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Three ways to protect your financial health, long-term

Everybody wants to be healthier and happier. Maybe that means eating more nutritiously, getting more exercise, or spending more time with your family. It should also mean getting healthier financially, too.

There’s no bad time to think about where you are with your goals. In this post, we’ll cover three simple things you can do this week to move you closer to where you want to be.

1. Think about your legacy

Creating a will isn’t about how old you are. Everyone should have a will. It’s important for your loved ones to know your wishes when you can’t tell them yourself. Among other things, your will outlines:

How your assets should be distributed

Regardless of how much or little you have, a will ensures that your assets and personal belongings will go to the family members or beneficiaries you designate. Without a will, the court makes those decisions for you.

Who will care for your dependents

If you have children under age 21 or adult dependents, a will is a must to ensure that your wishes for their guardianship are made clear.

What medical treatment you do and don’t want if you’re incapacitated

A living will clearly outlines the medical treatments you do and do not want if you become physically or mentally incapacitated.

2. Evaluate your goals

What are your financial goals and priorities? If you haven’t articulated those yet, take a moment to write them down, so you can make choices now to reach them down the road.

If you already know your goals, and you have an investment portfolio established, look at how they’re performing. It’s important to monitor your returns periodically to confirm that you’re on track to meet the goals you’ve set.

3. Ask yourself if you need to make changes

Even if your priorities haven’t changed for a while and you’re making good progress toward your goals, it’s still important to review what you could be doing differently. There may be a way to move forward faster.

If you have a portfolio, ask yourself if it’s time to change your investment strategy. For example, if you’re getting close to retirement, it could be time to change to a more conservative allocation. Or if market gains or losses have caused big swings in the value of your holdings, your portfolio might have fallen out of line with your advised allocation.

No matter what your situation may be, put it on the calendar once a year to analyze your finances and do some big-picture thinking about your options. Need help? Contact us for financial advice.

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