New Years Resolutions: Financial Advisors give tips on how to have financial peace

We are now about halfway through the first day of 2019, which means it’s time to put your New Years Resolutions to the test.

Some New Years Resolutions that people talk about are getting back to the gym, eating healthy and even being a better person.

Financial Advisors told ABC 7 that planning your financial future should be a top priority as well.

According to Brian Metzger, the President of Business Development at Crown Wealth Strategies people should have a plan. He said, “Having a plan and being able to execute on that plan,” is very important. He said, “A lot of people make decisions based on emotions or outside factors.”

Metzger said that making emotional purchases can be devastating to your financial wellness, and believes it would be helpful for people to seek help concerning their finances. He said, “Having a (financial) advisor is kind of like a sports athlete having a coach, it kind of gives them direction for their efforts to get the most out of it.”

Lizzie Dipp Metzger, The President and Founder of Crown Wealth Strategies, said a financial advisor will be able to create an individual plan for each person. She said “What’s funny about finances is you can’t just check the box, everyone has a different goal, some people are trying to get out of debt, some people are trying to save for education, some people are trying to save for retirement. What’s important is that people in the new year really start to crystallize and understand what their goals are so they can put a game plan together to try to reach those in the future.”

Dipp Metzger gave ABC 7 some tips on how to gain financial peace.

Maintain financial discipline at all times If you know you are going to make a big purchase, plan ahead and budget it into your yearly expenses. Avoid making purchases on credit cards

Dipp Metzger said that when using a credit card to make a purchase, it could cost people more than they think, saying “So when you’re buying a $1,000 gift, with 20% interest, That $1,000 is going to cost you $3,000, $4,000 or even $5,000. ”

Dipp Metzger also said that risk management is very important. She said that having a savings account and insurance coverage, such as life, auto, and health, could save people from unnecessary hardship.

In Dipp Metzger’s experience, some people don’t have a backup plan. “They don’t protect for those horrible situations that can come up, and those catastrophes can really destroy a family,” she said.

DIpp Metzger believes that it is important that people don’t overspend, and said: “If you don’t have the money to pay for it, just don’t buy it.”

Crown Wealth Strategies is a financial planning company located in El Paso.

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