July 3, 2011
Letter from Dallas Haun
These tough economic times can easily tempt us to give up on our battered 401Ks or to try to make up losses fast through risky investments. We must resist both temptations. The surest path to a secure retirement remains the tried and true principle of saving as much as you can on a regular basis. Sticking to this principle in the face of economic challenges may mean drawing up a new budget, re-setting priorities, and re-allocating investments in products that are better tailored to your risk profile and time horizon. A trusted banker or financial advisor can aid you in this process. Here at Nevada State Bank, we offer the following six tips to growing and managing your assets:
1. Set specific goals. Having a clear outcome in mind makes it less likely that you will give up when there are setbacks.
2. Have realistic expectations. It takes time and sound planning to achieve long-term goals.
3. Design your money around your lifestyle. Use your money to support your values and the things that are important to you. Money should be not just an asset, but also a support system for the way you want to live.
4. Consult a trusted advisor. A banker or financial advisor whom you trust can help you select the right financial products for your 401K. Ask questions; you owe it to yourself to understand the considerations involved before making decisions.
5. Keep your eye on your target. Stay focused on the goals you have established and the benchmarks that you have set for yourself.
6. Once you have a plan, act. Making money involves at least a low level of risk, so move carefully to determine the course that is right for you. But once you have put together your plan, do not hesitate or procrastinate – put it into action.
Even given the losses that we have all suffered, a prudent, determined approach to savings today will benefit us and our families five, ten, or fifteen years from now.
President and CEO
Nevada State Bank
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