Everyone has goals that they’d like to reach. Maybe it’s running a marathon, writing a novel, retiring early, or taking control of your finances. Whatever your personal goals are, reaching them takes commitment and forward progress. One of the benefits of working with a professional on your financial goals is that we can help you define your goals and act as your mentor and accountability partner in achieving them.
We recommend the following basic process for setting and achieving goals:
Identify Your Goal and Set a Due Date
What would you like to accomplish? For most people, action toward a goal doesn’t start until they’ve identified the goal and committed to an actual date. Rather than say, “I’d like to retire some day,” say something like, “I’d like to retire at age 63 with $300,000 more in my retirement savings.”
Create a Roadmap and Check In Regularly
Every goal requires intermediate steps and regular actions to achieve success. We help our clients break down their goals into annual (and often monthly) steps. Using the example above, we might add the intermediate steps of “contribute 15% of annual salary to 401(k)” and “put an extra $1,000 into short-term savings each month.” We check in with our clients as often as they need to stay accountable to their goals.
Prepare for Detours
Reaching your financial goals takes a lot of willpower and commitment, and deviations from your goals are normal. If you have a tough time sticking to your action plans, you’re not alone. Research into behavioral economics shows that many people struggle with forgoing short-term benefits (such as shopping and eating out) for long-term goals (like saving for retirement or a big family vacation).[1]The trick is to get back on track quickly and not let a small bump derail the whole process.
We’ll leave you with some tips on changing spending behavior to help you reach your financial goals faster:
- Curb impulse buys by unsubscribing from marketing lists, staying away from your favorite stores, and instituting a 24-hour cool-down period for any purchase over a set amount.
- Reward yourself for completing financial tasks or reaching intermediate goals.
- Involve your family members in discussions about which financial choices will benefit you the most in the long run. Will eating out daily give you the most pleasure, or would you rather put that money toward a long-term goal like a family vacation?
If you’d like more advice on setting achievable goals and creating an action plan for the future, contact our office at [NUMBER].
“Your time is limited, so don’t waste it living someone else’s life.”
-Steve Jobs
Plum Upside Down Cake
Enjoy a seasonal treat with this simple cake!
Ingredients:
Serves 8
1/2 cup (1 stick) plus 1 tablespoon unsalted butter. (Save the wrapper to butter the pan.)
4 firm, ripe plums, each cut into 8 wedges (no plums? Try peaches or nectarines.)
1/4 cup plus 2/3 cup white sugar
1 cup all-purpose flour
3/4 teaspoon baking powder
1/4 teaspoon baking soda
1/4 teaspoon kosher salt
1 large egg, room temperature
2/3 cup sour cream or whole milk yogurt
1 teaspoon high-quality vanilla extract
Directions:
- Pre-heat your oven to 350°F. Grease an 8-inch cake pan with the butter wrapper and line it with parchment paper.
- In a heavy-bottomed skillet, melt 1 tablespoon of the butter over medium heat and add the sliced plums and 1/4 cup sugar. Toss the fruit and cook 3 to 4 minutes until the plums soften and the juices become syrupy.
- Pour the fruit into the pan. Using a spoon or spatula, arrange the plums in an overlapping concentric circle on the bottom. Pour any remaining pan juice over the top.
- Whisk together the flour, baking powder, baking soda, and salt in a small bowl.
- Using a mixer, beat the remaining butter and sugar until whipped. Mix in the sour cream, egg, and vanilla until fully combined. Gradually add in the dry ingredients, beating the batter only until just incorporated.
- Pour the cake batter over the plums without disturbing the bottom layer of fruit.
- Bake the cake about 50 to 55 minutes until the center is done and a toothpick comes out clean (or with only a few crumbs).
- Allow the cake to cool in the pan for one hour before carefully inverting onto a large plate. Peel the parchment paper off carefully.
- Serve warm or at room temperature with vanilla ice cream or simple whipped cream.
Recipe adapted fromSara Quessenberry| RealSimple.com[2]
Summer Wedding? Remember These Tax Tips
If you or someone you love is getting married this summer, keep these important tax issues in mind. Taking care of them now can help reduce your stress at tax time.
Change names: IRS rules require that the names and Social Security numbers on your tax return match your Social Security Administration records. To formally change your name, file Form SS-5, Application for a Social Security Card, with the Social Security Administration.
Change tax withholding:A marital status change means you must give your employer a new Form W-4, Employee's Withholding Allowance Certificate. You should also meet with a tax professional to determine how your combined income affects your tax liabilities.
Change filing status: If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes. You and your spouse can choose to file your federal income tax return either jointly or separately each year. You may want to ask a tax professional to run the numbers to see which status results in the lowest tax liability.
For more information about filing taxes as a newlywed, consult a tax professional in your area.
Tip courtesy of IRS.gov[3]
Don’t Slouch!
Many golfers overlook the importance of great posture and get too comfortable over the ball. Slouching and arching the back makes it very hard to make consistent shots because you’re not able to move athletically through the stroke. Ask a partner to watch your setup and make sure that you’re keeping your back straight (but not rigidly straight), and flexing your knees slightly.
Tip courtesy of Doug Hammer, PGA| Golf Tips Mag[4]
Keep Your Mind Sharp With Puzzles & Games
Staying mentally sharp is critical for your mental, emotional, and physical health. A great way to make sure your problem-solving skills don’t atrophy over time is to play mental games and challenge your mind’s ability to absorb information. Try adding these games to your routine:
-Memorize the names of the people you meet every day along with an important feature.
-Consciously remember the names of characters in books you read. Before returning to a book, run through your mental cast of characters.
-Play Sudoku or crossword puzzles.
-Play bridge or another challenging social card game.
Tip courtesy of U.S.News[5]
Bring Your Own Bottle
Buying a daily bottle of water may quench your thirst, but it parches the planet. Each one-liter plastic bottle takes seven liters of water to produce. Refilling your own bottle directs the water where it’s needed―into your body.
Your one-year effect:577 gallons of water saved.
The effect if everyone in the U.S. did it for one year:Equal to the amount of water that would cover Washington, D.C., by 52 feet. Tip courtesy of Real Simple[6]
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