When it comes to building financial resilience, many people focus on paying down debt and saving for retirement. These ongoing financial goals should always be a priority, but there are other important savings goals to consider as well.

Identify future objectives.
Planning for retirement is a financial goal you can work toward throughout your life. While you're working toward retirement, however, there are other financial goals you can consider. These include:

• Building an emergency fund
• Starting a business
• Owning a home
• Paying down debt
• Raising a family

Consider your income.
As you make financial plans, it's important to consider how your income could impact the amount you save for retirement and other financial goals throughout the course of your career. When you first enter the labor force, you will likely make significantly less income than when you are ready to retire. Keep this in mind as you plan your financial future.

Create a plan.
Investing in your retirement early in your career is a great way to prepare for the future. There are several strategies you can employ that could enable you to grow your investments even more! For example, if you receive a pay raise, consider investing the extra income rather than adjusting your budget to the new amount. Another way to grow your savings is by saving any amount you are able–even as little as $10 per month. There are also many financial products and accounts available that could help you invest your money in tax-efficient ways. Examples include HSA accounts, 401(k)s, Individual Retirement Accounts (IRAs), and 529 college savings plans. No matter what you decide, it's important to have a plan in place for your financial future.

Reduce debt.
Paying down debt can be a great way to increase your savings because you'll have extra income once your outstanding debt has been settled. It's important to practice wisdom and prudence when choosing to take out a credit card or loan, and you should avoid spending outside your means.

If you are working toward building financial resilience, but aren't sure where to begin, our Member Investment Services team would be happy to help. Visit our Member Investment Services page to learn more.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principle. This material was prepared by LPL Financial, LLC.

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