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Developing Your Financial Fitness

You work hard to keep your body fit and healthy.  Regular exercise, dieting, perhaps even taking supplements are all a part of your physical fitness plan; but are you giving the same attention to your financial fitness?  For many people personal savings and retirement planning are not the priority that they maybe should be.  Here are some things to consider about your Financial Fitness.

Your Financial Adviser is your “Financial Personal Trainer”

Hiring a Financial Adviser is a lot like hiring a personal trainer.  Sure there are a few people who have the “do-it-yourself” mentality but those who really want to get proper direction, expert advice, and see results hire a personal trainer.  The same applies when it comes to your savings. It is important to hire a licensed and registered Financial Adviser.  This is someone who has the proper education and can take an objective look at your goals and expectations to develop a plan to help you meet those goals and manage those expectations.  

An Efficient, Repeatable Process

When you’re at the gym you don’t just wander around aimlessly staring at different machines and pick one that happens to strike you at the moment.  No, you have a schedule: an organized, repeatable process that has been proven to get you into shape.  So why wouldn’t your financial fitness be the same?  Your money should be organized, and invested in a way that lines up with a proven and repeatable philosophy.  You should not be wandering around aimlessly in the market staring at different mutual funds just to pick whichever one strikes you at the moment.

The Scary Statistics

Most of us are familiar with the statistics surrounding physical activity. A study done by the Presidents Counsel on Fitness, Sports and Nutrition says that “80% of adults and adolescents do not get enough physical activity”1, and that “28% of Americans aged six and older are physically inactive”2.  What is even more frightening to this Financial Adviser are the statistics surrounding personal savings.  In a survey done by USA Today “35% of retirees have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions; 53% have less than $25,000”3.  Another article on Forbes.com found that ”68% of working-age people (25-64) did not participate in an employer-sponsored plan”4.

You work hard on your physical fitness to ensure you will have a longer and better quality life, shouldn’t you pay the same respect to your financial fitness?

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Financial Strategies Group, Inc employees providing such comments, and should not be regarded as a description of advisory services provided by Financial Strategies Group, Inc or performance returns of any Financial Strategies Group, Inc Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Strategies Group, Inc manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

This article is written by Kyle Cooper.

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