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5 Ways to Level Up Your Financial Success in 2022

Most, if not all of us, have likely watched our investment and retirement accounts go up in value this past year. But how much growth is enough? How much should your accounts go up and is it enough to get you to your dreams? Check out these 5 tips below for refining and taking your investments to the next level.

1. Define your goals first, then create a plan to achieve them

Just like anything else, begin with the end in mind! We need to know how much you need to save and how long we have to get there. I think one of the best ways I help my clients as a Financial Planner is to help you figure out your ‘number’. Don’t be surprised if it changes over time too. This is where planning becomes more of an art than just science. But you need to know how much you want to spend monthly while in retirement, which will then tell us how much you need to have saved and by when. Using a monthly number is less overwhelming than the WHOLE big number. From there you can determine if you are saving enough throughout the year.

2. Revisit your budget and make it fit your goals

Whether you received a large raise or incurred new expenses (ie, new home purchase), it is important to revisit your budget every year. Don’t get stuck saving the same amount every year despite your income increasing. Small adjustments now can be the difference between keeping your goals on track vs falling behind.

3. Be efficient

Now that you know how much to save, don’t forget about asset LOCATION. As they say, it’s all about “location, location, location!” Be strategic with where you save your money to maximize investment opportunities and tax savings. For example, if you are eligible for a Roth IRA, it may benefit you to maximize your contribution to that account before adding additional funds to your 401k. On the flip side, you may need more tax savings strategies now by maximizing your 401k contributions. Also, consider how company stock options can affect your taxes and investments. Planning ahead can prevent you from additional costs or less savings than you anticipated.

4. Make your investments work for you

I think a lot of people over-complicate investments, including many investment professionals. Studies show that the majority of investor success comes from having the correct investment allocation, not selecting the perfect stock. Create a diversified portfolio and don’t let short term volatility in the market change your strategy. Don’t know what asset allocation is or what’s right for you, this is where a financial planner can help you.

5. Mindset

Being successful with money often has to do with our mindset. I have talked to thousands of people over my career about their finances and success is all about having a plan and being disciplined. The answer isn’t always ‘I need to make more money’ or ‘I need to win the lottery’. Creating your financial success is a lot easier than it seems, but it doesn’t happen overnight.

Are you ready to level up your financial success? Just as it takes dedication to level up your health, relationships, and time management, it takes dedication to become financially successful. With these strategies and a long-term outlook, you can have financial independence.

Set up a call to get help leveling up! 

Investors should talk to their financial advisor prior to making any investment decision. All expressions of opinion are subject to change. This article is distributed for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. M & A Consulting Group, LLC, doing business as CAM Investor Solutions is an SEC registered investment adviser. As a fee-only firm, we do not receive commissions nor sell any insurance products. We provide financial planning and investment information that we believe to be useful and accurate. However, there cannot be any guarantees. This blog has been provided solely for informational purposes and does not represent investment advice or provide an opinion regarding fairness of any transaction. It does not constitute an offer, solicitation or a recommendation to buy or sell any particular security or instrument or to adopt any investment strategy. Past performance is not a guarantee of future results. Diversification does not eliminate the risk of market loss. Investors should seek additional advice from their financial advisor or tax professional.

As Founder and the firm’s Managing Principal, Marc focuses on engaging the needs of our clients to increase the quality of their life. In his role as Wealth Advisor and Chief Investment Officer, he specializes in guiding business leaders and small business owners with their stock & option compensation, along with managing their concentrated wealth.