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3 Ways to Start the New Year with a Fresh Approach

Each year, millions of Americans make resolutions in the first month of a new year, hoping to spark positive changes including more exercise, healthier eating, getting organized, and exciting travel goals. While these priorities are all good to focus on, ensuring your finances and investments are on the right track is an often-overlooked resolution. This topic is something that can make or break many of the other goals on your lifelong bucket list. We’re here with three of our best tips to start the new year with a fresh financial approach.

The LPL Financial Advisors at Elements Wealth Management are here to support you and our initial consultations are always complimentary. Explore this advice and contact us to discuss your unique situation.

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So, how can I kick off 2022 feeling good about my investments plan?

1. Craft Your Vision

Take some time to divide a whiteboard or sheet of paper into four sections: 3 years, 5 years, 10 years, and 20 years. As you create these boxes, write what the year will be at this point and you, your spouse, and any children’s ages in each box. Now, ask yourself these questions and make notes in the appropriate sections:

  • What do we envision our life looking like at this point?
  • Where would we expect our finances to be?
  • What kind of career would we hold?
  • What might our health look like?
  • Will I need to be saving for future educational expenses?
  • What kind of activities will we want to be doing? Where at?
  • Where would we ideally like to travel?
  • What areas would we want to be growing in?

These types of questions will get you and your family in the mindset of thinking ahead. Creating a board of cutout photos and words is another enjoyable way to handle this planning exercise. Use what you learn from where you hope to be to set achievable goals alongside your Financial Advisor who can help you find ways to aim for what you wish to accomplish.

2. Daydream about Retirement

Everyone has a different picture of retirement. Maybe you've considered plans to relocate or travel extensively, plan to start a business, or even to work part-time during retirement. It’s important to take these factors into account when making financial decisions related to your retirement savings. Additionally, thinking about you and your spouse's health to allow for accurate adjustments to estimates for health-care costs down the road.

  • Expert Tip as You Near Retirement | Plan Your Income: As you approach retirement, think about what changes you may need to make to your day-to-day budget. When you decide it’s time to call your career quits, where will the money you need to live come from? Do you have liquid cash to live on? Will you need to pull from investment or 401(k) accounts? Either way, consulting a trusted Financial Advisor to find the most efficient way to access the cash you need will get you on track for making the most informed financial decisions as you enjoy your much deserved retirement.

3. Examine Risk Tolerance

How comfortable are you with the possibility of investment loss, or seeing the value of your investment fluctuate day by day? Known as risk averse, many investors would forgo the possibility of a large gain if they knew there was also the possibility of a large loss. Other investors called risk seekers are more willing to take the chance of a large loss if there were also the possibility of a large gain.

Risk aversion isn't an either-or proposition; many investors consider themselves risk-seekers until they experience a loss that gets too painful. Before making any investment, you should try to get a sense of just what circumstances might cause you to sell an investment if it began to experience a loss. After all, an investing game plan only works if you're able to stick to it and having an accurate sense of your true risk tolerance will help you develop a plan you can stay with.

  • Expert Tip: Consider your time horizon for life expectancy and retirement as you asses your tolerance. For example, if you're investing for retirement 30 years from now, you may be more willing to face greater risk in exchange for the potential for a higher return than if you're saving to send your child to college in 4 years.


Consider these important topics and their impact on your personal situation. They each play a role in preparing you for the ultimate goal: retirement. We are here to guide you during a complimentary consultation, so reach out to meet with a trusted LPL Financial Advisor.

Meet Elements Wealth Management

We're a diverse team of Financial Planners who share a common goal: to help you pursue your dreams.

What services do you provide? Our LPL Financial Advisors start by looking at each client’s overall finances including savings for education, taxes, estate planning, and retirement contributions. Then they work to craft a personalized plan that makes sense for each individual and leads clients towards their goals.

Who benefits from your services? Whether you’re getting started or you’re a seasoned investor, we’ve got the tools to assist you on your journey. We don’t have account minimums, so we are here to support all levels of investors.

How do you charge? Our LPL Financial Advisors typically operate with one simple fee — based on the assets we manage on your behalf. They’re able to deliver financial planning and objective advice under this fee.

Zach Schroer

Vice President, LPL Financial Advisor

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Indianapolis, IN 46202