Are You A HENRY?

You’re Headed in the Right Direction!

Confucius said, “A journey of a thousand miles begins with a single step.” You’ve taken that first step by thinking more critically about your financial situation and goals. Now it’s time to build a more solid financial foundation to take it to the next level.

Partnering with a financial planner can help you optimize your cash flow, investment portfolio, tax strategy, risk management, and much more. Get started with the checklist below.

First things first
What is a Financial Plan, and Why Should You Build One?

Get Organized

  • Use programs such as Mint, Quicken, or an Excel file to organize your financial life and track your spending.
  • Find out where your money’s going. For example, are you spending too much on dining out when you would actually prefer to be spending more on travel or other hobbies?
  • Adjust your spending if necessary to better support your priorities. 

Maximize Your Budget

Build an Emergency Fund 

  • Save between three to six months of living expenses in an account that earns interest and is easily accessible.
  • Adjust your emergency fund based on your risk tolerance, your type of employment, if you have a spouse who’s working, if you have children who are dependent on you, etc.

Start Saving for Retirement 

  • Consider starting your own IRA or Roth IRA if you’re not yet contributing to an employer-sponsored retirement account.
  • Set up automatic transfers that take the hassle out of saving.