South Florida Hospital News
Tuesday September 25, 2018
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July 2018 - Volume 15 - Issue 1

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Financial Wellness: Focus on Long-term Goals With Comprehensive Financial Advice

Issues such as career decisions, cash flow management, trade offs between short and long term decisions and behavior characteristics can impact your financial goals. Assessing risk tolerance, portfolio decisions, income tax trade offs, effective insurance design and implementation can impact your quality of life and peace of mind.

Financial leakage is one of the most costly errors that a family can have. Financial leakage is defined as extra or unnecessary dollars spent to solve a particular problem.
 
The initial cost may be small but small errors over a long period of time can become very expensive. How do you identify and quantify costly errors? The answer lies inside your mindset and behaviors.
 
What if you had an emotional brain and a rational brain?
               Which one would make financial decisions?
What does money mean to you?
               Is it something you spend, save or invest?
What fears do you have around money?
               Do you fear losing it or not making enough money on it?
Is your inclination to spend, save or invest your money?
               Are you in or out of balance?
When you invest is the goal to avoid risk or maximize gain?
               You are most likely one or the other.
Do you think about winning or losing or surviving or thriving?
               It can control your behavior, thinking and actions.
 
These issues can show up as,
“What if … I should have … I don’t want to … I tried that before … I don’t trust the …
 
They can also show up as wishful thinking, that things will work out on their own. Sometimes you have to be unreasonable and let go of any habits or patterns that get in the way of your long-term planning.
 
A financial plan is a logical numerical process to start with that gives you snapshots of where you are today financially and where you want to go. It is filled with many assumptions, but it starts the process moving forward.
 
Financial Wellness is an outcome that requires your input. Take action now.

For more information, please contact Howard Wolkowitz at HWolkowitz@mycoastalwealth.com or (954) 558-3673.

 
The opinions above belong to Howard Wolkowitz and the information contained herein does not necessarily represent the opinions of MassMutual or its affiliated broker-dealer MML Investors Services, LLC.
 
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. Securities, investment advisory, and financial planning services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. OSJ: 1200 S Pine Island Rd., Suite 350, Plantation, FL 33324. CRN202004-227476
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