This is my last post of 2024, and my last post as Engage Advising. Retirement calls! My goal over the years on this journey was to share learnings and information through these posts. Turns out, I also learned a lot from all of you over the years.

Here we are at week 4. The final step to financial independence is to take the previous steps and rinse and repeat. Just keep going! The most common refrain I hear from investors is that they wish they had started earlier. Stay vigilant and monitor your success. In week one, you learned that you need to assess your financial situation, week two you learned to set goals and reduce expenses, and in week three the step was how to invest and build wealth. Each of these steps takes time, patience, vigilance and determination.

Want to know a secret? By knowing your financial position, setting a budget and living within your means, your wealth building has already started. Retiring debt, or slashing outgoing cash flow really increases your wealth. This week we’ll cover the tools needed to take your wealth building to the next level. To start investing, start with yourself. By now you’ve made the decision to know yourself financially (step one), and you are getting spending under control, rightsizing your life, and freeing up cash (step two). What to do with that extra cash?

It’s step two of our financial independence journey and this week’s step is lifestyle and goal setting.  Time to tackle rightsizing your life and living within your means and setting some financial goals. Living within your means does not equate to living like a pauper. It’s not about that. It’s about matching your monthly cash flow to your basic needs and to your goals. Think of it as taking a surgical scalpel to your spending rather than a sledgehammer.

This first step, to know yourself, may seem patronizing. After all, most of us know who we are. This step is to get to know yourself from a detailed financial perspective. It can also involve being honest about how much you know about personal finance and financial planning. It’s admitting that you need some help and committing to doing the work to get yourself into a financially healthy and stable position to create financial freedom.

For many, financial planning boils down to their investments and how they are allocated. Of even bigger concern seems to be their “number.”  That magic dollar figure that says to a person, yes, you are safe, you can retire. But in reality, it’s much more than that. And that number? It too could use a little attention.

It’s that time of year where Christmas ads permeate even though we are barely at Halloween. As we prepare for the upcoming holidays and look forward to travel, days off, and spending time with friends and family, there is still time to for a few end-of-year financial planning maneuvers. Let’s take a look at a few things that can be completed.

This month is a great time to take stock of the situation with your 401(k). These days, many new hires are automatically enrolled in their plan, but are unaware of how much they are contributing, and how that money is being invested. If you have not checked your 401(k) in a while, October is a good time to take stock of the situation. You still have a little bit of time left in the current year to make changes.

Many people who work in sales and marketing refer to the final quarter of the year as, OND – October, November, December. OND is a heady rush of holidays, finalizing projects, using up your department budget at work, and spending time with family and friends. I joke that it’s the start of one big holiday, HallowThanksMas; Halloween, Thanksgiving, and Christmas all jammed together. Better start that diet now before all of the dinners and parties. OND is upon us so what should you be doing for OND from a financial planning perspective? Let’s take a look at a brief overview of each month.

October is Breast Cancer Awareness Month. This time of year, many individuals and organizations wear pink to raise awareness about this critical health issue. For those affected by breast cancer, whether directly or indirectly, having a solid support system and practical financial strategies in place can make a significant difference during this challenging time.