You’re a Total HENRY!
So you’ve got the foundation in place and have taken the DIY approach thus far, and you seem to be doing well. However, you may be able to do some fine-tuning to your financial engine. Review our checklist below to help you along the road. Ready to pick up some speed?
Reach out to our advisors, who specialize in working with HENRYs (high earners, not rich yet). There is no better feeling than working with someone whose entire job is to help you optimize your finances.
Maximize Your Retirement Contributions
- Consider making the maximum annual contribution to your retirement account.
- Find ways to increase what you save in the future, such as when you get a bump in salary or by leveraging a healthcare savings account.
- Ensure you’re taking advantage of any matching your employer provides, which is free money you could be leaving on the table.
Nail Down Your Goals and Spending Plan
- Identify the significant objectives you want to achieve, such as buying your first home or saving for a child’s college education, and how much money and budgeting shifts you require.
- Consider creating a vision board so your goals stay top of mind and remind you to take even small steps toward achieving them.
- Merging finances with a partner or spouse? Learn how to develop shared goals and avoid these common mistakes: Five Money Mistakes Couples Make and How to Overcome Them.
- Determine which type of financial advisor is right for you:
Put Your Excess Cash Flow to Work for You
- Should You Invest or Pay Down Debt? When you have excess cash flow, determine, possibly with an advisor, if you should pay down existing debt first, save in a tax-efficient investment account, or continue growing your emergency fund.