Enhance Magazine - Page 31

fit tips A Goal Without a Plan is Just a Dream: In Finance & Fitness By Lisa LaMarche CFP®, CPA Lisa is a Partner and Certified Financial Planner™ of Milestone Wealth Advisors. Milestone Wealth Advisors is a comprehensive wealth management firm that provides honest, independent advice that always serves the best interest of each client. Lisa’s goal is to ensure that clients feel in control of their finances and can confidently make decisions regarding their retirement, investments, risk management and estate planning. Sweat dripping, muscles 1). Identify a goal and break it down. ambitious goals into realistically stretched, and suddenly it Chunking achievable steps makes them less intimidatstrikes me. Hitting fitness ing. It creates a sensible timeline and helps goals is like reaching us understand every task involved in achievthe bigger aim. Mini-goals can provide a financial goals. We rush ing sense of achievement, spurring us on to work into a workout with excitement even harder. Don’t start running 13.5 miles and unrealistic expectations, in order to complete your first half Break it down and believing it should work because marathon. build your mileage. Break it “worked” for a friend. But down financial goals by too often, unsuitable exercising creating an emergency then paying off high leads to quitting or injury fund, interest debt, building before seeing any real results. your ability to It’s the same with finances. Good responsibly invest. intentions with poor strategy can 2). Consult a result in irrational decisions or professional for a plan. Everyone has a unique defeatist attitudes. fitness level and injury history. So, what can we do to successfully improve our health and wealth management? Income level and debt are also different for each person. It doesn’t make sense that one plan will meet everyone’s fitness or financial goals. Like a personal trainer who has the skill to create a safe and effective exercise program, financial advisors have knowledge to help develop strategies that address individual circumstances and goals. 3). Monitor progress realistically. Training diaries can help us see our progress in measurable ways. But recognize what and when to monitor. Daily weight checks can be as demoralizing as watching the daily rise and fall of stock markets. Focus on your strategy, understanding there will be good and bad days over the long haul. 4). Adapt when circumstances change. Life can interrupt training schedules. Adjust and work with the new circumstances. Visit hotel fitness centers while on the road, or focus on healthy eating when you can’t exercise. Life changes can impact financial plans, too. A job loss might call for a modification to income tax estimates or may require a