Navigating the Path to Financial Wellness

Your Guide to a Plan Your Future

At GPS Wealth Management, we understand that your financial well-being is intimately connected to your overall quality of life. Just as you invest time and energy into maintaining physical health, it’s equally crucial to nurture your financial wellness.

The Financial Landscape: Challenges and Opportunities

Recent statistics paint a mixed picture of financial health in the U.S. While the median household income stands at $67,521, the average household also carries $145,000 in debt. Retirement savings vary widely, with the average 401(k) balance at $106,478 and 35.3% of households owning an IRA.

As life expectancies continue to rise, the costs of retirement and health care are growing concerns. Experts recommend having 70-80% of your pre-retirement income available annually to maintain your lifestyle. For a healthy 65-year-old couple, out-of-pocket health care expenses could total $208,000 over the course of retirement.

Your Roadmap to Financial Wellness

Navigating these challenges may seem daunting, but at GPS Wealth Management, we believe that with knowledge, planning, and guidance, you could achieve the financial future you envision.

Empower Yourself Through Education
Knowledge is power, and that’s especially true when it comes to personal finance. Seek out reliable resources to boost your financial literacy. If your employer offers financial wellness programs, take advantage of these valuable learning opportunities. Remember, we are always here to provide personalized guidance and answer your questions.
Create a Budget: Your Financial Foundation
Think of a budget as a roadmap for your money. By tracking your income and expenses, you’ll gain a clear understanding of your spending patterns and identify areas for improvement. Start by calculating your net income, then categorize your fixed and variable expenses. Look for opportunities to reduce non-essential spending and redirect those funds towards your financial goals. Remember to review your budget regularly and adjust as needed.
Set SMART Goals to Guide Your Journey
Without clear goals, it’s easy to lose sight of what you’re working towards. Take time to envision your ideal financial future, then break it down into specific, measurable goals. Prioritize building an emergency fund to cover 3-6 months of expenses and contributing to your retirement accounts. If you have high-interest debt, plan to pay it off as quickly as possible. Remember to celebrate your progress along the way!
Harness the Power of Consistent Saving
Saving may not always be glamorous, but it’s one of the most powerful tools for building long-term wealth. Aim to save at least 15% of your gross income for retirement, and take full advantage of any employer-sponsored plans like 401(k)s. By automating your savings, you’ll make steady progress without having to think about it.
Gain Confidence Through Professional Guidance
At GPS Wealth Management, we understand that navigating your financial journey can be overwhelming at times. That’s why we are dedicated to simplifying the complex and providing the personalized guidance you need to help achieve your goals. Whether you’re just starting to budget or are nearing retirement, we’ll work closely with you to develop a customized plan that aligns with your unique needs and aspirations.

Investing in Your Financial Well-being

Taking control of your financial future is an investment in yourself and your loved ones. By gaining knowledge, creating a budget, setting clear goals, saving consistently, and working with a valued advisor, you’ll be well on your way to achieving the financial wellness you deserve.