Knowledge and Insights

Managing New Year’s Resolutions – A Financial Perspective


Happy New Year!  As you celebrated the end of 2015 and start of 2016, you probably spent a few moments reflecting on where life has brought you and envisioning where you would like to be in the future.  You may have made some resolutions about diet and exercise, quitting smoking or other changes you would like to make this year.  Perhaps one of those resolutions was to improve your personal finances.  You may have decided you want to travel more, set a goal for when you want to retire, or resolved to start your own business or to spend less and increase your savings.

Whatever thoughts you had, now is the time to act upon them.  Start by creating a list of goals and evaluating the tools and tasks required to meet those goals.  Find mentors to assist you, establish realistic timelines to accomplish the tasks you set, and develop a system to measure your success.

For financial goals, you need to determine where you are in your journey and which life milestones are ahead in the short-term and long-term.  Common life milestones are:

Regardless of where you are in life’s journey, it is important to understand how your financial decisions today will impact your future.

  • If you’re loaded down with student debt, the idea of saving for retirement may seem comical and yet, it may be the best decision you can make.
  • You want what’s best for your children so you think college savings should be your focus, but what is the cost to your future as well as your children’s if you fail to plan for your own retirement?
  • You are finally ready to retire and see the world – will it be first class or economy? Understanding the best spending plan for early retirement years based on your current financial position can make your later retirement years more enjoyable when the jet-setting is over.

Developing a sound financial and estate plan can be challenging, seemingly daunting at times, and emotional. However, failing to address the issues can create a nightmare for you and your loved ones.  It can be difficult to be honest with yourself, let alone other family members, about your finances, lifestyle choices and health concerns.  It is important to work with your financial advisors to help you develop a plan that meets your financial goals but is also true to your personal beliefs.  Oftentimes, the best income or estate tax plan isn’t the one the produces the lowest tax liability, but the one that meets your most important goals, and aligns with the values you hold dear to your heart.

At Mercadien, our aim is to help you define and achieve your goals, whether they are personal or professional, short-term or long-term.  To learn the best resources that are available to help you accomplish your goals while navigating life’s many milestones, please contact me at or 609-689-9700.