Making It Personal: Crafting a Personalized Mission Statement

Jeff Motske, CFP®

January 14, 2019

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I am a big believer in personalization in all aspects of life. The road to your goals, financial or otherwise, is paved by the personalized steps you’re willing to take and in the direction you wish to work. Driving all of that should be more than an idea or a simple plan. What is needed is a personal mission statement. A mission statement creates a sense of purpose and authenticity that acts as a compass and drives all your decisions in the right direction.

When creating your mission statement, be sure to keep it brief. Just one to two sentences will do. Approach it the same way you would approach starting your own company, reflecting your goals, your dreams, and your values. At the same time, be sure that it extends beyond your professional life and encompasses your personal life and your lifetime goals as well. Once you have your personal mission statement, be sure to read it or recite it daily.

Lastly, make sure that your actions reflect your personal mission statement. Your mission statement is meaningless if you’re not committing action to it. If your statement reflects your family values, be sure to make time for your family. If your mission statement focuses on financial independence, make sure that you’re sticking to a budget and have an all-encompassing plan. Be sure what you’re doing reflects what you claim to value.

Life can move fast, and everyday decisions can distract from your long-term vision. To ensure that you stay true to what you value and on course with your goals, create a mission statement to act as your compass and ensure that your life truly reflects you.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

One of the most common questions I receive is how to most efficiently save for education expenses. And I understand why – it’s a daunting prospect! The cost of college continues to rise, and student loan debt can plague you for decades following graduation. There is also a growing realization that college is not for everybody. How do you prepare for an expense that might not actually occur? However, it doesn’t have to be such an intimidating process. In fact, there are several effective strategies you can deploy to efficiently – and effectively – save for your child’s education expenses.

First, you need to determine how much you’ll need to save. Do you plan to cover the whole cost of school or just a portion (for instance: undergrad only, or will you cover grad school expenses for your child(ren)? Once you’ve set a number, your financial planner can assist in calculating a monthly savings rate required to work toward that goal.

The next step is deciding what type of savings account(s) to use. There are different accounts that are specifically designed to save for college, for example: 529 plans and Coverdell Education Savings Accounts. Below are some of the reasons why a 529 Plan and/or investment accounts may be a better solution.

A 529 plan allows you to contribute to an account on behalf of a named beneficiary (in this case, your child). Because the government wants to reward saving for educational expenses, contributions to 529 plans receive preferential tax treatment and are able to grow tax-deferred. You can use the money in the account to pay for qualified educational expenses, tax-free. Contributions to these accounts are also typically deductible on state tax returns. The drawback to a 529 is that the money must be used for qualified education expenses – or you will face tax penalties.

An individual/joint investment account is an account owned by yourself or jointly by you and your significant other. Money invested in this type of account does not receive preferential tax treatment; however, your money can be withdrawn for any reason without tax penalties.

Given the shifting trends in higher education, it is my belief that a combination of 529 plan contributions and individual/joint account contributions will help to save for college education. This form of education planning allows for flexibility; for instance, if your child(ren) decide(s) against traditional higher education, you won’t have to pay tax penalties on all of your education savings, as a portion of that savings is held in an individual/joint account with no restriction on how the assets are used.

While education planning is important it is only one component of a full financial plan. If you would like to talk more about education planning and its impact on your personal financial plan please contact me at zach.swaffer@trilogyfs.com

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.

Investment Insights

High Net Worth Retirement Planning: Why is Age 59½ a Crucial Milestone?

By Trilogy Financial

July 17, 2024

As you approach age 59½, you’re nearing a significant milestone that brings new opportunities for your financial future. This age marks a turning point where the IRS allows you to withdraw from your retirement accounts without incurring penalties. At Trilogy Financial, we provide comprehensive High Net Worth Retirement Planning strategies tailored to your unique needs, helping you navigate this critical phase with confidence.

