Just as we strive to be physically fit, we aim to be financially fit. Becoming financially fit requires a similar path to being physically fit. Much depends on our stage in life and our goals. As we enter each new phase, we are building on the foundational strength in earlier phases, even if we must play a bit of catch up at times.
Early Life Stage:
Physical Fitness Goals: Exercise regularly - Eat a balanced diet - Have regular medical exams - Foster healthy sleep habits
Financial Fitness Goals: Seek a career that suits you - Stick to a budget -
Save for big purchases like a home - Pay off debt - Invest wisely
Mid Life Stage:
Physical Fitness Goals: Vary exercise routines - Push through comfort zones -
Foster endurance and strength - Assess your wellness - Stretch, address any injury
Financial Fitness Goals: Take on more career responsibility - Maximize savings - Prepare for large expenses - Optimize asset allocation - Manage through setbacks
Late Life Stage:
Physical Fitness Goals: Adapt your workout routine - Shift to lower impact exercise - Explore clubs and group activities - Stay sharp with games and books - Enjoy travel and adventure
Financial Fitness Goals: Review your financial plan - Consider your risk allocation -
Discuss your plan with family - Keep up on tax rules and economy - Enjoy your retirement plans
Remember to reward yourself as you progress through your goals: a eucalyptus steam or massage after a tough workout, a travel getaway to a beach or a new city during vacation time, it will restore you!
Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.
Morgan Stanley Smith Barney LLC. Member SIPC.
CRC 4335375 03/25
Information contained in this article is not a solicitation to purchase or sell investments. Information presented is general in nature and not intended to provide individually tailored investment advice. Strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on individual circumstances and objectives.