Planting in Your Financial Garden

Julia Carlson |

Spring is here, and it’s almost gardening season! This is a perfect time to start planning and dreaming about what you are planting, not only in your flower garden but also in your financial garden.

The first step in starting your garden is taking out all the weeds, right? The same is true for your financial garden; “weeds” are the things that prevent you from reaching your financial goals. In other words, you need to know what you desire for your financial future and why you are determined to reach that goal.

The next step is working the soil to give your plants the best opportunity to flourish. If the soil is rocky and hard, your plants are not going to do well. Similarly, if your mindset about money is not a healthy one, then you are going to have a hard time pursuing a fruitful financial garden.

Now most of us, at one time or another have tried to grow a plant and it ended up dying. Maybe you didn’t water it or watered it too much. It would be helpful to have a neighbor with a ‘green thumb’ or get advice from a master gardener. Accountability is so important to both of your gardens. A partner or a financial advisor can help make sure you tend your financial garden properly.

You also need to help ensure that your garden is protected from pests and that your plants are thriving. For your financial garden, you need to be properly protected; this could include having proper estate planning documents in place and life insurance to protect your loved ones.

As your garden starts to grow it’s your decision what to keep and what to pull to make room for more of the beauty. Your financial garden is no different. You can control where you spend your money each month, create a plan to get out of debt and set up a savings plan to invest in your future. Once your garden is in full bloom you can sit back and enjoy the benefits ~ possibly a little like retirement.

Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

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