Check money goals, progress with mid-year financial check up, advisor says

We are now halfway through the year and it’s a good time to check in on your financial goals.

Rob Burnette is a financial advisor and CEO of Outlook Financial Services in Troy. This time of year, he’s busy setting up mid-year financial check-ins with clients.

“It’s an assessment of where you are,” he told News Center 7′s Xavier Hershovitz.

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He said to think of your finances like you’re driving down the road.

“The whole idea is, ‘If I’m starting to veer off the road or veer across the double yellow line, I want to know that sooner rather than later,’” he explained.

As reported on News Center 7 at 5:00 , that means taking a look at your financial goals, such as where you are with debts you wanted paid off and any saving goals you may have had.

“You might want to steer back toward the center,” Burnette said.

You also can take a look at what the second half of the year is bringing. Essentially, look at what has changed that may cost you money in the second half of the year.

“You’re not worried about your finances because you’ve already built that and baked that into your plan,” he said.

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Another thing for sure in life is obstacles and a mid-year financial check-in makes sure that if you’re confronted with one, you can overcome it.

“One of the hurdle funds is an emergency fund,” he said. “And that’s probably one of the most important things we’re trying to get people to understand it.”

Burnette said that should be three to six months worth of expenses that you don’t touch.

“Its purpose is to handle the hurdles that come that aren’t expected,” he said.