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Tag: Building Wealth

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Posted on by Emily Promise

When most people think about financial planning, they often focus on numbers: how much is in the retirement account, what the market is doing, or whether they’re on track for a particular net worth. But true wealth is about using your financial resources to support the life you want to lead, not just accumulating financial assets. At Blakely Financial, we believe your financial plan should reflect your values, lifestyle, and long-term goals as much as your financial data. 

Defining What Wealth Means to You

Before building your financial plan, it’s important to define what wealth actually means in the context of your life. For example, financial security means different things to different people. For one individual, it might be the freedom to retire early and travel the world, while for another, it might be about creating opportunities for their children or supporting a cause deeply personal to them. Take a moment to consider:

  • What does financial independence look like to you?
  • What life experiences or goals matter most to you?
  • What kind of legacy do you hope to leave for your loved ones or community?

When your financial plan is rooted in these personal priorities rather than generic benchmarks, it becomes a tool to help you live intentionally, not just accumulate wealth for its own sake. 

Setting Lifestyle-Driven Financial Goals

Once you’ve defined what matters most, the next step is setting clear, lifestyle-driven financial goals for yourself. These goals are focused on enabling the life experiences and milestones that are important to you.

Examples may include:

  • Planning for early retirement to spend more quality time with family.
  • Finding annual international travel or extended sabbaticals.
  • Contributing to causes you care about through charitable giving.
  • Saving for a child’s or grandchild’s education.
  • Building a financial legacy that supports multiple generations. 

Work with your financial advisor to ensure your financial plan prioritizes these goals, making them measurable and achievable, while balancing short-term needs and long-term aspirations. 

Building a Financial Plan That Supports Your Lifestyle

A lifestyle-focused financial plan integrates all aspects of your financial life to support your personal goals. Some of the essential components include:

  • Cash Flow Management: Ensuring your spending habits and savings strategies align with your priorities, leaving room for both day-to-day enjoyment and future aspirations.
  • Investment Strategy: Tailoring your portfolio to match your risk tolerance, time horizon, and desired lifestyle. For some, this may mean prioritizing steady, conservative growth. For others, a more aggressive, growth-oriented portfolio. 
  • Tax Planning: Proactively managing taxes to maximize available resources, whether through tax-advantaged accounts, charitable giving strategies, or thoughtful estate planning.
  • Estate and Legacy Planning: Structuring your wealth to benefit your family, support philanthropic interests, and ensure your assets are distributed according to your wishes. 

Adjusting Your Financial Plan for Life’s Milestones and Unexpected Turns

Life isn’t static, and your financial plan shouldn’t be either. Major life events like marriage, divorce, career changes, health challenges, or economic shifts can all significantly impact your financial strategy. This is why it’s essential to work with an advisor who not only builds a strong foundational plan but also proactively adjusts it as your life evolves. 

The Role of a Trusted Financial Partner

Navigating complex financial decisions can be overwhelming, especially when those decisions are tied to personal goals and multi-generational planning. This is where a trusted financial advisor makes a difference! At Blakely Financial, an advisor’s role goes beyond managing investments. We serve as partners and problem-solvers, ensuring every financial decision supports the lifestyle and legacy you envision for yourself and your family. 

Our personalized, relationship-driven approach means we listen closely to what matters to you and craft strategies designed to help you pursue those goals with clarity and confidence. 

Your wealth should work for you, allowing you to live a life you love and a legacy you’re proud of. Whether you’re focused on securing an early retirement, creating opportunities for your children, or giving back to your community, Blakely Financial is here to help you align your financial plan with your personal vision. If you’re ready to start building a financial strategy that supports your life’s priorities, reach out to our team today. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Your Financial Planning Roadmap

Your Financial Planning Roadmap

Posted on by Emily Promise

World Financial Planning Day falls on October 2nd, making it a great time to evaluate your financial health. No matter where you are on your financial journey, having a solid financial planning roadmap is key to reaching your goals. From your 20s to your 50s and beyond, each phase of life comes with new financial stops and important decisions to be made. Explore the various phases of your financial planning roadmap and the actions you can take within each stage to secure your financial future. 

