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***TLDR:***
- Setting measurable financial goals is important in order to give direction to your financial journey
- Creating a robust advisory team can help ensure that you receive expert advice and support in meeting your financial goals
In a recent article published in the Press Enterprise, Patti Cotton offers four key tips for maintaining and improving financial health in 2024.
The first tip is to set measurable financial goals. By setting specific, measurable, achievable, relevant, and time-bound (SMART) goals, individuals can give direction to their financial journey. This may involve saving a certain amount of money by the end of the year, investing in particular assets, or reducing debts. Regularly reviewing and adjusting these goals as necessary is also important to ensure continued progress.
The second tip is to cultivate a robust advisory team comprised of professionals such as wealth advisors, estate planning attorneys, and certified professional accountants. This team of experts can provide valuable guidance and support, allowing individuals to focus on their own areas of expertise without neglecting their financial well-being. Cotton emphasizes the importance of learning from past mistakes, using the example of a business owner who failed to seek professional advice and ended up having to sell their business due to tax-related issues.
The third tip is to continue learning about finance and stay informed about trends and developments. A commitment to ongoing education can help individuals make informed decisions and stay relevant in a rapidly changing landscape. Cotton suggests dedicating regular time each week to learning about the world of finance and its potential impact on personal and professional goals.
The final tip is to enhance communication skills. Effective communication is crucial for navigating negotiations, contracts, and financial decisions. Individuals who struggle with communication may benefit from investing in workshops or coaching to improve their skills. Cotton recommends practicing active listening, assertiveness, and clarity in daily interactions and preparing thoroughly for negotiations to ensure clear expectations and mutually beneficial outcomes.
Overall, the article highlights the importance of strategic financial planning and offers practical advice for achieving financial health in 2024. By setting measurable goals, building a trusted advisory team, continuously learning, and enhancing communication skills, individuals can work towards their financial goals with confidence and success.
