Vanguard’s guide to financial wellness takes on the financial challenges that most people will face at some point in their lifetimes, regardless of financial status. The three foundational steps act as a scaffold that can be climbed vertically or horizontally, as current needs dictate.
“Within the guide, we’ve built a series of next best actions, which should be followed consistently,” Felton said. “Many of the steps are easy to implement, but investors should maintain patience. Some of the steps may take some time to complete. Financial wellness is a journey.”
The steps outlined in the guide take a personalized yet comprehensive approach to mastering the accumulation phase of an investor’s financial journey. An investor who can get their finances under control, prepare for the unexpected, and expand savings capacity is better prepared to meet financial challenges and be financially well. By taking a few small steps at a time, and by maintaining consistency, more and more investors may build financial confidence, wellness, and eventually freedom.