Updated: January 10, 2022 10:12 AM
Created: January 05, 2022 10:17 AM
January is Financial Wellness Month and local financial professional Barry Bigelow from Great Waters Financial shares tips for achieving money wellness and the pitfalls to avoid.
The first tip is to invest in yourself. Bigelow says it seems so simple but many people neglect to give themselves and their finances the proper care and attention. To improve your financial well-being, he says to make sure you are contributing to your retirement accounts. Your future self will thank you for it. Bigelow suggests contributing 10-15% of your income to a 401(k), Roth IRA or other retirement accounts. At a minimum, contribute enough to get your employer's match on employer-sponsored retirement plans. He says the IRS has increased the amount individuals can contribute. If you have the ability, the maximum contribution has increased to $20,500 for the year. You can also contribute up to $6,000 into an IRA or Roth IRA. If you are age 50 or older, catch-up contributions allow you to save an additional $6,500 to your 401(k) and an additional $1,000 to your IRA or Roth IRA.
The second tip is to set attainable goals. Bigelow says setting goals that are measurable and attainable is an important piece of any life change you want to make. There are three types of goals to help you with this.
Next tip is to build a team. Bigelow says having an accountability partner will help you stick to and achieve your financial wellness goals. Sharing your money-related goals with a friend, spouse or family member can help you stay the course. He says if you’re struggling to stay focused on your goals, a financial professional will be able to take a fresh look at your finances and create a tailored plan for your needs.
Here's some things that Bigelow says can disrupt our wellness journey.
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