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Achieve Financial Fitness Before Retirement

Just like achieving a state of physical fitness requires time, dedication and consistency, the same can be said for ‘financial fitness’. And just like with physical fitness, building positive money habits early on increases the likelihood that you’ll thrive later in life from a financial standpoint. Today, we’re breaking down some simple ways women can achieve financial independence before they retire.

Walk before you run

Just like when you start a new workout regimen, it’s important to take small steps in order to reach your ultimate goal. If you were to join a gym with the goal of building strength, you probably wouldn’t immediately walk up to the weight rack and load on the heaviest weights you could find. More likely, you’d reach for smaller weights to begin with. Perhaps each day or each week, you’d increase the weight you were lifting, and after some time, maybe the heaviest weights in the gym would indeed be what you were reaching for. However, building strong financial habits, like building muscle, doesn’t happen overnight.

Start small. Assess your finances. Create a budget. Work to gain a solid understanding of where your money is coming from and how you are spending it. Slow and steady wins the race.

Talk about financial matters

At The Humphreys Group, we maintain our belief that self‐reflection begets self‐knowledge, which in turn boosts self‐confidence. That’s why we both encourage open and authentic conversations about money, and host Conversation Circles [1] that provide an opportunity for women to have honest and judgement-free discussions about all things finance-related. Such conversations lead women to engage more confidently with their financial lives, improve their relationships and feel good about money once and for all.

Take care of your own needs first

You know how airplane safety videos always remind you to put on your own oxygen mask in case of emergency before assisting those around you? That’s because it’s a lot easier to help others when you yourself are clear-headed and have a steady flow of oxygen.

This analogy can be used in any area of life. For example, from a financial standpoint, if you’re putting aside money for your child’s college tuition but you don’t have a retirement account, the stress of the situation will likely trickle out into other areas of your life, causing anxiety and clouding your ability to be the best version of yourself. On the other hand, if you prioritize your retirement account, you’ll likely feel more secure in your finances, which will in turn make it easier for you to think clearly, brainstorm ways to help your child save, and possibly even contribute additional funds yourself.

Bottom line, if you’re not taking care of yourself, it’s a lot more difficult – if not impossible – to successfully take care of those around you.

Work with a financial advisor

From your professional life to your volunteer work, taking care of children or grandchildren, being an active member of your community…we understand that women lead busy lives. And while you may sometimes feel like you’re expected to be Wonder Woman, you’re not. You’re allowed to ask for help. Continue the conversation about achieving financial fitness and ensuring that you’re prepared for retirement by getting in touch with our team. [2]