When it comes to preparing for your future, making money and saving money are two equally important sides of the same coin. Investing is where earning and saving meet and making smart investments is critical to reaching your long-term financial goals. 

Once you’ve created a comfortable emergency savings funds, you should begin to move your focus to long-term savings and investments. All investments, by their very nature, carry some element of risk, so make sure you understand where your money is going and what may happen to it once it’s there. 

Investing for Retirement 

The earlier you can begin to start saving for retirement the better off you’ll be when it comes time to say goodbye to work forever. 

Read: Just for You: Seniors – Last Minute Retirement Strategies for ways to make up the gap if you haven’t started saving until late in the game. 

Read: Glossary of Personal Savings Terms for the definition of a few crucial savings terms. 

Read: Planning for Your Long-term Future – Retirement Savings for information on some basic investment strategies. 

Read: How To: Transfer or Rollover Your Retirement Savings Account to see how to go about moving your retirement funds to a higher yielding option. 

Read: Cashing Out and Borrowing from Retirement Accounts for some guidelines to follow if you are considering borrowing against your retirement savings.

Reverse Mortgages 

If you haven’t saved or invested enough for a comfortable retirement, but you do have equity in your home, you may want to consider a reverse mortgage, which converts part of that equity into tax-free income. 

Read: How to Determine if a Reverse Mortgage is Right for You to find out if a home equity conversion mortgage is a good idea for your situation. 

Read: Reverse Mortgage Resources for a list of further resources to consult if you are considering a reverse mortgage. 

Tracking Your Progress 

One of the best tools for assessing your financial well-being is a net worth statement. This is a list of all of your assets (what you own) and all of your liabilities (what you owe). A net worth statement provides a snapshot of your financial well-being by recording the value on that one day of all your assets and liabilities. You can compare today’s statement against future net worth statements to see how you’re progressing towards your goals. 

Download: Calculating Your Net Worth worksheet to help track your progress on the path towards creating wealth. 

View: How to Calculate your Net Worth for instructions on listing out all of your assets and liabilities:

Choosing a Financial Professional 

As your wealth grows you may decide that professional advice would be useful to help guide your investment choices. There are many kinds of financial professionals that can offer advice and sell you investment products. It’s your responsibility to make informed decisions about the kind of advice you need and the professionals who can best help you. 

Read: Evaluating and Choosing Financial Advisors for information on the types of professional assistance you may want to enlist to help you manage your money.

    Remember, MMI is here to help

    If you've assessed your financial plan and find you need assistance achieving your financial goals, MMI's certified counselors are here to help. Take the next step toward financial freedom today and schedule a free counseling session: Fill out a counseling form online or call 866.515.2227.


    Interested in learning more about debt repayment? Listen to successful MMI clients, Sharon and Craig, as they share their stories about overcoming debt and achieving financial freedom.