Our New Year’s Resolutions around finances typically extend from a desire to do things differently. You might want to tighten up your budget or spend less money in a particular area of your life. But when was the last time you upheld a resolution for the entire year?
James Lenhoff, president of Wealthquest, explains that every couple is comprised of a ‘go’ and a ‘woe.’ The ‘go’ has the perception that everything is fine, that the money is there to spend. Whereas the ‘woe’ may be hesitant, nervous, or even anxious to spend money.
But the first step is to understand what your life costs before you start changing your plans. Formulating a clear financial plan that will guide you to a successful future will be challenging if you don’t know where you’re starting. So, before you begin making New Year’s resolutions, first define your current reality. Then, go from there.
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