Issue link: https://nebusinessmedia.uberflip.com/i/1471059
26 HARTFORDBUSINESS.COM | June 20, 2022 Strategic Thinking Isn't Just for Business Here's How to Use It to Empower Your Financial and Life Goals, Too You put strategic thinking to work every day to meet business goals, but what about your financial goals? Applying a strategic thinking mindset to personal finance can literally change your life, so the sooner you start, the better. In fact, we believe this approach is so essential to maximizing finances that we've built our entire practice on it at Weiss, Hale & Zahansky Strategic Wealth Advisors. Our Plan Well, Invest Well, Live Well™ process is based on the tenets of strategic thinking, built on extensive research, and facilitated through a consistent partnership approach with our clients. Here's how you can begin to reframe your own strategic thinking to achieve your personal goals. STEP 1: PLAN WELL You already know that no matter how great the idea, without the necessary resources and team it'll never become a reality. The same principle applies to personal finance. Here's how to plan well now so you can maximize your investments and achieve your goals. Be forward-thinking. Set specific goals and know the financial resources required to achieve them. Are you after a certain lifestyle, early retirement, dreams for your family? How do you balance and prioritize those goals now, and are you happy with that status quo? What level of resources are required to meet them the way you'd like in the future? Know how to leverage your strengths and minimize your weaknesses. Conduct a SWOT analysis of your current financial situation and strategy. Are you leveraging your compensation package and other resources to their best strengths? Where you've identified financial weaknesses, what threats do those pose and what opportunities are available to minimize them? Is there something you could add to your investment mix or do differently now for a better outcome tomorrow? Embrace planning and problem-solving with creativity and a strong team. Planning can be daunting and problem-solving is an ongoing challenge. This is especially true in personal finance, where emotions can keep you from making the best decisions. So work with a financial advisory team that are strategic thinkers themselves, and will tackle these big questions with skill as well as ingenuity, an understanding of the big picture and a collaborative approach that respects your individual needs. STEP 2: INVEST WELL Make informed decisions. Investing well begins with understanding your risk tolerance in relation to all your available assets, from investments to properties and more. Do these things allow you to take the risk required to meet your goals? Use your overall net worth to assess your risk posture and then create your strategic financial plan accordingly. Take decisive action but stay agile. Once you've put your plan into action, the challenge is to stick with it over the long term (which historically yields the greatest gains). At the same time, continue adjusting specific investments in order to remain on-strategy, and consider how these choices will affect you in the short- term from a tax perspective. STEP 3: LIVE WELL Ultimately, a strategic approach that's focused on delivering (and sustaining) your dreams will enable you to Live Well both now and in the future, and that is the ultimate payoff. If you'd like a strategic partner to help guide you on that journey, contact us at (860) 928-2341 or info@whzwealth.com, or visit www.whzwealth. com to get started. Authored by Principal/Managing Partner James Zahansky, AWMA®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259, 860-928-2341. http://www.whzwealth.com. 697 POMFRET STREET, POMFRET CENTER, CT 06259 P 860.928.2341 | F 860.928.5271 | www.whzwealth.com SPONSORED CONTENT James Zahansky, AWMA ® Principal/Managing Partner & Chief Goal Strategist