Understanding the Importance of Age 59½

Reaching the age of 59½ is a pivotal moment in your retirement journey for several reasons:

Penalty-Free Withdrawals: The IRS permits penalty-free withdrawals from retirement accounts, such as IRAs and 401(k)s, providing greater flexibility in managing your retirement funds.
Catch-Up Contributions: If you’re over 50, you can make additional contributions to your retirement accounts, helping to boost your savings significantly.
Approaching Social Security: You are within a few years of being eligible for Social Security benefits, allowing you to plan more effectively for your retirement income.

Building Your Retirement Savings

Despite the importance of saving for retirement, many Americans find themselves with insufficient funds. According to financial experts, you should aim to have at least $1 million in retirement savings to support a comfortable 30-year retirement. However, the reality is that many people have far less saved.

Strategies to Enhance Your Retirement Savings:

Catch-Up Contributions: If you’re 50 or older, you can contribute additional amounts to your retirement plans. For example, you can make $6,000 in catch-up contributions to 401(k) plans and $1,000 to IRAs annually.
Prioritize Saving Over Spending: Shift your focus from spending to saving, ensuring you allocate a portion of your income to retirement accounts at the beginning of each pay cycle.
Seek Professional Advice: An Executive Financial Planning advisor can provide personalized guidance to help you maximize your retirement savings and take advantage of all available options.

Staying Healthy in Your Golden Years

Maintaining good health is essential for enjoying a fulfilling retirement. As you age, your health needs change, and it’s important to stay proactive about your well-being.

Health Tips for Older Adults:

Regular Check-Ups: Keep up with medical appointments and screenings to catch potential health issues early.
Healthy Diet and Exercise: A balanced diet and regular physical activity can help maintain your vitality and reduce the risk of chronic diseases.
Mental Health: Staying socially active and engaged can improve your mental health and overall quality of life.

Seeking Professional Financial Advice

Navigating the complexities of retirement planning requires experienced guidance. At Trilogy Financial, we offer Customized Retirement Solutions and Private Wealth Services to help you pursue your financial goals. Our services include:

401K Asset Management

Investment Strategies for High-Net-Worth Individuals

Estate and Inheritance Planning

Life and Long-Term Care Insurance

Philanthropic Financial Planning

Our team of financial professionals is dedicated to helping you pursue financial independence and secure a comfortable retirement.

What might a Custom Retirement Solution include?

Multi-Generational Wealth Planning

Multi-Generational Wealth Planning is essential for ensuring that your financial legacy benefits future generations. This involves creating strategies that protect and grow your assets while considering the needs of your children and grandchildren.

Trust Fund Management

Trust Fund Management plays a critical role in managing and distributing your assets according to your wishes. This professional ensures that the trust operates smoothly and that beneficiaries receive their designated assets without delays or legal complications.

High-Net-Worth Tax Strategies

High-Net-Worth Tax Strategies are designed to minimize tax liabilities and maximize the growth of your wealth. Working with a knowledgeable tax advisor can help you implement these strategies effectively.

Customized Wealth Management Plans

Customized Wealth Management Plans provide tailored solutions to meet the unique needs of high-net-worth individuals. These plans consider your specific financial goals and circumstances, offering a personalized approach to managing your wealth.

Legacy Planning for High-Net-Worth Families

Legacy Planning for High-Net-Worth Families ensures that your wealth is transferred according to your wishes and provides for future generations. This includes creating comprehensive estate plans that address your family’s unique needs and goals.

The Takeaway –

Age 59½ marks an important milestone in your retirement planning journey. With the right strategies and professional guidance, you can optimize your retirement savings, navigate Social Security benefits, and maintain your health for a fulfilling retirement. At Trilogy Financial, we specialize in High Net Worth Retirement Planning, Executive Financial Planning, and Private Wealth Services, providing tailored solutions to meet your unique needs. Contact us today to discover how we can help you achieve your financial goals and enjoy a prosperous future.

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Schedule a Meeting: Reach out to us to arrange a one-on-one consultation with our financial professionals.
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