No regrets in 2017.....

Posted by Valley Financial Group & Billy Wolfe Jr.

Every person has a story, a series of decisions and events stretched over a lifetime that has led to them to where they are today. Most of our past we wouldn't change or trade for anything, having been led to our schools, jobs, friends, and family because of it. But each and every one of us has that one thing, that one pair of shoes we wished we had worn, but that we might have been scared to wear, or even been talked out of. We're happy with where we are and how far we've come, but we'll always ask ourselves "what if?" It could be applying to that school that everyone thought was out of your reach, traveling to a land you always dreamed of going too, taking that leap to become your own boss or even asking the prettiest girl in the class for a dance all the way back in High School.

 

 When it comes to investing or financial planning, some of us regret not investing or planning sooner in our lives.  If you are one of the 31% of Americans that doesn't have a pension or any retirement saving put away for your retirement, don't think you’re defeated or give up!  https://www.federalreserve.gov/communitydev/shed.htm.  Most of us, as we get into our late forties, fifties and sixties are in our prime earning years.  The IRS has a catch-up provision for your retirement accounts once you are older than 50. For example, tax payers can contribute $18,000.00 to their retirement plan (401k, 403b & 457 Plans) for 2017 and if they are older than 50 years of age than contribute another $6,000 for a total of $24,000 for 2017.  IRS.GOV.  

 

Another step to put into action when beginning to save later in life for retirement is to create a plan on what you want your retirement to look and feel like. Remember Vince Lombardi's famous quote "Fail to plan, Plan to fail,” also reduce spending, pay yourself first and continue to review your plan.  For those younger investors, congratulations! You have a head start to put your retirement and financial plans into action, so you can avoid that regret overcoming you late one night in your bed on “why didn't I plan earlier?” 

 

For whatever reason, the word "regret" catches people's attention, whether it’s because of previous experience with the feeling or the uncertainty that most choices entail. The phrase "you're going to regret this" has changed people's minds and caused rampant indecisiveness since the inception of the English language. At the end of the day, most people's regrets are a result of the things they wish they have done and risks they wish they had taken, rather than regretting mistakes made. So take a risk or as we view it at Valley Financial, create an opportunity to live your dreams. Put yourself out there and tackle the odds. Take the risk that you've been pondering chancing. Make 2017 the year you chase your goals and accomplish them. Do it soon, because you don't want to relive watching Sally dancing with someone else at your High School Prom.