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October 9, 2018

Wealth Health: 5 Habits of the Financially Fit

By Dee Jernigan

Like physical fitness, financial fitness takes discipline and a healthy dose
of hard work. No matter your current financial state, it’s never too late to
start on the path to financial health. Consider these habits championed
by financial experts and start taking control of your finances.

MANAGE—AND EVENTUALLY MASTER—YOUR DEBT

Budgeting may be where it all begins, but it all ends with debt
management. Although there is such a thing as “good debt” that
generates more value than the initial cost, much of the debt people
accrue does not contribute value to their long-term plans. The best
way to stanch the flow of future debt is to pay down your debts with
the highest interest rates first, such as credit card debt, and strategically
work your way to paying off your good debts, such as your mortgage.

DETERMINE YOUR NET WORTH

Financial experts know the value of knowing your value — how
much you are worth from a financial standpoint. Much as with
fitness goals, you can’t make progress until you assess where you
currently are. Take stock of your assets at least once a month. This
will help you keep track of where your money currently is and where
it is going, to help you make better financial decisions in the future.

FOCUS ON THE ENDGAME

Reaching your goals in the future starts with creating an investment plan
now — and sticking with it no matter what happens in the marketplace.
Historically, you’ll often see better ROI when you not only diversify
your portfolio but also stay committed to your investments long term.
Find a financial advisor that will take the time to understand your goals
and formulate an investment plan to help you reach them.

FINALIZE YOUR FUTURE

Part of strengthening your financial fitness is ensuring that you
have an estate plan in place. Secure your legacy through estate and
emergency planning for your family. By meeting with a financial
expert that specializes in trusts and asset management, you can create
a concrete plan for the future of your finances.

GAIN FINANCIAL CONFIDENCE

Many areas of finance can be complex, but that shouldn’t stop you from
being able to make sound financial decisions with confidence. Learn as
much as you can about the principles of investing and personal finance
and then apply them. If you’re still feeling unsure, talk to a trusted
financial advisor who will help get you on the path to financial fitness.

D. Edwin Jernigan

 

Dee Jernigan serves as the Executive Vice President of Franklin Synergy Wealth
Management and Financial Executive with Raymond James Financial
Services. 722 Columbia Ave, Franklin, TN 37064 | 615.236.8310

Wealth management and trust accounts are:
Not FDIC Insured; Not Deposits of the Bank; and May Lose Value

 

 

Any opinions are those of author and not necessarily those of RJFS or Raymond James. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Franklin Synergy Bank and Franklin Synergy Wealth Management are not a registered broker/dealers and are independent of Raymond James Financial Services

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