{"id":1397,"date":"2019-11-30T22:16:47","date_gmt":"2019-11-30T22:16:47","guid":{"rendered":"http:\/\/gpswp.com\/retirementincome2019\/?p=1397"},"modified":"2019-12-30T22:45:02","modified_gmt":"2019-12-30T22:45:02","slug":"financial-well-being-the-importance-of-feeling-secure","status":"publish","type":"post","link":"https:\/\/gpswp.com\/cswans\/2019\/11\/30\/financial-well-being-the-importance-of-feeling-secure\/","title":{"rendered":"Financial Well-being & the Importance of Feeling Secure"},"content":{"rendered":"\n

When it comes to discussing your finances, it can\nsometimes feel like a complex math problem. There\u2019s a bottom line that you\u2019re\ntrying to make add up, and the way to get there is by exploring facts and\nfigures.<\/p>\n\n\n\n

And, there\u2019s no way around it, the numbers are important.\nWhen we meet with our clients, we discuss retirement vehicles, market\nperformance, and safe money versus at-risk money, to name a few. But there\u2019s\nsomething else that\u2019s important to discuss: feelings about finances. One term\nwe like to use to approach this topic is financial\nwell-being<\/em>.<\/p>\n\n\n\n

Often, people can confuse having wealth with having\nfinancial well-being, but let us explain how they are different. You could\nmeasure the wealth of your co-workers, friends and family by reviewing the\naccumulation of money or positions that they have and comparing it with your\nown. But financial well-being is different. It\u2019s a sense of financial security\nthat comes from being confident that you have enough resources to cover your\nfinancial needs \u2014 and it is unique to everyone.<\/p>\n\n\n\n

Let\u2019s take a moment to break that down a bit further and\nexamine characteristics of someone who exhibits financial well-being. Here are\na few signs that we believe show this.<\/p>\n\n\n\n

For one, they have control over their daily, monthly and\neven annual expenses. They typically have a budget that they refer to\nfrequently. They dedicate time to plan out their financial life and allocate\nmoney to different expenses, even before the expense might arise. They are also\nable to meet and overcome a financial shock that may land in their lap.<\/p>\n\n\n\n

Another characteristic is that they are typically on\ntrack to meet their financial goals. Maybe they are saving for a down payment\non a house, or simply squirreling away for retirement, but they have planned\ntheir work and are now working their plan.<\/p>\n\n\n\n

Finally, those with financial well-being often possess a\ncertain amount of financial freedom that allows them to make decisions to help\nthem enjoy their desired quality of life. Whether that is taking a family\nvacation or splurging on a new boat, people with financial well-being have\ncontrol over their finances. <\/p>\n\n\n\n

They can make choices to spend their money how they want<\/em> to, not always how they have<\/em> to.<\/p>\n\n\n\n

Even though there are some common characteristics, we realize\nthis isn\u2019t a one-size-fits-all model. In order to get to a place of financial\nwell-being, you may have to think about what you envision for your life, how\nyou want to live and the choices that you need to make now in order to land\nthere in the future.<\/p>\n\n\n\n

For some people, it is natural to measure their financial\nwell-being, but if you don\u2019t fall into that category, it might be useful to get\ninto the habit of what we will call \u201ctaking your financial emotional\ntemperature\u201d.<\/p>\n\n\n\n

Maybe you need to be reminded to do it at an annual visit\nwith your financial services professional, or maybe it is during tax season\nwhen you are meeting with your accountant \u2014either way, it can be helpful to\nfind a time to stop and reflect once every year or so and analyze how you feel\nabout your financial situation.<\/p>\n\n\n\n

We make sure to remind all our clients to take the time\nto take their financial emotional temperature each year, because we know how\nvaluable it is. Not only can it help you understand what financial well-being\nis, but you\u2019ll be able to evaluate if you are on a path to get to your own\nfinancial well-being.<\/p>\n\n\n\n

At the end of the day, that\u2019s where we all want to be.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to discussing your finances, it can sometimes feel like a complex math problem. There\u2019s a bottom line that you\u2019re trying to make add up, and the way to get there is by exploring facts and figures. And, there\u2019s no way around it, the numbers are important. When we meet with our clients, […]<\/p>\n","protected":false},"author":1,"featured_media":1398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[13,12,11,14],"acf":[],"yoast_head":"\nFinancial Well-being & the Importance of Feeling Secure - Cratty & Swansons Advisors LLC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Well-being & the Importance of Feeling Secure - Cratty & Swansons Advisors LLC\" \/>\n<meta property=\"og:description\" content=\"When it comes to discussing your finances, it can sometimes feel like a complex math problem. There\u2019s a bottom line that you\u2019re trying to make add up, and the way to get there is by exploring facts and figures. And, there\u2019s no way around it, the numbers are important. 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