Between finding ways to save money, navigating the ever-fluctuating investment market, and planning for retirement, managing your finances can be intimidating. Fortunately, Oak Partners Wealth Advisor Jack DeHaven has a few financial tips on how to make the most of your money in 2023.
No matter the circumstances, saving money should be a priority, and the best way to save money is to create a strong, intentional budget and stick to it. DeHaven recommends reevaluating what equals necessary spending and discretionary spending and finding small ways to cut discretionary spending. DeHaven has applied his reevaluation of discretionary spending in his own life by choosing to cook more meals at home and eating at restaurants less often. When he does go out to eat with his family and friends, he always tries to support small, local businesses as they face their own challenges in this environment.
Cutting costs where possible is a great way to protect your money, and investing is a great way to grow your money. While DeHaven does not believe 2023 will be a record-setting year for investments, he does believe that proactive money management can give individuals an advantage.
“There are going to be peaks and valleys for each part of the market,” DeHaven said. “One of our more successful strategies recently has been our Sector Rotation strategy. We use proprietary screening criteria that screen for the top performing primary sectors on the S&P 500. This allows investors to take advantage of a forward looking approach that is key to success in the markets.”
While the market may lead to hesitation when it comes to saving up for retirement, DeHaven encourages taking a more active approach to retirement.
“I think some folks' thoughts when they see a market like we had in 2022 lead them to think that they shouldn't be adding as much to their 401K or to their IRA or to whatever savings program they use. However, history tells us that the market is going to rebound, and the best way to plan for retirement is to save today. Whether you're planning to retire in 30 years or three years, continuing to add to your retirement is extremely important,” he said.
Regardless of your financial goals for 2023, DeHaven encourages tackling those goals with an active approach and finding a financial advisor who will help you reach those goals.
“Whether it be choosing Oak Partners to help you save for retirement and manage your wealth or someone else, just make sure that you find somebody that has an active management approach and is willing to listen to your goals and needs as an individual,” DeHaven said. “We are all fiduciaries here at Oak Partners, and that means that we sit on the same side of the table as our clients. Growing clients’ accounts is our goal and, obviously, their goal.”
Visit Oak Partners’ website to learn more and discover if Oak Partners is the right fit for you.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.