For many, the start of a new year calls for reflection on how to improve different areas of life. From eating better and moving more to decluttering and organizing, we set goals with the hope of creating a healthier, happier life.
One area that significantly affects success in achieving these goals is financial health. Mike Bajorek is a Certified Plan Fiduciary Advisor and Wealth Strategist with Priority Wealth Partners and has witnessed firsthand the negative consequences of financial stress.
“There have been studies that show financial struggles are a major contributor to increased divorce rates, sleep problems, anger issues, and alcohol and drug dependency,” Mike explained. “It has a dramatic impact on overall health. When financial issues increase, so do stress levels.”
The domino effect only exacerbates the very health issues and lifestyle habits people are trying to reverse. As Mike noted, most individuals who understand the importance of better financial health aren’t lacking motivation, they’re lacking access to the resources that make change possible.
“They want success but don’t know the steps to take to get there,” he added. “They may have spent time searching the internet or taking advice from friends or relatives that likely didn’t work out for them.”
Fortunately, these resources do exist and one of the most impactful is the guidance of a financial wealth manager, who is “not only experienced advisors but also have the ability to subjectively assess the clients’ needs to create a plan customized to their current lives.” This involves a “great wealth manager” identifying habits and studying the financial details, Mike said.
In theory, a good plan to take control of your finances and secure financial health is a solid starting point, but is not enough. “A properly crafted plan encompasses both the physical and emotional parts of the financial goals,” he stressed. “When a plan is too comprehensive too soon, it might be seen as too difficult to follow.”
If a plan is neglected simply because it feels too challenging, the chances of success are slim. “The best plan in the world is useless if not acted upon. It has to be fluid and scalable as clients’ lives progress.” A wealth manager has the necessary skill set and experience to be flexible and work with, not against, a client’s shifting needs and life changes to combat this.
Overspending, common in a modern society preoccupied with material possessions, is influenced by the emotional desire to shower loved ones with things and keep up with everyone else.
“When you struggle with this, it’s important to align yourself with a good wealth manager. Someone,” Mike said, “who can be your accountability partner.”
Mike approaches his work with a personal touch, inviting even prospective clients to sit down with him, whether in person or via video. “It’s an important step in the process [of choosing the right wealth manager], as this may be someone you work with for the rest of your life.”
Customized plans are crafted for every client in a collaborative effort. “There is so much more to people than just the numbers,” he said. His process involves investments and strategies that “need to be in alignment with other life components for them to be in sync moving forward.”
In simple terms, wealth managers do everything they can to help put your money to work for you as much as you work for it. Once you arrive at this point, “life gets easier. [People] can shift their focus towards other activities and goals instead of feeling drained by constant financial pressure.”
“This,” Mike said, “is when life becomes more fun."
Disclaimer: The information provided in this article is for general educational purposes only and should not be considered financial advice. Readers are encouraged to consult a qualified financial professional before making any financial decisions.