Do this to Protect Your Financial Future

The state of the American economy is on our minds. We have children, mortgages, debt, tuition, student loans, and other financial responsibilities to oversee. For many, there is overwhelming concern about how to reach financial goals.

In 2022, women earned 82 cents for every dollar earned by men. It is 2024, and the needle has barely moved toward equality. A Northwestern Mutual Study showed that women do not feel secure and confident about retirement compared to men. We can no longer take the figure-it-out-as-we-go, approach. The best way to prepare is to take charge of our finances and build a team of resources to help create a blueprint that protects our future.

I was raised in a Dominican home; where finances were never discussed. Talking about money was perceived as rude or inappropriate. It revealed too much about the family’s business. There are two pieces of advice my mother gave me that stayed with me. First, always to save for a rainy day. The second was to never depend on a man.

I am a divorced, single mom, aware of our burden as head of household. It is challenging to contemplate a financial future while caring for a home and child. We get by the day-to-day, by any means necessary. Regardless of status, securing our family’s future security is a priority,  Having the funds to help sustain ourselves and save for retirement is essential. It is also nice to have some means to enjoy life. If we are confident that we can take care of ourselves in our later years, it can significantly reduce the stress in our lives.

Tomorrow comes sooner than you think. Time sneaks up when you least expect it and taps you on the shoulder to collect its debts. In 2023, I lost my mom. She was a hard-working woman who did what she could with what she had. There wasn’t much time for preparation because she was too busy trying to survive the present. When she departed the world of the living, there was a scramble to get her house in order. Ultimately, one of my siblings had to take on the fiscal responsibilities left behind. Her passing was a rude awakening. Not only was it a painful loss, but it was a reminder of my mortality. It got me contemplating the future and how to make it as simple, as possible for my daughter when my time comes. It may sound morbid but it’s part of the circle of life. This life-changing event forced me to confront reality.

Recently, I decided to sit down with a trusted professional to discuss a plan for my financial future. Choosing a professional to help me with this important task has been one of my biggest decisions as an adult. It can be an intimidating conversation but preparation is one of the keys to success. Are you considering the plunge? These steps can help before scheduling a meeting.

What are your goals? Are you looking to build wealth, be financially independent, retire, purchase property, or start a business? Whatever, you are planning, work to understand where you are with your finances before setting any of your goals.What are your real numbers? Denial can be a powerful ally but has the potential to create havoc in our lives. When we use the mechanism in our financial lives, it is detrimental to our economic growth. Be honest with yourself about debt, necessities, indulgences, and income. If you are not truthful with yourself then you won’t be honest with the expert you hire to help you through this process. It was hard to open my financial books to a stranger. However, it was necessary to design a plan that was realistic. as well as, efficient.Set the plan in motion. Don’t seek financial planning advice, until you’re serious about your future. They can put a plan in place for you but it won’t work until you do your part.Go over your plan regularly with your financial advisor. Life changes, as do circumstances. Your finances can change, too. The expectation is that a financial plan will require tweaks, over time.

Tip: If you are looking for an experienced professional, do your research or ask a friend for a recommendation. This is your life and like any relationship, you should find someone who understands you, and your goals and is looking out for your best interest.

I’ve had a great experience with the Financial Advisor I chose to work with me. He listens to my needs and understands my priorities. I am learning to live my best life while looking to the future with a more positive outlook. I know there is a long road ahead, however, I work on improving more each day.

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