Financial Wellness is important. 2020-21 has given me much needed time to increase my book reading, reconnect with loved ones, work on home improvements, adjust my physical fitness routine and begin the mental wellness journey. Now, it’s time to extend my focus to the financial planning process. My goal is to retire in 16 years, play without hesitation and be worry-free of debt. Getting there will take work, trust and calculated risks. Making the right decision and how much to invest keeps me up at night. So many investment options and people ready to spend your money. I’ll share this process with you as I go.
It’s intimidating. You know, knowing where all your money is or asking the right questions. I’m saving but not sure if I’m setting myself up for the future. January 2021, I sought out a financial planner – Allen Financial Group based in Louisville, KY. Over 20 years, I have contributed funds in 401K(s), moved money to an IRA when I left a job and deposited fluff money to various bank accounts. The practice of saving is happening, however I learned quickly that it is not enough – I need to be more aggressive.
Mr. Allen has been patient with me, and he is walking me through the process. Week 1: Jumped on a call with the team to talk about my understanding of financial planning. We discussed my short-term goals and how I saw my life during retirement. The meeting ended with homework – gather all my savings (Pension, 401K, College Fund & IRA), insurance policies, mortgage summary, credit analysis and retirement projection summary. While gathering that information and filling out the financial form, l started to learn more. Week 2: We reviewed the financial forms and I submitted other documents as requested. Week 3: This week was strategy driven and follow up questions. Week 4: We talked about my current saving routine, debt and spending habits. That’s when I learned that I need to step my game up or I’ll be working again at 65.
He ended the call with 3 questions: How much can I commit to? What funding opportunities will I invest in? What’s my start date?
