New Year ... New You: Part Three

By: Sarah Goebel Email
By: Sarah Goebel Email

We’ll be ringing in the New Year before you know it and nearly 100 million Americans will make a New Year’s resolution.

One of the most popular New Year’s resolutions is financial management. This can be as simple as saving money for retirement or getting out of debt.

Jeremy Lee started a financial plan for his business, Homeworks, six months ago. He wants to make sure his employees are able to prepare for retirement.

Now, Jeremy is getting married in October and wants to make sure he’s ready for the big day.

“I could have been saving a lot more money and the wedding wouldn’t have been a problem,” Jeremy said. Jeremy is not only getting a wife, he’s also gaining a daughter who’s seven years old. He is making some changes as he moves from single life to married life and to family life.

“Being a single guy you tend to spend a lot more money than you actually even have. So it’s been nice to have this extra responsibility,” Jeremy said.

Jeremy decided to get his finances in order by going to Ameriprise Financial and speaking with a financial advisor.

“I’d create a debt elimination strategy, see what the interest rates are on the debts their paying and see the proper way to pay those debts off and then from there see if we’re doing that,” Jeremy said.

But what Jeremy is trying to do is more than just get out of debt and save for retirement.

“I’ve always been a big believer of paying for my children’s school,” Jeremy said.

“My parents had to struggle with financial aid and its important for me to have that all taken care of and really get on a plan where she doesn’t have to worry about that burden,” Jeremy said.

Adam Yates, associate financial advisor said there are certain things you need to do to accomplish your financial goals. He said “ ... Having good pay off habits, creates good saving habits.”

“Write it down ... A Harvard study said you are more likely to succeed with a plan if you write it down,” Yates said.

If Jeremy’s financial plan still doesn’t work, his advisor said they’ll adjust it but it’s really just a matter of wanting to succeed.

“Stay faithful to what they’ve told us to do and stay with the plan,” Jeremy said.

Jeremy meets with his advisor every six months to look ahead and see where he wants to be in five years. He said by setting small goals it will be a lot easier to achieve them but this may not work for everyone.

Adam Yates said your individual financial plan depends on your lifestyle and personal goals.


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