Your money gets a workout every day. Make sure your finances are in the shape they need to be by keeping these 7 easy steps in mind.

Make sure your financial goals are measurable and achievable. Determining those goals might entail thinking about how and when you’d like to retire, what dreams you have for your children’s education or where you’d like to travel.

When you pay your bills, don’t forget about the most important – the one to your financial future. Set money aside for your retirement savings, either in an IRA, a Roth IRA, Simple IRA or a SEP/Keogh. Put money aside, too, for the shorter term – a down payment on a new home or a dream vacation. Regardless of what you’re saving for, paying yourself first can keep your budget from getting “out of shape”.

Life’s a marathon, not a sprint. Through the power of compounding, money invested today may potentially yield impressive results in your financial future. However be mindful of how taxes and inflation can eat away at investment returns. Consider tax-deferred investments such as 401(k) plans, IRAs and annuities.

By spreading the risk, your portfolio – which is simply a collection of your assets – gains more potential for higher returns than a portfolio containing only conservative or high-risk investments. A well-diversified portfolio simply brings you peace of mind.

For your financial safety, you must protect yourself from the risk of lost income, diminished quality of life and untimely death. Life insurance, disability income, long-term care coverage and other types of insurance help prepare you for unforeseen personal and financial crises.

Questions like, “When do you plan to retire,” or “How much money will you need,” require your serious consideration to ensure a healthy retirement. Keep in mind that just as you lose strength over time, your money loses its purchasing power, due to inflation.

You wouldn't try to administer complicated medical care without a healthcare professional. Why manage your financial future without the expertise of a professional? A financial advisor can help you determine your goals, identify strategies and help you put your plan in action. And, an advisor will monitor your progress with frequent financial check-ups.


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