Everybody’s situation is different. Everybody has different ways in which they want to make money, save money, invest money, all of that. But the biggest piece to financial wellness, I believe, is making sure that your assets are protected.
As I learned at the Chicago Patrolman Credit Union, you need to build a portfolio where your wealth is steadily increasing, and you are getting yourself into a position where you can retire. You don’t want to have to take on a part-time job or go back to work at an age when you should be able to retire.
You want that security. Retirement looks different for everybody. So maybe you want a part-time job, but you need to be in a position where you are doing it because that is what you want to do and not what you have to do.
Security also means different things to different people. Maybe you want to set yourself up to go on a vacation once or twice a year. Maybe you just really enjoy having the financial security to spend more time with your grandkids. So, the idea of financial wellness is very individualized. It’s what you would like your future to look like.
More often than not, most first responders I work with want to be debt free at one point or another in their lives. So, when we do seminars it isn’t just about talking about home loans for police. We talk about setting financial goals. If you want to be completely debt free, we’ll show you the steps that you should take to be able to get yourself there.
If you’re someone that likes to invest and you invest in real estate, well you’re still going to have debt but that debt is making money for you. Hopefully that leverage is creating a profit if you are diligent about what you are doing.
I’ve heard the mentalities of, “Well I’m always going to have debt” or “I’m going to die having debt. What does it matter to me if I pass away and I have this debt?” I think the peace of mind of knowing that having at least your bills covered each month and creating a little nest egg for yourself is an example of financial wellness.
That’s the most basic part of it. That is the most basic plan of financial wellness, being able to cover your day-to-day bills or month-to-month bills and have a little bit for a rainy day just in case.
Then there’s the age factor. When you’re younger, you’re going to have debt. In your early 20s you’re likely to make a few mistakes where you end up with debt in your 30s. The whole idea is for you to eventually get yourself to a point where you don’t want to be under mounds of credit-card debt and a car payment that’s 96 months long.
Those are some of the other key points in our financial wellness classes that we like to point out. Yes, you’re going to have debt. Everybody has had debt. Whatever situation you are in you’re not the first or the last person to be in it. But it’s how you help yourself get rid of some of that debt. Pay that bad debt off. Make sure you’re budgeting. Make sure you’re saving. And then be a little bit choosier with your debt as you get older and make sure you are protected. That’s financial wellness to me.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, go to www.policemortgage.com or call 312-499-8878.
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