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Kletschke Wealth Management Group

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Important Habits in Pursuing Your Vision of Financial Success

What is your vision of financial success? We often hear answers like landing that big promotion, earning a six-figure income, buying a second home, or retiring early. While there isn’t a right or wrong answer, it’s important to understand your vision of financial success. And are you actively working toward that goal every day? Is your spouse working toward that goal every day?

Working toward financial success can create opportunities, such as providing for your family, sending your kids to college, buying your dream home, and living the retirement you envision. Our clients who have achieved financial success have several lifelong habits that they commonly practice and live by.

Consider these financial habits to pursue your version of financial success:

Pay Yourself First With Every Single Paycheck

This should be a habit instilled with your very first job. If you have a teenager at home, challenge them to save 25% to 50% of each paycheck. Help them budget how much to set aside for a future goal, like college, and how much to invest for their retirement. Since they don’t have a house payment, student loans, or kids to feed, this is a great time to start.

Make paying yourself first your mantra! If your employer offers a retirement plan, sign up (if you haven’t already) and set up a monthly automatic contribution to a traditional or Roth IRA. Your retirement is your responsibility and will only happen if you make it happen! The sooner you start, the easier it is to pursue your goal.

Spend Less Than You Earn

We have written about this habit before. It’s understandable that there are bills to pay and money may be tight – especially after inflation cut into our buying power. The Federal Reserve recently released its “Economic Well-Being of U.S. Households in 2022” report, which painted a troubling picture: Nearly one in four Americans reported spending more than they earned, which is incompatible with good financial health.

If this sounds like you, review your monthly expenses for nonessential spending that can be cut down or eliminated. Eat out less, drink coffee made at home or work, keep your car longer, and sell items you no longer need. Set ground rules when it comes to impulse purchases. The more control you have, the more confident you will be in pursuing your vision of financial success.

Create a Financial Plan and Invest

We like our clients to have a comprehensive financial plan that can serve as a road map toward their goals, and this is a service Stifel offers that we can guide you through. A financial plan will lay out where you want to go and how much money you need to get there. We will review spending and saving habits along with progress toward goals. Our team member, Korey Kletschke, has earned the CERTIFIED FINANCIAL PLANNER® certification, and we will leverage our experience and education to help our clients address unique aspects of their financial picture. 

Give Back

Exercise generosity with an open heart. When you get to the point that your financial house is in order, you’ll experience control and joy in giving back to organizations and charities that are doing great things in the world in alignment with your values.

We Are Here to Help

Building toward financial success is not just about money – it becomes a lifestyle, and it’s about pursuing your dreams! We know it can be a bit overwhelming to get started, and we are here to help. 

Kletschke Wealth Management Group
(712) 252-6931
KWMG@stifel.com

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