May marks #National Family Wellness Month, a time to focus on health and well-being together by getting active after the long winter, eating right, and thinking positive.
As a top-ranked investment and wealth manager in the DC area, SageVest Wealth Management thinks that your family’s sense of well-being should also extend to your finances. A strong financial foundation fosters confidence, security, and peace of mind, supporting a healthy and happy lifestyle for you and those you care about. Here are some tips to ensure financial wellness for the whole family.
The Building Blocks Of Financial Education For Kids
Encouraging your kids to develop a healthy relationship with money helps build confidence, self-esteem, financial independence, and healthier relationships. Our sister site, SageVest Kids, offers a wealth of financial literacy resources for kids, tweens, and teens, including:
- Age-appropriate financial activities relating to saving, spending, banking, earning, and giving.
- Developmental insights through ages 3-18.
- Parental resources on allowances, chores, part-time jobs, and more.
- Financial tips for tweens and teens during the college countdown e.g., establishing a bank account, part-time and summer employment, staying safe behind the wheel, searching for scholarships, and choosing the best college for their long-term aspirations.
As a reminder, every 18-year old should execute important legal documents, upon becoming a legal adult. These include a will, a Power of Attorney, and a medical directive, as you’re no longer your child’s legal guardian to make decisions on their behalf.
Money Management For Young Adults
Whether you’re Gen Y, a Millennial, or Gen Z, right now your life’s full of important personal, lifestyle, and career choices. Make sure your financial decisions support both your current and future wellbeing.
- Facing the decision whether it’s best to rent or buy a home.
- The choices and decisions associated with starting a new job.
- Financial planning tips if you’re considering parenthood.
- Understanding the importance of financial fundamentals with help from our financial planning checklist.
- For clients, SageVest Wealth Management offers complimentary workshops designed to your young adult children about setting financial goals, managing cash flow, saving for retirement, and more.
Finances For Your Family
SageVest Wealth Management is a family-focused financial planning firm, dedicated to connecting you with your wealth in meaningful ways.
- Your home is the heart of family living. Our blog features a range of articles, designed to help protect what for most people is your largest asset. Examples include the importance of a home equity loan, and which home expense records to keep.
- For #National Family Wellness Month, calm the chaos and declutter. Decluttering improves your home’s function, appearance and value. It also boosts mental wellbeing and healthful living for you and your family [1].
- As a woman-owned financial advisory firm, we’re particularly attuned to women’s financial needs, whether you’re part of a couple, a single mom, the household breadwinner, or following divorce or the death of a spouse.
- Giving often directly reflects personal and family values. It may include gifting to family members, donating to charity, or long-term legacy planning, SageVest Wealth Management can help maximize your future gifts, especially in light of recent tax reform.
- Giving comes in many forms. For #National Family Wellness Month, consider volunteering which offers you real physical and mental health benefits [2].
Financial Planning For Retirement
Retiring has a major impact on your physical, psychological, and emotional wellbeing, whether you’re anxious about transitioning from the work force, or can’t wait to spend more time travelling, on the golf course, or with family. Retirement involves careful planning, and that includes your finances. Our clients benefit from customized, comprehensive retirement planning that incorporates a variety of ‘what if…?’ scenarios and is dynamic to support your lifestyle, today and tomorrow.
Important financial considerations in retirement include:
- How much do I need to retire?
- What about healthcare costs in retirement?
- When should I claim Social Security benefits?
- Should I retire part-time?
Financial Planning Later In Life
Financial considerations extend and evolve throughout your life, with changing focal points as you age. Common considerations include:
- Housing choices in retirement, including common considerations like downsizing and choosing a retirement community.
- How to discuss finances with your adult children.
- Estate planning decisions, including common estate planning mistakes to avoid.
- What to do following the loss of a family member.
SageVest Wealth Management is an independent, fee-only, fiduciary advisor, based in the Washington, DC area. Our commitment to your financial wellbeing extends across every generation of your family. We welcome the opportunity to talk with you about your individual and family financial wellbeing. Please contact us.
