December 2024 Blog Newsletter
December Captain’s Log
Merry Christmas!
The team at Anchor Wealth wishes you a very Merry Christmas and a safe,happy New Year! We are deeply grateful to serve each of you—our clientsare the reason we do what we do.
As the year comes to a close, take a moment to reflect on the successes of2024 and the lessons learned from any challenges. Remember to leave thosechallenges in the past and focus on building a prosperous and successful2025!
This holiday season, make it a priority to enjoy meaningful moments withfamily and friends. Whether it’s gathering around the dinner table, sharinglaughter over old memories, or creating new traditions, these moments arewhat truly make the season special. Slow down, unplug, and be present withthe people who matter most. Celebrate the blessings in your life and therelationships that bring joy and purpose to your journey.
From our family to yours, we wish you a holiday season filled with love,laughter, and special memories.
God Bless,
Adam
Take Control of Your Money Once and For All
When it comes to financial stability, many of us feel like we’re swimmingupstream. Mounting bills, unexpected expenses, and the overwhelming worldof financial planning can leave even the most organized individuals feelingstressed. But financial peace is achievable—it just takes a plan and the rightmindset.
One of the most effective tools to help you achieve financial stability isFinancial Peace University (FPU), a program created by personal financeexpert Dave Ramsey.
What Is Financial Peace University?
Financial Peace University is a proven nine-lesson program that equipsindividuals with tools to eliminate debt, build wealth, and confidentlymanage money. At its core, FPU is about giving you control over yourmoney instead of letting money control you. It teaches skills that helppeople of all financial situations, whether you’re drowning in debt or lookingto optimize your investments. The program is available for $79.99 duringsales or $99.99 at the regular price. Purchase it here.
FPU’s Seven Baby Steps: A Roadmap to Financial Peace
Dave Ramsey’s FPU focuses on a clear, seven-step path to financial freedom:
Save $1,000 for a Starter Emergency Fund
Life happens. Whether it’s a car repair or an unexpected bill, having a smallemergency fund prevents you from relying on credit cards during life’shiccups.
Pay Off All Debt (Except Your Home) Using the Debt Snowball Method
The Debt Snowball Method focuses on paying off the smallest debts first togain momentum. Each debt you eliminate frees up funds to tackle the nextone, creating a snowball effect of financial progress.
Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
Once you’re free from non-mortgage debt, your next priority is building arobust emergency fund to cover 3–6 months of expenses. This stepensures you’re prepared for life’s bigger challenges, such as job loss ormajor health issues.
Invest 15% of Your Household Income in Retirement
Once your safety net is secure, it’s time to focus on long-term goals. By investing 15% of your income in retirement accounts like a 401(k) or RothIRA, you can build wealth and ensure financial stability for the future.
Save for Your Children’s College Fund
If you have children, consider setting aside money for their education. A 529 Plan or ESA (Education Savings Account) can help you save efficientlyand reduce their reliance on student loans.
Pay Off Your Home Early
Imagine a life without a mortgage payment. By applying extra fundstoward your principal balance, you can own your home outright and freeup money for other goals.
Build Wealth and Give Generously
Financial peace isn’t just about security; it’s about making a difference.With debt behind you and investments growing, you can live a life ofgenerosity and purpose.
How You Can Start Today
While FPU’s step-by-step approach is transformational, you don’t have towait to join a course to start taking control of your finances. Begin bycreating a monthly budget that prioritizes necessities, savings, and debtrepayment. Track your spending to identify where you can cut back, andcommit to building an emergency fund, even if it’s just a small amount atfirst.
At Anchor Wealth, we’re here to support you every step of the way. Whether you’re tackling debt, planning for retirement, or building your wealth, our team can help you create a personalized plan that reflects yourgoals.
By Dan Leonard, Lead Planning and Trading Associate
Adam’s Nightstand
I recently started reading Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire by Dan Martell. This book was recommended to me by a client, and it caught my attention right away. Over the years, I’ve read several books specifically focused on time management, along with many others that include chapters or sections on maximizing time.
Dan emphasizes the importance of dedicating time to high-value work that brings purpose, energy, and fulfillment to entrepreneurs while helping them
avoid burnout. Although I’ve only just started this book, it’s clear that it offers practical strategies—some that can be implemented immediately and others that can serve as long-term goals to work toward.
While the book is written by an entrepreneur and business coach, its principles can easily be applied to personal life as well. You don’t need to be
a business owner to benefit from this read; even your children could gain something valuable from its insights.
This book aligns closely with one of my favorite concepts: business is a tool to create the life you desire!
Love is Blooming at Anchor Wealth Manangement
We are thrilled to share the joyous news of the engagement of Rianna Caswell, Financial Advisor to Mark Skelton. The couple got engaged on 10/16/24, they are overjoyed to embark on this new chapter of their lives together.
Please join us in congratulating Rianna and Mark on their exciting journey toward marriage. We wish them all the best as they plan their wedding and beyond.