CINCINNATI — With the year now at its midpoint, a financial expert says it is the perfect time to stop, assess your progress, and make the adjustments needed to finish strong.
Al Riddick, president of Game Time Budgeting, says people should think of this moment the way athletes think of halftime.
"Just like in sports, at halftime you don't focus so much on the score. You think about the adjustments that you need to make in order to come out after halftime and win the game," Riddick says.
Riddick says personal finance works the same way. With July 1 approaching, he recommends asking yourself three key questions: How much have you saved so far this year? How much has your debt decreased since January? And where does your net worth stand?
"Net worth is nothing more than what you own minus what you owe — total assets minus total liabilities," Riddick says. "Every financial decision that you have made up until this point in your life, it can be summarized in one number."
He recommends reviewing your net worth at least once every 6 months.
For those who feel behind on their goals, Riddick says the most important thing is to stay in the game.
"What team do you know goes in at halftime and they're down by 10 and they're like, you know what, it's over. That should never happen when it comes to personal finance," Riddick says.
He says falling short does not mean failure. Instead, it may mean the original plan was too aggressive, or that life simply threw a curveball.
"A setback is not a game ending injury. Sometimes you gotta spend a little time on the bench, rest and recuperate, and get your butt back in the game," Riddick says.
As a first step, Riddick recommends scheduling a 30-minute financial meeting with yourself — and a partner, if applicable — to identify what is working and what needs more focus in the second half of the year.
"What's that one thing that we could be focusing on more so that we can finish the next half of this year strong? Once you identify what that thing is, go after it with every ounce of intensity that you can," Riddick says.
For more information, visit gametimebudgeting.com or call 513-813-3275.
This segment originally aired on CINCY LIFESTYLE and has been converted to this platform with the assistance of AI.
