[First International Bank & Trust]
Story by Charles Cooper
Photography provided by First International Bank & Trust
What are your long term financial goals? Maybe you’re dreaming of a second home on the lake, thinking about investing more, or hoping for a comfortable, early retirement. When it’s time to turn those thoughts into action, First International Bank & Trust is ready to be your guide. This month, Private Banking Manager, Charles Cooper showed us a simple four-step process to help determine your personal financial goals and how to finally reach them.
1. Make a list.
Just start writing. Forget about what’s realistic or unrealistic, what order the list should be in, etc. This is your opportunity to brainstorm and get all your financial goals and priorities down in writing.
2. Set your priorities.
Now it’s time for reflection. Reordering your list with your top priorities first. If you struggle, ask yourself a few simple questions, such as: “If I de-prioritize this, what are the consequences?” and “Can this be accomplished without having to aggressively save for it?” For example, saving for retirement may take precedent over saving for a child’s college education. Loans can be taken out to pay for tuition, but not for living in retirement.
3. Take action.
Your top three priorities are your primary focus; the rest can simmer on the back burner. Start placing your monthly savings into these top three priorities – and potentially only the top one or two. Track your progress toward these goals every single month. How you measure will depend on the target. Two additional metrics you should track each month are your savings rate and your investable net worth.
4. Revisit your plan regularly.
Your finances evolve, as must your prioritization and wealth-building strategies. For instance, when you pay off your home, that goal disappears and you can raise another priority. You may be able to move up target dates for reaching goals if you receive a promotion and pay raise. Even in the absence of major change, you should still scrutinize your goals and update your priorities annually.
Your financial life may involve a lot of moving parts, and staying on top of it all can be overwhelming. A professional can help you set attainable goals, hold you accountable to your goals, and offer perspective in times of market volatility. An advisor may also put more money in your pocket by, for example, helping you take advantage of tax savings, alerting you that it’s an excellent time to convert a traditional IRA to a Roth, or make a simple switch to a higher-yielding savings account.
Personalized Wealth Management
Private Wealth Management at First International Bank & Trust offers a personalized and holistic approach to your wealth management plan. We take the time to understand, capture, and clarify your most important goals and wealth management issues. Once we know your goals, we work with you to create a personal financial statement. We discuss your investment and risk perspectives and your estate and legacy plans while consistently evaluating progress toward your goals. Get started creating your best financial blueprint today, with Private Wealth Management at First International Bank & Trust.
(Not FDIC or any federal agency insured | No bank guarantee | May lose value)
For more information, contact:
First International Bank & Trust
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