The Last Word

Welcome Community magazine readers to a bright and shiny 2018. May it be a great year for everyone.

Many of us will be setting goals and making resolutions for the coming year. Some of those resolutions might be a little frivolous, like planning to watch more movies. Some will be serious, like losing weight, eating wholesome food and getting more exercise. Some will be targeted to achieve specific things like getting a new job or buying a new home.

While goals and resolutions will vary, there is one extremely important objective that all of us should undertake at the beginning of a new year, no matter our age or stage in life. That is to take stock of our financial situation, update our short-term and long-term financial plans, assess whether we are reaching our savings and investment targets, and make adjustments as needed.

Our long-term financial security is truly a crucial activity especially as we get older. If we don’t have a plan and don’t manage our money wisely, a real danger exists that we will outlive our financial resources. A tragedy we see too often is individuals and families consuming all of their incomes each month, not paying much attention to future needs, and then ending up in their 60s with little or no money saved for retirement.

It is obviously a challenge to save for retirement on a modest income. But financial planners say the size of one’s income isn’t nearly as important as other factors like consistent, disciplined saving and investing, even if the amounts are small, and the age at which saving and investing begins.

It is remarkable how the magic of compound earnings turns a little money, saved and invested consistently, into a large sum by retirement — if an individual or family begins saving in their 20s or 30s.

Zions Bank is committed to helping our clients achieve their financial goals. We have developed many tools to help, including motivational articles and essays, programs to get out of debt, budgeting tools, advice for making big purchases such as a home, investment services and options, financial planning tools and counsel, and estate planning services.

As the new year begins, especially if you are feeling a little nervous about meeting your financial goals, resolve to get back on track. A good place to start is the Financial Education section on the Zions Bank website. There you will find links to Zions’ Personal Finance Center , tips and programs to eliminate needless debt, financial calculators, excellent information about buying or refinancing a home, and a wide variety of information for small businesses at the Business Resource Center.

At the online Personal Finance Center, you will find links to dozens of excellent articles by Dave Ramsey, America’s trusted voice on money and business; financial tips by Rich Best; investment advice by Britt Erica Tunick; and ideas about teaching children about money and being financially responsible. You will also find videos and podcasts covering virtually every aspect of mastering your personal finances.

Other links on the Zions’ website point to information about insurance, borrowing for a car or home, saving and investing, planning and budgeting, and critical information about protecting your identity and preventing financial fraud.

The website also includes a comprehensive section on wealth management, including private banking, trust services, wealth planning and investment management.

Effectively managing one’s finances can seem a little overwhelming, especially if money matters have been ignored for a long time. But if you’re consistent and disciplined, and take advantage of available resources, 2018 can be a great year for building wealth.