Kick-Start Your Year: Top Financial Resolutions for 2024
It’s a new year! That means it’s time for a fresh look at your financial goals and strategies.
In the finance world, success hinges on goal setting and meticulous investment strategies that align with those goals. But on a personal level, we often approach the new year with less precise expectations.
The purpose of this article is to help you combine the precision of the finance world with your personal financial goals.
Here are our suggested steps for making that happen.
Start with gratitude and reflection.
There’s no better way to start the new year than to be grateful for what you’ve already got. If you’re lucky enough to have good health, a reliable job, and family support, you’re already on the right track. Well done!
Don’t forget about the challenges you’ve overcome in the past few years. Take a moment to reflect on your resilience.
Set financial goals.
Now bring your short-term and long-term financial goals into the picture.
Maybe you’re hoping to buy a home? Save for retirement? Fund someone’s education? All three?
Whatever your financial goals are, earmark this coming year for turning them into reality.
Create a savings plan.
It’s time to develop a savings plan to help you achieve your goals.
Start with your desired dollar amount, then tally how much you need to save each month to save that amount. If needed, adjust your monthly budget to either reduce expenses or increase your income.
Adjust your investment portfolio.
It’s important to, at all times, keep your investment portfolio aligned with your personal financial goals and risk tolerance.
Remember that your asset allocation impacts your rate of return and plays a significant role in your overall portfolio performance. The more money you have invested in equities can potentially give you a larger rate of return, but at the same time has more risk of downside.
Therefore, it’s crucial to understand your risk tolerance so you can make adjustments to your portfolio that parallel your financial goals.
If you’re not getting the rate of return you’re looking for, it’s possible you need to make your portfolio more aggressive. However, if you’re spending too much time worrying about your portfolio’s value decreasing, you might need to make it more conservative. A good rule of thumb is to review your allocation annually.
A wise move here is to consult a professional financial advisor who can help you match your investment portfolio with your goals and risk tolerance.
Create exit strategies for your financial goals.
The next step is to plan for liquidity needs associated with each financial goal. That means you want to make sure you have funds available when you need them.
To attain that flexibility, we suggest matching your investment accounts with the timing of when you’ll need your funds. For example, avoid locking your savings in retirement accounts where early withdrawals could incur taxes or penalties.
Regularly review your financial goals.
Life happens! To make necessary adjustments to your financial plan, it’s crucial to commit to periodic reviews.
Schedule regular check-ins, ideally every six months or at minimum once a year, so we can work with you to align any significant life events you’ve experienced with your portfolio structure. Use these check-ins to communicate your expectations, fears, and goals.
Also, keep in mind that we can create a written financial plan for you to take with you and use as a reference over time.
Reach Out, We Can Help!
If you want to make your 2024 financial dreams a reality but aren’t sure how, our specialists are here to help. They’ll work with you to understand your goals, uncover your asset-allocation needs, and assess your risk tolerance. Then they’ll recommend the appropriate investment strategies to help you move toward your goals.
To schedule a meeting with our firm, call (585) 337-4000 or email s.pitti@thepittigroup.com / m.pitti@thepittigroup.com.
About Sal
Sal Pitti is president and financial advisor at The Pitti Group Wealth Management, a boutique financial services firm with a deep breadth of capabilities and resources to help corporations, retirees, nonprofits, high-net-worth individuals, and professionals pursue their financial goals. The firm focuses on various aspects of investment planning and investment management; with over 25 years of experience in the financial services business, Sal loves seeing the end result after years of planning and the joy it brings to clients. He prides himself on providing a tight-knit, family-oriented team that truly gets to know clients. Always accessible, they’re continuously learning how to bring added value to clients.
After 22 years working for a large brokerage firm, Sal and his son, Matt, felt that the firm’s goals didn’t align with theirs and their clients, so they decided to become independent advisors and founded The Pitti Group Wealth Management in 2016. Sal is a CERTIFIED FINANCIAL PLANNER™ practitioner, Chartered Retirement Plans Specialist™, an Accredited Investment Fiduciary®, a graduate of the University of Maryland, Cum Laude, and holds a master’s degree in business management. He served in the United States Air Force working in the intelligence field, during which time he lived in and spent time in many countries, receiving numerous honors and awards during his tours. He has completed the Senior Financial Advisor program from the University of Pennsylvania, Wharton School, and also holds licenses for securities, insurance, and long-term care. Sal resides in Canandaigua and is very active in his community. He enjoys golfing, traveling, visiting beaches, spending time with family, and is an avid outdoorsman. To learn more about Sal, connect with him on LinkedIn.
About Matt
Matt Pitti is Senior Vice President and Wealth Advisor at The Pitti Group Wealth Management, a boutique financial services firm with a deep breadth of capabilities and resources to help corporations, retirees, nonprofits, high-net-worth individuals, and professionals pursue their financial goals. Matt has worked in the financial services industry for 20 years, and as an Accredited Investment Fiduciary® designee, his main priority is to place clients’ interests ahead of his own. He takes time to develop a detailed and customized wealth planning strategy to not only fit their needs today but help get them where they want to be in the future. His holistic approach encompasses many facets of financial planning to make sure their plan is the best solution for them. Matt also works as the advisor of several 401(k) plans to support plan sponsors, address their fiduciary responsibilities, as well as guide the employees in building individualized retirement plans.
After 10 years as an Associate Vice President at Morgan Stanley, Matt, his father, and staff founded The Pitti Group Wealth Management in 2016. Matt holds a degree in economics from the State University of New York at Cortland. In addition to his AIF® designation, he holds the Series 7, 31, and 66 certifications and a Life, Accident & Health insurance license. Residing in Penfield with his wife and two children, Matt proudly spends his free time watching his daughter’s dance competitions and his son’s travel baseball games. He also enjoys playing soccer, golfing, paddle, and is an avid outdoorsman. To learn more about Matt, connect with him on LinkedIn.
The Pitti Group Wealth Management LLC (“the Pitti Group”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where the Pitti Group and its representatives are properly licensed or exempt from licensure. For additional information, please visit our website at https://www.thepittigroup.com/.
This information is general in nature and should not be considered tax advice. Investors should consult with a qualified tax consultant as to their particular situation.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.