Financial Wellness

Financial worries are something negatively impact families. And we’ve all had concerns about money. And if you also have had concerns about money, you’re not alone. The American Psychological Association in November of 2023 said that 72% of Americans reported feeling stressed about money at least sometime in the prior month. Along with that, Market Watch Guide’s 2024 Financial Stress survey revealed some eye-opening statistics. This said 65% of people said that finances are their biggest source of stress. 94% say they sacrifice their mental health to get by financially. And then 92% said financial stress caused adverse physical affects including loss of sleep, headaches, along with other physical ailments. You know financial fitness then obviously is directly correlated to your mental and physical well being. You know at Centennial Wealth Advisory we focus on financial education. And that’s evidenced by the fact that we’ve been running our educational television program for well over a decade. You know not only at Centennial Wealth Advisory do we focus on financial education, but we also put that into practice. You know in addition to retirement planning, we also offer tax planning, estate planning, 401K roll overs, Social Security planning as well as insurance solutions including Medicare, health and life insurance. You know we do believe that you can enter retirement with confidence that you and your family will be okay no matter what happens. Now obviously we’ve already discussed there’s a lot of different ways finances can negatively impact both your physical, mental and just overall well being. But the good news is there are ways to reduce that stress. The first thing to think about is working on a budget. Kind of understanding what you’ve got coming in, but also what you’ve got going out as far as your finances go. You need to know how much you earn, which most people do. The interesting thing is most people don’t know how much they spend. They don’t know their expenses on a monthly basis. They might know a couple of them, but they really don’t have a good handle on what they’re spending on a monthly basis. So you need to come up with a good budget. And that would be the first thing to help you along this journey. The second thing is a financial plan. So a financial plan does a lot of different things. One, it provides a snap shot of where you’re at now. It projects the goal for the future of where you want to get to and really the roadmap to get to that destination. I think a lot of it without a financial plan trying to reach your retirement goals is similar to trying to get to a destination you’ve never been to before without a map or a GPS. So the financial plan really provides that guidance to help you get to where you’re trying to go. The third thing to think about is once you have a budget and a financial plan is to implement that plan. So questions you need to think about with regards to that is how much should you be investing on a monthly basis and whee should you be investing that money? Should that be in your 401K? Your 403B? Your IRA? Brokerage account? You know you need to think through where this money is going to be invested to save for retirement. You know and trying to do this on your own would be quite a daunting task. And that’s why at Centennial Wealth Advisory we’re going to be able to come along side you and help you along this journey towards retirement,. I would like to take a moment now and speak directly to Human Resources Managers and business owners. We here at Centennial Wealth Advisory offer a free educational workshop for your employees. This meeting would be held at your business and we would provide food whether it was held in the morning or the afternoon and it really helps your employees have some of the questions that are bothering them answered. You know the financial concerns that they have right now obviously negatively impact their productivity at work, but importantly it impacts their overall quality of life. If you’re interested in having us host one of these events or to find out more information you can follow the instructions on the screen or call our office. For all of the employees out there, if you think that this financial education workshop is something that sounds like it would be good for your company, please feel free to give that information to your HR Director or your business owner there at your place of employment. We look forward to helping you plan to retire well.