At Evati, we like the term “financial fitness.” So, what does that mean? To us, financial fitness means having your finances in shape so they help you achieve your financial goals. Like your very own personal trainer, our job is to help you get you to that point.
Just like physical fitness, financial fitness is a state of being, not a destination. If you don’t exercise, you won’t be able to run that 5K let alone a half-marathon. But you can’t just jump up from the couch and run that 5K. You build up to it in little steps, starting out running just a short distance and over time building up to your goal of running a 5K. Your finances work the same way. If you don’t save and invest your money, you won’t be able to buy a house let alone retire by the time you’re 70. But you’re not going to save enough for a down payment after just a few months. If you invest a little bit each week, over time you will make progress toward your goal. You have to get in the habit of taking small steps toward your goals in order to develop and maintain both your physical fitness and your financial fitness.
We can all use a little help when we are developing a new habit. If you want to get yourself to the gym, you might find a workout buddy or hire a personal trainer. Your personal trainer uses their expertise to guide you and motivate you toward your goal. When it comes to investing, we at Evati like to think of ourselves as personal trainers for your financial fitness. Whatever your financial goals are, we will use our financial expertise to help you achieve those goals—and we’ll use our technological expertise to help keep you motivated along the way.
It all starts with a goal. Setting goals is important for three reasons: (1) it gives you a target, (2) it lets you track your progress, and (3) it lets you know when you’ve succeeded. Your goals can be as unique as you are. Maybe your goal is to save $250 to buy that watch that caught your eye. Maybe your goal is to save $5,000 for your dream vacation to Hawaii. Maybe your goal is to save $25,000 to buy a car. Or, maybe your goal is to save $50,000 for a down payment on a house. Whatever your goal, you won’t be able to achieve it until you set it. And, you can always have multiple goals. Saving for retirement doesn’t mean you can’t also have a short-term goal of buying a car. Why not do both?
Once you’ve set a goal, you have to start working to achieve it. If you’re not sure how to do that, don’t worry because we’ve got a plan to help you. While putting together a plan to achieve your goals may seem daunting, it’s our bread and butter. We’ve spent a lot of time and energy developing our technology and our platform to make this process as simple and straightforward as possible for you.
As you set your goal and tell us when you want to achieve it, we’ll put our technology and know-how to work to build a plan that is tailor-made for you. Depending on how ambitious your goal is and what your overall financial situation is, we’ll tell you how much you’ll need to save to get there and we’ll factor in how much help you’re likely to get along the way from the compounding effect of investing.
Once your plan is in place, we’ll help you stick to it. We can help you set up automatic contributions toward your goals that work for you. You can add $5 to your goal every week, $50 every pay day or $100 every month. You can also round up the extra change on purchases you make and contribute the difference to your goal. We’ll also suggest changes to your spending habits to encourage you to save, like forgoing that double latte once in a while and contributing that $4.50 to your goal instead. You will be surprised at how quickly those small amounts can add up.
In addition to developing a savings plan to help you work toward your own goals, we’ll give you advice on how to invest the money you’ve saved. If you understand how compounding works, then you understand that putting your money to work can help you reach your goals faster.
No one said achieving your financial goals would be easy. But, just like exercising, staying motivated is key. That’s why once we’ve developed a plan for you and gotten you started, we’ll monitor your progress to make sure you stay on track. We’ll let you know how much progress you’re making toward your goal and we’ll send you reminders if you start to fall behind. We’ll also keep track of your invested money so you don’t have to worry about things like rebalancing your portfolio.
With a little guidance and encouragement, you’ll be on your way to achieving your financial goals and, just like a personal trainer who helps you develop a training plan to run a marathon and helps keep you motivated, we’ll be with you along the way. Whatever your financial goals are, our goal is to help you achieve them.