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7 Exercises for Your Financial Health

In addition to keeping yourself physically fit, you want to stay healthy financially. Consider Luma Wealth your ‘personal wealth trainer,’ providing guidance to help you achieve your wealth goals. Here are seven financial exercises we recommend as a start, and we promise that you won’t break a sweat.

Exercise 1. Reassess your retirement savings plan

If you set up your 401(k) with your employer, then let it run on autopilot, it may be time to review where you are. In addition, you may have multiple retirement accounts and an uncoordinated strategy if you’ve changed jobs over the years. Your Luma Wealth advisor can help you analyze your retirement savings holistically, then manage your assets to help you stay on track.

Exercise 2. Make sure you’re properly insured

Safeguard your loved ones and protect your financial well-being against the unexpected with insurance solutions appropriate to your needs. Your Luma Wealth advisor can help you review your coverage to determine if you’re over- or underinsured and potentially identify opportunities to save.

Exercise 3. Review your beneficiary designations

You may have heard about people who’ve mistakenly left assets to the wrong heirs because they failed to update their beneficiary designations. If you are widowed or divorced, have new children, grandchildren, are in a blended family or have had a change of heart, review your financial account beneficiaries to ensure you leave the legacy you intend. For more information about legacy planning, please join us for a ‘Lunch and Learn later this month.

Exercise 4. Align your giving strategy with your philanthropic goals

In a recent wealth survey conducted by U.S. Trust*, 84% of high-net-worth individuals said they have charitable goals, but more than half believe they are not doing all they can to achieve them. Your Luma Wealth advisor can help you create a philanthropic giving strategy that aligns with your intentions, and help you realize your charitable goals.

Exercise 5. Request a free copy of your credit report

You’re entitled to a free credit report each year from the three major credit bureaus. Even if you’re not thinking about applying for a loan, it’s a good idea to stay abreast of your credit score to check for errors and to make sure you don’t become a victim of fraud.


Exercise 6. Double check your withholdings

Employers are required to send out W2s by January 31st, and when you receive yours, check to make sure you’re not withholding too much or too little. A change in your marital status, number of dependents or home ownership can affect the amount you need to withhold.

Exercise 7. Reflect upon your goals

You set your wealth goals without knowing what the future holds, and things may turn out differently than planned. What happens if you choose to retire sooner or work longer than expected or relocate to be closer to your grandchildren? Speak with your Luma Wealth advisor about your current hopes and dreams, so your plan can be adjusted accordingly.

At Luma Wealth, we care about your health as well as your wealth. Please join us for our upcoming Zumba, yoga and cycling events to help keep you physically fit! Visit our Facebook page for the details.  

*2018 U.S. Trust Insights on Wealth and Worth®, U.S. Trust

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Luma Wealth is registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through Hightower Advisors, LLC.

This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.

All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and Hightower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.