh your financial plan. While you’re focusing on sticking to self-care resolutions, make time to assess your finances. Self-care goals should always include financial wellbeing. Once you know your “financial ducks” are in a row, you’ll be less stressed which will help you feel better and sleep better. To get started, consider your goals. Goals tend to evolve over time and that’s one reason why a financial plan is not something you set then forget. 

A comprehensive financial plan has quite a few components that work together to help you define, track, and achieve your goals. Every year you should rebalance your portfolio to ensure your asset allocation stays on track to your goals. Next, look at your spending. If you let unnecessary expenses take a bite out of your income last year, it’s time to find ways to cut back. 

Then, after you evaluate your goals and assess your spending habits, contact us. At Alloy Wealth, we offer insurance services. Insurance plays a crucial role in financial planning. We’ll evaluate your current insurance and make recommendations to help you manage risks and achieve your objectives. While you’re at our office, we’d be happy to look at your investment portfolio and retirement plan. If you don’t have a retirement plan, we’ll work with you to create one. 

Keep in mind, a financial plan and a retirement plan are two different things. One gives you a broad look at how you are managing your money while the other focuses on generating wealth so you can live well when you aren’t working. Every retirement plan includes a financial plan. Yet financial plans don’t include the necessary legal documents to ensure your legacy will be protected when you’re gone. Call 800-689-3935 to speak with one of our team members. Tell them you’d like to refresh your financial plan!