Investment, like any important goal, requires real commitment and consistency. But more than that, Mike Bajorek of Priority Wealth Partners says, investing is most successful when a plan is exclusively customized for an individual to meet goals specific to them.
“You don’t need to get lucky to become financially free,” he adds. “You need a personalized plan that you can follow consistently, day after day. That plan will be fluid and will grow with you as your habits change and your vision becomes clearer.”
Whether you start early or feel behind in securing financial stability, starting at all is what matters most, especially in a fickle market with many uncontrollable variables. Mike, a financial advisor and wealth strategist, stresses “We trade time for money on a daily basis. It’s important to remember that time is your most valuable asset. Money can be replaced. Time cannot.”
By investing, more is poured into the things that are important to you. This also happens when you “pay yourself first,” which Mike says has become a lost practice in a society shift that favors instant gratification and indulgence.
“This is one of the primary reasons people are struggling later in life. Whatever your goals may be, paying yourself first needs to be top of mind,” he advises.
“If you have charitable tendencies and have a passion for helping others, [paying yourself first] will be of great benefit to become financially stable. When you are on stable ground, it allows you to consistently help more people than you would be able to if you are financially unstable.”
When most people think of investing, the usual securities come to mind: stocks, bonds, mutual funds, the S&P 500, or Dow Jones Industrial Average, Mike explains. The beauty of investment, though, is that plenty of other options exist to fit your specific goals and lifestyle. This “large category of alternative investments are independent of typical markets,” which he points out is particularly advantageous for those older and getting a late start on preparing for retirement or other goals.
Volatility in an unpredictable market, “When you are older, isn’t so easily accepted,” he adds. “If your investments experience even a moderate loss while you are retired, it may force you to go back to work in order to be able to afford your lifestyle.” An experienced financial advisor can help you avoid that and keep the asset most important to you, for you: your time.
“Positioning your investments in a way that reduces your risk without neutering your potential for growth is key to ride out the more volatile and uncertain years, especially if you are retired or nearing retirement,” Mike explains.
Regardless of age, he also notes that everyone should have both short and long-term goals established. “Short term needs to be more liquid, meaning you can access it quickly when necessary. Long term can be more strategic with certain funds being allocated for longer periods of time with the goal of enhancing returns.”
Mike and the Priority Wealth Partners team are equipped with the tools necessary to get your financial wealth and investment on track to where you can fully reap the rewards of your hard work.
“Your plan must be specific to you to be the most effective,” Mike says. “We will custom craft a financial plan and investment portfolio to meet your current and future needs.”
Disclaimer: The information provided in this article is for general educational purposes only and should not be considered financial advice. Readers are encouraged to contact Mike at Priority Wealth Partners directly for any additional questions. Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA (finra.org) and SIPC (sipc.org).