Photos Courtesy of JNBA Financial Advisors
In the initial weeks of a new year, people often set goals in various areas like personal health, family time, work-life balance, and finances. Here are trends and suggestions for financial goals in 2024:
Transparency on Borrowing, Saving, and Spending
The economic turbulence of the past few years has affected nearly every industry, with an ongoing impact on individuals’ and families’ finances. Consumers are grappling with increased costs for borrowing money and acquiring insurance, coinciding with elevated price tags for goods and services that contribute to record credit card debt. In a climate like this, it becomes even more important to understand your current spending patterns to assess whether there are sufficient savings to maintain a comparable lifestyle. The beginning of the year provides an excellent opportunity to assess the cash flow and expenses from the previous year, ensuring that spending aligns with your future goals.
Clarify Your Ambitions
Initiating the process might involve taking a moment to pause and introspect. By posing the question, “What do I envision for myself and/or us in our post-career or retirement?” you can discover a response as distinct as your fingerprint. “Retirement is more than a mere destination; it represents a financial journey molded by your distinct aspirations,” says JNBA Advisor and Advisory Services Manager Elise Huston. “By envisioning your post-career life, whether it’s working or volunteering a few hours a week, traveling the world, or staying near family and friends in a lake cabin, you lay the groundwork for a customized financial strategy that aligns with your goals and ensures a comfortable retirement.”
Financial Literacy
The importance of financial literacy as an essential life skill is gaining recognition. In 2024, there will be continuing emphasis on financial education to improve people’s understanding of money management. Equipping yourself with essential financial knowledge has profound implications as your wealth increases by making smart money moves. This isn’t merely a step; it’s a substantial stride toward fostering a financially savvy life, adept at managing finances wisely and continuing to make well-informed investment choices.
Partner with an Advisor
As you’re continually examining the financial path you wish to take towards retirement, financial advisors are here to help you get there. “Our role is to craft more than a plan,” says JNBA Advisor Nick Scheibel. “Together, we navigate the terrain of your financial goals, ensuring each step is purposeful and aligned with your unique vision for the future.” Just as there are countless ways to imagine retirement, there can be just as many paths to reach it, and a financial advisor can provide insight into the intricacies of these paths and opportunities.
Facing additional life challenges? Join us for JNBA’s latest podcast series, Navigating Life Transitions, where financial advisors and seasoned professionals unite to explore the complexities of life’s significant transitions, opportunities, and decisions. Whether it’s expanding your family, coping with loss, career advancements, or transitioning into retirement, we engage in open conversations and multiple perspectives on each topic.
Please see important disclosure information at jnba.com/disclosure.
