At the most basic level, business transition planning is a strategy that can be put into play when a business is sold or changes hands. For company owners nearing retirement, a successful transition plan can play an important part in creating and preserving the value of the business after it has changed hands.
Atlanta Financial Blog
Achieving Peak Performance: Financial Lessons We Can Learn From Athletes
Athletes are often treated like superheroes. For good reason, too – they undergo rigorous training, develop astounding mental strength and achieve what we call mental and physical peak performance. Studies even show that student-athletes are more likely to have better academic and behavioral performance.1
Today, though, we aren’t talking about physical fitness. We’re talking about financial fitness — the mindset with which you approach your finances actually isn’t so different from an athlete’s approach to their sport.
Defining Your Goals
All athletes develop tailored goals to put them on the path to success. Financial goals are the same; if you don’t lay the groundwork for your financial future by establishing goals and priorities, it will be harder to achieve the financial future you want.
Short-Term vs. Long-Term Goals
Athletes often have both short-term and long-term goals; a track star may have a goal for their next meet while simultaneously working towards the Olympic trials far into the future.
When it comes to your finances, you want to think long-term. Those goals could be for your retirement and deciding how much you want to put away through a retirement savings account, or perhaps establishing a college fund for your children. What do you want your financial reality to look like in the long run? What can you do now to make it happen?
Establishing short-term goals is also crucial to your finances and intermingle with your long-term goals. For example, you might say “I am going to save ‘x’ percent of my income each month,” or “I am going to set aside ‘x’ amount of money every month to save for a vacation home.” By consciously thinking about your goals and the specific actions that you can take to attain them, you’re already one step closer to financial fitness.
Athletes are notorious for the hard work they put in. Staying in peak physical condition and aiming for constant improvement requires immense discipline, as does staying in peak financial condition.
By working with your Atlanta Financial advisor, they can help you create the plan and steps you need to take to achieve your most important financial goals. They can also help you monitor your progress toward those goals and help you stay on track. However, once your goals and the steps to reach them are defined, the most important thing is for you to maintain the discipline to make those goals a reality.
Stick With it
The best athletes don’t give up, even when they fail; they stay committed and focused on their goals. Your finances can be unexpected. Even though having a financial plan is vital, things happen that we can’t possibly account for.
Don’t be discouraged if you happen to go over budget, have some unexpected expenses, or you don’t receive the incentive bonus that you were expecting. Just like an athlete: pick yourself back up, refocus, and keep putting in the work to reach your financial goals.
If you have questions, call us! We are always happy to talk to you or answer any questions you may have.
The travel industry has begun to see growing demand as we move closer to summer. However, not all travel will be the same, as much of the demand is directly related to the COVID-19 vaccine and reduced CDC restrictions. Instead, industry trends have emerged based on individual comfort levels as they apply to different modes of travel.
Below we will explore some of the factors that have contributed to an increase in travel and how different industries are responding to it.
Following a year of economic instability, it appears that many of us are turning our attention to something that’s been around for decades, but has recently piqued national interest – inflation. In fact, a recent study found that people are Googling the word “inflation” at a rapid rate, with a peak not seen since 2010…
As mothers, sisters and daughters, women are often counted on to be caregivers for family members in need. Whether it’s something as small as a cold or as debilitating as a terminal illness, women are typically the ones to care for and help out when a loved one is sick. But what happens when the caregiver is in need of her own care? Too many women are stuck facing this dilemma head on, instead of preparing for it while there’s still plenty of options, resources and time ahead. Below are a few reasons why it’s so important for women to plan for their own long-term care strategies now.