The new year is always a time of reflection and goal setting. Often what we think about is getting more fit and active, getting organized, or quitting a bad habit. But we can also use the new year as a time to reflect on our financial wellness and how we move forward.
Reflecting on 2021
Looking back on 2021, whether it be the markets or society, there was a lot of external noise that tried to scare you into doom and gloom. But ultimately, here we all are in 2022. And now that 2021 is in the rearview, we can examine how we may or may not have met some of our financial goals. Did I save enough? Did I pay off the debt I wanted? Did I make as much income as I wanted? Am I on track to retire when I want? Whether the goals were met or missed, they provide a jumping point for how we plan for 2022.
Financial wellness often leads to mental wellness. When setting financial wellness goals, you need to focus on what you can do now and the impacts those actions will have long term. It's important to sit down with all income contributors in your household and make sure everyone is working together toward a common goal. This isn't an “Are we spending too much on Starbucks?” conversation, but rather, “Are we using our income on what's important?”
Once your family is on the same page you can work together towards saving more for retirement, paying down debt, building emergency funds, buying a rental property, or whatever your financial goals may be.
Looking Ahead to 2022
Projecting markets and segments is a fool's errand. For decades “experts” have tried to create capital market projections for the broad market and its smaller segments. 99.99% of the time, they miss the mark. What we do know, is that there will be volatility. Up days, down days, and days where we feel the market has even gone sideways.
As always, seeing results is about time in the market, not timing the market. That's why we stay true to our philosophy of investing in individual securities that pay dividends and provide their goods and services to either baby boomers or millennials.
Build Your Plan for the Future
As you develop your goals for 2022, it’s important to sit down with an expert to analyze your plan. Our team of professionals at Anew Advisors can work with you to ensure your investment strategy aligns with your vision for the future and help you adjust accordingly if it doesn’t. Schedule time to talk to one of our advisors.
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