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Smart Money Moves: Essential Questions to Ask Yourself and Your Advisor

Update How to Ensure Your Finances Stay Fit When it comes to our health, we constantly check in with professionals to ensure we’re on track. But how often do we take the same approach with our finances? Just like a routine physical, financial check-ins can alleviate stress and promote a healthy financial future. Key Questions for a Financial Check-up Financial well-being is not just about accumulating wealth; it's about ensuring that money aligns with your life goals and changing circumstances. Here are some important questions to ask your financial advisor or yourself during your next check-in: 1. Have My Goals Changed? Life is constantly evolving, and your financial goals should be reflective of that. Priorities may shift from travel adventures to family responsibilities. Reflect and ask: Are my current goals still relevant? Has anything significant changed—like a new job or family addition—that impacts my financial needs? 2. Am I Spending Within My Budget? No budget is set in stone. Regularly revisiting your monthly expenses can reveal patterns in spending that might be out of line and help you adjust accordingly. Questions to consider include: What are my current average monthly expenses, and am I overspending in any categories? Given the reality of rising costs, should I re-assess my budget to incorporate inflation? 3. How Long Will My Money Last? Outliving savings is a concern for many, especially as retirement looms closer. An essential question to ponder is: Are my withdrawal rates sustainable long-term? Be mindful to account for factors like healthcare costs that can unpredictably increase. A helpful strategy is sticking to the 4% rule, which suggests withdrawing only 4% from retirement savings, adjusting that amount each year for inflation to strive for a 30-year lifespan of your funds. The Emotional Landscape of Financial Planning Understanding that finances are tied deeply to our emotions is crucial. Money impacts not just our livelihoods but our mental health as well. For many, financial stress can lead to feelings of anxiety and insecurity. As you're questioning where you stand, take note of how these inquiries might stir emotions, and be consciously aware of the relation between your financial health and emotional well-being. Steps Towards Financial Wellness These check-in questions can be a first step toward better financial wellness. However, always remember that seeking help is a strength. Whether conversing with a financial advisor or joining a financial wellness group, allow partnerships to help foster your financial growth. Actionable Insight: Making Money Matter Your financial journey should empower you, and that’s where the right questions can help guide your steps. Before your next financial check-in, take a moment to really evaluate your answers to the questions posed. Flexibility in planning and a proactive approach will help ensure your finances are fit and not causing undue stress. Don't underestimate the power of a good financial check-in. It's your first step toward mastering your money. Start today by asking these critical questions, and if you feel overwhelmed, consider reaching out to a professional who can guide you in achieving your financial goals.