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A Guide to Financial Fitness – Part IV

By Rhonda Coblentz

“Ragnar was a ninth century Norse king. He was a pirate, a raider, a conqueror, an explorer, and a wild man. The tough, fearless, rugged attributes of this Norse king are shared by all who participate in a Ragnar Relay.” Excerpted from www.ragnarrelay.com

New Adventures
After conquering a marathon, I decided to try an adventure race. In November, I joined a team of 11 others for the Florida Ragnar Relay, a wild and wooly race spanning 31 hours and 204 miles. My part in the race was three separate legs encompassing rural roads and odd hours. I vividly recall running across a state road somewhere between Tarpon Springs and Daytona Beach, in pitch darkness, with semi-trucks roaring past me at 80 mph, dodging snakes, and road-kill as my life flashed before my eyes. The danger was tangible and all I could think of was, “I am so glad I have a plan in place for my kids if I don’t make it back alive!” Forget the strain and the gravel, the dark and the running…I realized my personal asset allocation and risk tolerance were out of control, with my kids at the top on my mind.

Financial analysis took on a whole new meaning. It’s not often that we think about life and death, but when we do, and if we are responsible for those that we love, then their financial welfare becomes a priority.

Are you financially fit? Would your family be okay, if…?

New Year, a New Lifestyle
Enough mega-seriousness, let’s get back to fitness. Every New Year, we Americans flock to the gym in record numbers. We hop on the treadmills, yank on the strings of yo-yo diets (don’t touch those carbs!), and re-focus on fitness. We’ve egg-nogged our way through the holidays and now we’re back to grapefruit juice. But in the recesses of our memory, we’re plagued with last year’s resolutions and that nagging word, “lifestyle.” We know the truth: we have to change our lifestyle if we want fitness to last. Darn!

As I pull on my running shoes and hit the roads, I’m reminded once again of the parallels between physical and financial fitness. Establishing a lifestyle. Engaging discipline. And even the fact that age makes such a difference. Physically, the younger we are, the easier it is to get fit, stay fit, and look great. The older we are, the harder it is to lose 10 pounds and stay strong and lean.  The same is true financially. The numbers are in favor of the young. If a 25 year old saved $200 a month, by time he was 50 with compound interest at 6%, that young man would have saved $138,599.00. If a 40 year old wanted to reach $138,599.00 by the time she was 50, she’d have to save $845.74 per month!

If you are 40, 50, or more…don’t let those numbers stop you from getting in shape in body or portfolio. It is never too late to make positive changes. And whether training for a triathlon (my next adventure!) or creating a legacy to pass on to the next generation, good coaching is essential to overcoming obstacles and reaching your dreams and goals.

A New Urgency
Where did 2009 go? Where did the last decade go? Where did your earnings go? Are you budgeting your time, energy, and money any differently than last year? No more excuses! As a financial professional, it is my job to help you understand the urgency of establishing a solid financial strategy today. There was no way I could have shown up on race day and survived the Ragnar Relay without serious preparation. And there is no way we can show up for retirement without establishing a plan, covering risks and contingencies, and fine-tuning and adjusting as we race from here to there. The clock is ticking………..

In Part II of this series, I introduced the concept of “YOU, INC.” By treating yourself as you would a successful business endeavor, YOU, INC. must have a competent board of directors—starting today. Your financial success depends on creating a great team to help you reach your target. At the Principal Financial Group®, we are backed by historical success, skilled financial professionals, and our advanced solutions department. We work together with attorneys, CPAs, and financial advisors to guide complex business decisions, legacy and successor planning, exit strategies, and more. In fact, we work together with your own CPAs and attorneys to communicate clearly to help you reach your goals.

Whether you are just starting out or straining toward the finish line, your financial coach can help give you the edge you need to run hard, run well, and reach for victory. Let’s get fit. Call today to find out more about planning for your financial goals.  Because your financial journey is one adventure you can’t afford to miss.

Insurance products from the Principal Financial Group® are issued by Principal National Life Insurance Company (except in New York) and Principal Life Insurance Company. Securities offered through Princor Financial Services Corporation, 800/247-1737, member SIPC. Principal National and Principal Life, and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392. Rhonda Coblentz, Principal National and Principal Life Financial Representative, Princor Registered Representative. #6474082011

As a Financial Representative and Registered Representative with the Principal Financial Group®, Rhonda Coblentz works with individuals and business owners in the planning and execution of the steps  to help achieve their unique financial goals.  With a background in the real estate and mortgage industries Rhonda offers a well-rounded approach to her business. Rhonda acts as a resource for her clientele, who benefit from the firm’s 130-plus years in the industry.  The Principal® offers financial products and services, including 401(k) plans, IRAs,  mutual funds, investments, insurance, and banking services . Contact Rhonda at 941-504-9010   #6531082011

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