Setting and Sticking to Your Financial Resolutions in 2022
In SummaryIt's 2022 and you may have set financial resolutions to improve your wealth. Here's where you can start and how you can stick to it.
While you may be trying to get skinner, you may also want to make your wallet fatter.
Cassandra Cyrius, a market director of wealth at J.P. Morgan Wealth Management, joined BNC to discuss the importance of financial resolutions. She oversees private client advisors across 34 branches and has nearly 11 years of experience in the financial services industry.
According to Cyrius, it is important to keep the goal realistic. “One of the challenges with making a resolution is sometimes we make it such a big goal that it doesn’t become attainable and by February, when we realize it’s not, we just kind of drop it,” she said.
Investing seems like an enormous task, but if you start small, she said it can be manageable. “I always say that the longest journey starts with the smallest steps,” Cyrius said. She also addressed the common misconception that you need a hefty salary to start investing when really, the money in your change jar could be enough to start and change your future.
When it comes to spending your money on wants, she recommends setting up automatic deductions, so you don’t have the chance to see the money or imagine your feet in a new pair of shoes or your foot on the accelerator of a new car. “I think that it’s important that you do put money aside and it’s easiest when it’s money that hasn’t touched your hands yet, so you’re not really missing something that you didn’t see,” she said. “I think that there’s so many different ways that you can save but having an automatic deduction go into a brokerage or a savings account or even your employer retirement plan is a great way for you to get on your way to your financial goals and savings.”
Age is just a number and with that in mind, J.P. Morgan Wealth Management says it is never too late or too early to start investing because of the magic of compounding. Cyrius said, “That means a little bit of money set aside in your college days will create more wealth with less effort than a lot of money put aside when you’re closer to your golden years.”
JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.