By Tom Kirk
We all know how to stay physically fit, right? Cardio-vascular exercises for a healthy heart and lungs. Resistance training for strong bones and muscles. But if you don’t take action and exert yourself, you won’t experience the many benefits that come along with being in good physical condition.
The same situation can occur with your fiscal fitness. Most of us know what we need to do to be fiscally fit: live within our means and avoid high interest rate debt; save and invest, early and often; and protect our assets and incomes with good insurance.
Like physical fitness, being aware of what needs to be done to be fiscally fit, but doing nothing has poor results. Unlike physical fitness there are many, many more options and alternatives screaming for the attention of your hard-earned money; from day-to-day decisions like eating out every night vs. cooking at home to far-reaching ones like saving for retirement vs. paying off debt.
Even if you have a WealthPlanTM that benchmarks your current financial condition, summarizes your tangible financial goals and identifies the strategies and actions you must take to bridge the gap from where you are now to what you will need, how do you decide what to tackle first?
I have devoted an entire chapter of my book, “Are You Worried About Your Money”, to this topic. You can download your free copy of my book HERE. The answer to the question above is to prioritize the actions you must take based on two criteria:
- Strategies and actions that are the easiest to take
- Strategies and actions that will have the greatest impact on your life
Be sure to rank each strategy twice, once on each list. The ones at or near the top of both lists are the ones you should implement first.
Implementing the low-effort, high-impact strategies first will help you see that good financial decision-making is not necessarily difficult. Taking the action steps to implement these strategies will give you the momentum you need to tackle the other strategies at your disposal. In my book, I give several examples of strategies and actions that meet this low-effort / high-impact criteria.
Being fiscally fit involves knowledge, discipline, and action. But not just any actions, the right actions based on the financial future you desire. What’s your WealthConfidence? Click HERE to find out. Feel welcome to take advantage of this and the many free resources available on our web site www.firstwavefinancial.com or call our wealth services firm in Satellite Beach, FL – Melbourne/Brevard area at (321) 773-7773 to schedule your complimentary consultation.
You should not assume that any discussion or information contained in this publication serves as the receipt of, or as a substitute for, personalized investment advice from FirstWave Financial. A copy of the FirstWave’s current written disclosure statement discussing our advisory services and fees is available upon request.