Starting Out (20s – 30s)

The first phase of your financial planning roadmap covers your 20s and 30s, focusing on building a foundation for a solid financial future with budgeting, saving, and planning for future financial goals like buying a home or starting a family. There are a few key steps you should take during this phase, including:

  • Build an emergency fund with 3-6 months of living expenses. Even minor unexpected expenses can significantly impact your finances if you’re unprepared!
  • Start contributing to retirement accounts like a 401(k) or IRA to benefit from compound interest. Take advantage of your employer’s 401(k) match if offered. There are quite a few options available when it comes to saving for retirement, so sit down with your financial advisor to review the specifics to make the most of your money.
  • Pay down high-interest debt, such as credit cards or student loans to improve your credit and minimize your total amount paid over time.
  • Set financial goals, such as saving for a home or future family needs. Having goals allows you to track your progress and adjust your financial actions as needed. 

Building Wealth (30s – 40s)

The next stage of your financial roadmap takes place in your 30s and 40s and is all about growth and building on the foundation you have already set. Whether you are focused on career advancement, saving for a home, or planning for your family’s financial future, this phase is a critical time for making smart financial moves and fine-tuning your financial goals. During this stage, you should:

  • Maximize retirement contributions and take full advantage of employer matches. As you advance in your career and your annual earnings increase, you may be able to make additional contributions to your retirement fund, further securing your and your family’s financial future. 
  • Diversify your investment portfolio to balance growth and risk. Consider stocks within different industries, bonds, real estate, and other investment opportunities to improve your portfolio. You never want all of your eggs in one basket!
  • Set up or review life insurance to protect your family’s financial future. It is important to have a plan in case anything happens to you and your loved ones unexpectedly. 

Preparing for Retirement (50s – 60s)

In your 50s and 60s, it’s time to focus on securing your financial future and preparing for retirement. Whether you are paying off your mortgage, planning for healthcare, or making the final push toward your retirement savings goals, this stage is all about making sure you’re set for the years ahead. This phase of your financial roadmap is the time to take charge and fine-tune your retirement strategy to make sure everything is in place. We recommend:

  • Increasing retirement contributions and using catch-up contributions if applicable. 
  • Paying off large debts, like mortgages, to reduce expenses in retirement. This leaves more money for the things you want to do! 
  • Reviewing and updating your estate plan, including your beneficiaries. 
  • Planning for Social Security and other income sources in retirement. 

Following this checklist will help you confidently prepare for your next chapter!

Living in Retirement (60s+)

The last stage featured on your financial planning roadmap is living in retirement through your 60s and beyond. This phase is about enjoying the life you’ve worked so hard to build while ensuring your financial future remains secure. To best enjoy the rewards of your hard work and maintain your lifestyle with minimal financial stress:

  • Develop a withdrawal strategy to ensure your retirement savings last. You don’t want to run your savings dry within the first few years!
  • Manage your investments to align with your income needs and risk tolerance. 
  • Monitor your healthcare and long-term care costs, ensuring you have adequate coverage for the care you need. 
  • Review and update your estate plans periodically to protect your financial legacy. 

 

Stay connected with Blakely Financial as we continue to provide the guidance you need at every stage of life for a prosperous financial future.

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Building Wealth Investing in Real Estate

Building Wealth: Owning Real Estate

Posted on by Steve LaFrance

Owning real estate has long been regarded as a key strategy for accumulating wealth. For high-net-worth individuals and experienced investors, real estate offers distinct opportunities to not only preserve wealth but also generate substantial returns. In this blog, we will explore how residential real estate can be used to build wealth and diversify your investment portfolio.

Long-Term Benefits of Owning Real Estate

-Owning real estate offers significant advantages, particularly for those seeking long-term stability and growth. Whether you’re purchasing a primary residence or acquiring an investment property, both approaches can provide substantial returns. In the case of an investment property, you benefit from the ability to write off operational expenses, reducing your taxable income while capitalizing on property appreciation rates, which often outpace inflation in high-demand areas.

