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How to Achieve Financial Fitness

If you’re like most people, then you must think that financial fitness refers to having the means to do what you want when you want. However, wealth management advisors consider financial wellness as having the ability to live within your means, not be in debt, have savings, a solid retirement plan, an estate plan, and a proper tax strategy in place. If you don’t know much about financial fitness and how to achieve it, read on.



How to Achieve Financial Fitness

Set Your Financial Goals


Unless you set your goals, you won’t be able to achieve them. The key is to plan how you can use your savings, as well as your investments. To make sure that you’ll be able to finance your dreams, you need to determine how much money you need to save over a period of time. It’s important to note that your emergency fund must be included in your financial goals.

Know Where Your Money is Going

Understanding where your money is going is critical to your pursuit of financial fitness. You can finance your long-term financial goals if you create a budget that covers basic necessities, required expenses, discretionary items, and your savings. Once your budget is in place, you need to keep track of your spending habits and compare it against your budget regularly. As required, you must learn to adjust your habits where it’s necessary so that you can spend less and save more.


Manage Your Debt

You can optimize your savings and your investment capital if you limit the use of debt. It’s best to minimize the use of your credit cards so that you can steer clear of high-interest rates or potential fees. You can accelerate your debt payments by developing a solid debt management strategy.



Looking for Wealth Management Advisors?


Financial fitness is within your reach. Contact the wealth management experts at 1879 Advisors to schedule an appointment.

© 2020 by 1879 Advisors® which is the marketing name used by Bruderman Asset Management, LLC, an investment adviser registered with the SEC and which provides investment advisory products, and its affiliate company, Bruderman Brothers, LLC, member FINRA/SIPC through which securities are offered.

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