3 Keys to Financial Freedom

By Lauren Stone By Lauren Stone | October 27, 2023 | Lifestyle Sponsored Post

Lincoln Financial shares the importance and impact of taking financial control of your future.

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With economic uncertainties such as inflation and market volatility, it is crucial for consumers to prioritize their financial well-being. Rather than relying on day-to-day management, having specific financial goals and a plan can greatly improve personal finances in the long run.

According to research by Lincoln Financial, individuals who set clear financial objectives in 2022 were two to three times more likely to see an improvement in their financial situation. By thinking ahead and taking proactive steps, individuals can better secure their financial future. Planning ahead allows for a sense of security and empowers individuals to navigate potential challenges with confidence. Here are three ways to help make that happen.

1. Hire a financial professional

Consumers who worked with financial professionals last year were 1.5 times more likely to meet their financial goals than consumers who did not, according to Lincoln Financial. With extensive experience managing investments, planning for retirement and more, a knowledgeable advisor can help you reach your financial goals. Lincoln Financial offers products such as life insurance, annuities and long-term care that can help protect and prepare for your financial future.

Consider your individual needs when hiring a financial professional to ensure it’s a good match. According to Lincoln Financial’s survey, respondents who were “very satisfied” with their financial professional were three times more likely to meet their financial goals.

“Your financial future is too important to leave to chance,” says David Berkowitz, president of Lincoln Financial Network, the wealth management arm of Lincoln Financial Group. “A certified financial professional can support you in growing and protecting your personal wealth by helping you set meaningful goals and carefully crafting a financial plan to help guide you to success.”

2. Set goals

“Lincoln’s research underscores the importance of taking a definitive approach,” says Ed Walters, senior vice president of Lincoln Financial Network. “While financial goals don’t need to be complicated, you should be able to easily track and monitor your progress. Consumers’ wallets are stretched thin with many competing financial priorities, so now is a great time to get back to the basics.”

Lincoln Financial outlines three simple ways to help consumers start financially planning their future: save regularly, continue investing and work with a financial professional. Remaining consistent in your saving and investing is vital to reaching your retirement goals. A financial advisor can help you determine a savings plan that’s right for you, but Lincoln Financial generally recommends putting 10 to 15 percent of your salary toward retirement.

3. Invest in what you love

Research shows that those who set specific financial goals in 2022 were twice as likely to be optimistic about their finances in 2023. The earlier you start thinking ahead, the earlier you’ll see results — and the better you’ll feel about your overall financial health.

“It’s important that you’re honest with yourself about where you are financially and what your goals are,” Walters says. “With a little discipline, knowledge and guidance, you can have a strong financial year and see long-lasting results.”

That means being able to enjoy your hobbies and passions — whether that’s collecting vintage cars or investing in real estate — for years to come. To start planning your financial future now, visit LincolnFinancial.com.

Source: Lincoln Financial, Consumer Sentiment Omnibus, November 2022

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products distributed by broker/dealer-affiliates. Lincoln Financial Distributors, Inc., Radnor, PA. © 2023 Lincoln National Corporation.

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