7 Financial Tips to Help You Enjoy Life and Reduce Stress

Reduce stress by creating a simply financial plan.
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About Del Fujinaka

CWS, CEPA
Del is a Safe Money Retirement Specialist and Cash Flow Strategist dedicated to helping small businesses and family estates navigate complex retirement decisions. As individuals retire earlier and live longer, retirement income and protection from losses are major areas of concern for maturing Hawaii and California Residents.Del is different… He has combined his three decades of financial experience and business ownership to create an individual approach to retirement planning and wealth management, which conventional advisors never consider. Del Fujinaka is committed to unbiased financial education, which is critical to your understanding. You DO NOT have to expose your retirement to unnecessary taxes or market risks. You DO NOT have to be afraid of depleting your savings. You DO NOT have to watch long term care expenses devour your wealth.

Stress, whether induced by work, relationships, or finances, can take a toll on your physical and emotional well-being. Financial stress can often be the most taxing, affecting various aspects of life. However, prudent financial planning can lift the dark clouds of stress. Here are seven pivotal financial tips that can guide you to tranquility and secure your future.

Prioritize Your Retirement Savings

Retirement planning is not an option; it’s a necessity. If your employer offers a 401(k) match, seize this benefit and maximize your contributions. It’s essentially “free money” that grows your retirement corpus. Even if your 401(k) has suffered losses, evaluate how to regain lost ground. The asset allocation can be modified as you near retirement. Consider rolling over your 401(k) into a self-directed IRA. Within this framework, annuities with Income Riders can offer guaranteed income for life, giving you a cushion against market uncertainties.

Draft or Update Your Will

The lack of a will can create chaos for your loved ones after your passing. Consult an attorney to draft a new will or update an existing one. Ensure that it reflects your current financial status, assets, and wishes. An update will minimize disputes and ensure your legacy is distributed as intended.

Select a Trustworthy Executor

Choosing an executor for your estate is a critical task. This individual will carry out your wishes as per your will. Make sure to ask for their consent before naming them. Depending on the size of your estate and your state’s regulations, a trust might assist the executor in managing the estate efficiently. Consulting an attorney is essential. Also, life insurance can help pay off any taxes or debts posthumously, ensuring your executor isn’t financially burdened.

Establish an Emergency Fund

Unexpected expenses can derail your financial plans. According to a 2018 Bankrate.com survey, only 28% of people have an emergency fund. Build a fund to cover at least three to six months of living expenses. This safety net can provide peace of mind when unexpected incidents occur.

Review Your Investments

It’s crucial to review your investment portfolio periodically. As you age, your risk tolerance usually decreases. Given the reduced time horizon to recover from potential losses, consider moving towards more stable options, such as fixed-index annuities, which offer predictable returns without exposing you to high market risks.

Start Eliminating Debt

Debt can be a significant stressor, particularly as retirement approaches. Paying down debt frees financial resources, allowing for a more flexible and stress-free lifestyle. Use a strategic approach, such as the ‘snowball’ or ‘avalanche’ method, to reduce your debts effectively.

Implement Budgeting

Budgeting is not a mere record-keeping activity but a way to monitor and control your spending. Numerous studies have shown that individuals who budget experience less financial stress. Create a monthly budget, prioritize your expenses, and stick to the plan.

The journey to financial freedom and reduced stress starts with disciplined planning and strategic decisions. Consider incorporating annuities and insurance products to ensure a secure and guaranteed financial future. By applying these seven tips, you relieve financial stress and pave the way for a life well-lived.

For personalized guidance, especially on selecting suitable annuities and insurance products for guaranteed income and financial security, consult a professional financial advisor or insurance agent now.

  • Prioritize Retirement Savings: Maximize your 401(k) contributions and consider rollovers to self-directed IRAs with guaranteed annuities.
  • Draft or Update Your Will: Consult an attorney to ensure your will is current and reflects your wishes.
  • Select a Trustworthy Executor: Choose a reliable executor for your estate and consider using a trust for additional support.
  • Establish an Emergency Fund: Aim to save at least three to six months of living expenses for unforeseen situations.
  • Review Your Investments: Periodically assess your portfolio, favoring stable and guaranteed options like fixed-index annuities as you age.
  • Start Eliminating Debt: Implement strategies like the ‘snowball’ or ‘avalanche’ method to pay down debt efficiently.
  • Implement Budgeting: Create a monthly budget to control spending and reduce financial stress, and stick to it.

Many people have learned about the power of using the Safe Money approach to reduce volatility. Our Safe Money Guide is in its 20th edition and is available for free.  

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About Del Fujinaka

Del is a Safe Money Retirement Specialist and Cash Flow Strategist dedicated to helping small businesses and family estates navigate complex retirement decisions. As individuals retire earlier and live longer, retirement income and protection from losses are major areas of concern for maturing Hawaii and California Residents.Del is different… He has combined his three decades of financial experience and business ownership to create an individual approach to retirement planning and wealth management, which conventional advisors never consider. Del Fujinaka is committed to unbiased financial education, which is critical to your understanding. You DO NOT have to expose your retirement to unnecessary taxes or market risks. You DO NOT have to be afraid of depleting your savings. You DO NOT have to watch long term care expenses devour your wealth.

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Content in our posted articles is deemed to be accurate but topics, facts and laws can change. It is always a good idea to verify facts before making decisions. Always seek authorized and professional advice regarding financial decisions which includes investing, annuity purchases, tax planning, changes in a financial portfolio and retirement planning.

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