How To Fulfill Your 2013 Resolutions

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From the Charleston Mercury, January 10, 2013

Happy New Year, readers! I hope you had a great Holiday. How are you doing with your New Year’s resolutions?

Historically, getting physically fit is at the top of most lists. Exercising and eating right keeps you healthy and makes you look and feel better.

It’s no surprise that health clubs are packed in January and early February. By Valentine’s Day, it’s typically back to normal. Many people hate exercising and need outside help. Some hire a personal trainer, or coach, to provide services they can’t do or won’t do themselves. This helps them fulfill their resolution.

The coach, with expertise and commitment to your physical well-being, helps you:

  • Honestly and realistically assess your current condition
  • Identify attainable short and long-term goals
  • Establish a routine
  • Provide discipline, follow-up and encouragement through regular meetings
  • Monitor progress and modify the plan and the routine as conditions change.

Is it any wonder that people using coaches have a better success rate in fulfilling their resolution for improved physical well-being?

Another top New Year’s resolution is to get one’s financial future in order. However, most of these promises are never kept. Many people who can’t or won’t do it themselves are reluctant to use a financial coach, or financial planner. And, by Valentine’s Day or sooner, this resolution is broken as well.

Financial fitness is a lot more than simply investing your money. It’s a process. Good financial planners are like a good coach, helping you get your finances in order, in a holistic way. They will help you:

  • Realistically assess your assets and liabilities
  • Review your tax situation, retirement and college plans, estate planning and insurance needs
  • Put together a plan for the future 
  • Monitor progress, provide encouragement and follow-up through regular meetings
  •  And, as your situation and the world changes, help you modify your plan so that it continues to have a very good chance of success (aka not running out of money).

Financial planning can help eliminate fears and provide financial well-being and peace of mind. The world economy is still fragile. There are lots of uncertainties both home and abroad. A good financial coach can help you regularly assess your situation and let you know, using their expertise, that you are on the right track, and if not, how to get there. Your financial coach may even reduce some guilt by “giving you permission” to spend some more, if everything else in your plan is in order.

 If you’re serious about keeping that New Year’s resolution to get your financial future in order in 2013, consider hiring a financial coach.

Les Detterbeck is one of a small number of investment professionals in the country who has attained CPA, CFP®, and CFA designations. His firm, DWM Financial Group, Inc., a fee-only Registered Investment Adviser, has offices in Charleston/Mt.Pleasant and Chicago. Les may be contacted at (843)-577-2463 or les@dwmgmt.com.