https://advisor.morganstanley.com/deborah.tryon In this edition, we go back to basics with time-tested advice from (now retired) financial planner Reesa Manning which first appeared in our 2013 January/February edition. If you’re serious about pursuing your financial goals, first get your finances in order. Here are a few simple steps to keep you on track: Get organized Make time to understand your basic financial facts—how you spend your income, how well your investments have performed and how much your net worth increased this year. Organizing your finances will assist in tracking this information. Budget your expenditures Inefficient and wasted expenditures are often major obstacles to saving for financial goals. Analyzing your expenses will help you find ways to reduce spending and increase your savings. Develop explicit written financial goals Goals help set our financial priorities and provide motivation for reducing spending and saving for the future. Quantify your ultimate goal and interim goals so your progress can be tracked. Pay yourself first If you wait until the end of the month to see how much money is left over for saving, you’ll probably find that the answer is nothing. Pay yourself first, and then find ways to reduce spending to pay the rest of your bills. Establish an emergency cash reserve This will give you funds to deal with short-term emergencies such as a temporary job loss, short-term disability, a major home repair or a large medical bill. How much you need in the reserve will depend on your age, health, job outlook and ability to borrow quickly. Get your debt under control Take steps to reduce your consumer debt as much as possible—any interest payments are just reducing the amount available for saving. There are a variety of strategies you can use to either reduce your debt or lower the cost of that debt. Invest automatically One of the best ways to invest consistently is to make investing automatic. Make arrangements to have a specific amount deducted from your checking or savings account periodically and transferred to an investment account. Keep in mind that an automatic saving plan does not assure a profit or protect against loss in declining markets. Because such a strategy involves periodic investment, consider your financial ability and willingness to continue purchases through periods of low-price levels. September/October 2025 www.DesertHealthNews.com Financial Health The Valley's Leading Resource for Health and Wellness 15 A busy schedule shouldn, t get in the way of a plan for your future. It , s easy to lose track of your finances when your days are filled with other responsibilities. As a Morgan Stanley Financial Advisor, I can work with you to understand your goals and help you create an investment strategy that , s right for you. With your future on track, you can focus on all that , s happening in your life now. Call me today to learn more. Deborah Tryon Financial Planning Specialist First Vice President Financial Advisor 74-199 El Paseo, Suite 201 Palm Desert, CA 92260 +1 760 776-6227 Deborah.Tryon@morganstanley.com https://advisor.morganstanley.com/ deborah.tryon CA INS LIC. # 0H87514 NMLS# 637445 The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. ©2025 Morgan Stanley Smith Barney LLC. Member SIPC. SEG010 CRC 3497342 04/24 CS 9918142 03/21 www.hfhcv.org How often do you review your financial plan? Develop an investment strategy Your strategy will depend on a variety of factors unique to your situation, including your risk tolerance, return expectations, investment period and investment preferences. Developing an investment strategy requires evaluating many factors, but it can give you a well-thought-out strategy to help pursue your long-term goals. Periodically assess your insurance cover Whether it's life, health, disability, long-term care, homeowners, automobile or personal liability insurance, over time, your needs are likely to change. Insurance companies offer innovations and riders that might be applicable to your situation. Reevaluating your insurance can lead to lower premiums with coverage better suited to your situation. Take active steps to reduce your taxes Reduce your income taxes to free money for saving. Review income tax reduction strategies now, so you have time to implement them moving forward. Review your estate plan If it’s been a few years since you’ve reviewed your estate plan, take time to go over your documents to make sure they still reflect your wishes for your estate’s disposition. If you don’t have an estate plan, get one in place. While many of these tips may sound familiar, it is the rare individual who takes advantage of all of them. Whether you are still working or retired, you need a sound financial plan—now more than ever–– to cover your retirement income needs. Back to Basics for Your Financial Future
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