For high-end real estate, appreciation is typically more pronounced, driven by market exclusivity and demand for luxury living. Premium properties can see appreciation well beyond the average 3-5% per year, particularly in top-tier markets. Additionally, luxury real estate can serve as a hedge against market volatility, offering a tangible asset class. By diversifying into real estate, you can help mitigate risk and have potential for steady, long-term returns.

Short-Term Benefits of Strategic Property Investments

High-net-worth investors can also benefit from short-term real estate strategies. One option is acquiring properties in need of renovation, transforming them into high-end homes, and selling at a significant profit—a practice known as “flipping.” However, for those with a long-term wealth-building mindset, another approach is acquiring multi-family residences, living in one unit, and renting out the others.

This strategy not only provides immediate rental income but also offers a tax-efficient way to expand your real estate holdings while benefiting from lower primary residence interest rates. Over time, as you make strategic improvements, you increase the property’s value and rental income potential. By repeating this process across multiple properties, you can build a robust real estate portfolio with relatively modest initial capital.

Enhancing Your Wealth Through Real Estate

Whether you are looking to expand your portfolio with luxury real estate or explore high-end investment properties, Blakely Financial is here to support your financial goals. We understand the unique needs of high-net-worth individuals and can provide strategic guidance on integrating real estate into your comprehensive wealth management strategy.

Contact us today to discover how investing in real estate can elevate your financial plan and help you achieve long-term financial success.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Financial Wellness Month – Time to Review, Learn & Plan

Financial Wellness Month – Time to Review, Learn & Plan

Posted on by Robert Blakely

Financial wellness month is the perfect time to take a look at your savings plans and learn new ways to be financially independent. Even if you are satisfied with your current level of financial knowledge, there is always more to learn! Take some time this month to look into a certain aspect of financial wellness you are curious about or think you could improve upon. Here are some of our top tips to help you on your path to financial freedom! 

Improve Your Knowledge

If you have been curious about certain aspects of financial wellness, there are hundreds of great books out there that can answer all your questions. Freakonomics takes a sociological approach to financial thinking and examines the ways in which you can apply economic rationale to your everyday life. Though this book does not provide specific tips for saving and spending, it may change the way you think about wealth and the economy overall. Think and Grow Rich is perhaps the single most popular piece of motivational literature there is. This book examines the most successful people of all time in an attempt to answer the question “what makes a winner?”. Though the title “Think and Grow Rich” may imply that it is all about money, the book instead focuses on the self-confidence required to be successful, and how it can be learned and taught. 

In addition to reading books, there are also a myriad of online resources that can assist you in your research. The Blakely Financial blogs and newsletters contain tips on personal finance and investments to help you increase your financial savvy. Simply reading an article or two a day can increase your financial knowledge throughout the course of the month! 

Small Changes Add Up

Small changes can make a big impact on your finances! If attaining your goals feels like an impossible task, start small. Over time, your smart habits will become routine, and your ambitions will no longer feel out of reach. This can be done by limiting your takeout meals, canceling unused subscriptions, or even just buying generic brand items at the grocery store. These types of changes may feel overly frugal, but they can quickly add up to significant savings you can use on more important purchases and adventures later. 

Emergency Fund

One of the most important, but easily forgotten, aspects of a sound financial plan is an emergency fund. This money should be easily accessible, and significant enough to protect you from unexpected crises. Medical emergencies, car problems, and home repairs can severely affect your budget. Having cash set aside for such events will not only prepare you for the worst but decrease your stress level as you will be confident in your ability to handle anything life throws your way. 

Work with a Financial Advisor

Perhaps the best thing you can do for yourself this financial wellness month is to seek the advice of a professional. A trained financial advisor can build you a custom plan to guide you to your long-term financial goals. Please feel free to contact our team at Blakely Financial today to help get you started.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.