SATURDAY - EMPOWER SERIES - HOUSTON
Best practices are much the same in both financial and physical fitness. In each activity, it’s wise to start early, be consistent and ground oneself in reality. In both, you must have goals and a plan to reach them. And in each, having someone to coach, advise or mentor you can also take you a lot further toward your objectives. These are just some of the many parallels between getting in shape and getting fit for retirement.
To master the skills needed for a successful retirement, study what works in physical fitness and apply the same principles to becoming financially fit.
Start Now - If you start exercising early in life, you’ll likely maintain some form of activity through your adulthood and into your senior years. “Like all habits, saving is a habit just as working out is a habit,” says Kyle Winkfield, managing partner at Rockville, Maryland-based O’Dell, Winkfield, Roseman & Shipp. “The sooner you form a lifestyle habit, the more likely you are to maintain it throughout life, as it becomes the fabric of who you are.”
Be Realistic - Do what you can Start slowly and be consistent. Do not over commit yourself. Dave Gutzke, managing director of The Private Client Reserve of U.S. Bank in Minneapolis, urges people to avoid trying to do too much in their approach to retirement saving, right down to reviewing their finances. Whether you’re working out or scanning statements, taking time away is a way to stay fresh. “For example, set a goal to thoroughly review your finances once a month, and budget the time,” he says. “I find Saturday mornings while my family is still asleep is an optimal time.”
Get a Coach - Folks pursuing fitness goals often hire personal trainers to provide an array of benefits. Those include encouragement, motivation, safety, individualized instruction and positive feedback. A financial adviser can provide many of the same upsides.
Cross Train - Reid Abedeen, partner in Corona, California-based Safeguard Investment Advisory Group, runs 7 miles 3 days a week. On 2 other days of the week he lifts and participates in cross training. This diversified exercise strategy is not unlike placing assets in different asset classes and instruments with different end purposes.
Monitor & Modify - Change is a constant in life. Acknowledging change and adjusting accordingly is a key to success in fitness and finances.